Gambling tech firm Bragg Gaming Group is poised to acquire Reno, Nevada-based technology and iGaming content provider Spin Games in a deal that will strengthen its legacy U.S. footprint and help it grow in this lucrative space.
Under the terms of a linkage agreement between the two companies, Bragg Spin Games with a cash and stock transaction totaling $ 30 million.
Deal of Spin Games vendors $ 10 million cash and 12 million $ common Bragg shares Upon closing of the transaction, $5 million of common stock will be issued and the balance will be issued over the next three years.
The binding is subject to approval by Nevada gambling regulators and other customary closing conditions and is expected to be completed in the fourth quarter of the year.
Spin Games, North America and India specializes in the development of proprietary online casino games crafted in in-house studios . The company also manages its proprietary ROC remote gaming service and is licensed to distribute iGaming games from top-tier third-party providers.
Products BetMGM with all major US online gambling services providers including Caesars has been integrated. , FanDuel, Golden Nugget, Hard Rock, TwinSpires, Penn National Gaming, DraftKings, WynnBET, Parx, Rush Street Interactive and more.
Spin Games has licenses and is licensed in New Jersey, Pennsylvania, and Michigan, and works for distribution in British Columbia, Canada.
US Expansion Opportunities
Transaction, Bragg and online casino content provider ORYX Gaming . With the acquisition of Spin Games, the group will gain access to their relationships with the US facing online gambling operators listed above.
Bragg plans to leverage these relationships to cross-sell existing ORYX digital casino content currently available in multiple European markets, as well as US-focused games and related iGaming products.
Combined offer, extended group of Spin Games and ORYX advanced full turnkey iGaming, sports betting and player engagement solutions to the rapidly expanding US gambling market.
Bragg said the initial planning of technical integrations between Spin Games and ORYX has begun and these integrations will deliver the benefits of ORYX's enhanced Player Engagement Platform with Spin Games' “technology, local market knowledge and US operator relations.”
In addition, the company said that this transaction will deepen Spin Games' global development resources with its existing game development center located in Chennai, India.
Kent Young, the founder and CEO of Spin Games, who has more than thirty years of experience in the game industry, He joined Bragg immediately. ) President – America . Mr. Young is poised to play a pivotal role in the enlarged company's US market growth strategy.
Source: Bragg Gaming, Nevada-Based Spin Games, ORYX Gaming Newsroom, May. , 2021