Bragg Gaming clears the final regulatory hurdle to acquire Spin Games

Bragg Gaming clears the final regulatory hurdle to acquire Spin Games

Bragg Gaming Group has cleared the final regulatory obstacle in acquiring Spin Games for $30 million, which it now hopes to complete in the early stages of next year. 

Bragg Gaming set to take over Spin Games

This decision comes on the heels of the Pennsylvania Gaming Control Board’s approval yesterday, which is subject to licensing, indicating that Bragg has obtained all necessary regulatory permissions to finalize the acquisition.

According to the terms of the transaction, the sellers of the Nevada-based B2B gaming technology and online casino content provider would get $10 million in cash and $20 million in common shares of Bragg, with $5 million in common shares granted at closing and the remainder over the next three years.The purchase, which was first announced in May 2021, came only months before the corporation exercised its M&A muscles once more with a second $30 million deal to acquire Las Vegas-based Wild Streak Gaming.

Quotes from the Press Release

“Our enthusiasm for joining the Bragg family continues to grow as we observe firsthand the company’s ability to execute on its near- and long-term growth strategy,” commented Kent Young, founder and CEO of Spin Games.

“Given the progress we’ve already made with our integration strategy, we’ll be able to get started immediately following the transaction’s completion.

“We are confident that by combining our existing footprint and extensive relationships with leading North American igaming operators with Bragg’s focus on technology, highly engaging content, and distribution, the combined company’s competitive position in this rapidly growing market will be strengthened.”

Yaniv Spielberg, Bragg Gaming’s chief strategy officer, stated, “As we near the close of our Spin Games purchase, we are optimistic about our near-term US growth prospects, as the transaction advances our content monetisation and addressable market extension goals.”

“Spin’s established relationships with leading US igaming operators and accomplished management team led by Kent Young will significantly accelerate our entry into the US igaming market, and we remain on track to significantly grow our year-end 2022 total addressable market to more than USD $18 billion.

“We also anticipate that the overall addressable market will continue to grow as new states legalize igaming. As a result, Bragg remains well-positioned to enhance our growth in the future.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.