Bragg Gaming offloads GiveMeSport brand for £400k
Bragg shifts focus to Oryx B2B business after selling online media arm to Snack Media in cut-price deal
Bragg Gaming Group has sold its GiveMeSport subsidiary to London-based Snack Media (SML) for £400,000 following a strategic review of the firm’s online media division.
In August 2019, Bragg initiated a review into its online media arm, of which GiveMeSport was included. The conclusion of the eight month-long evaluation was to sanction the sale of the online media division to SML.
The deal, which is expected to conclude this month, will see SML pay an upfront fee of £50,000 followed by 10% of gross revenue from the media division over the next 21 months.
In January, GiveMeSport was granted a New Jersey affiliate licence. At the time, GiveMeSport MD Rick Waterlow said: “Our parent company Bragg Gaming Group holds a wealth of data on acquiring gaming customers which can be fed into the GMS website in the US that will allow for high-quality player acquisitions.”
Dominic Mansour, Bragg Gaming CEO, noted that the decision to sanction the sale of GiveMeSport would allow Bragg to funnel its resources into its B2B arm Oryx.
Mansour said: “The completion of the strategic review process and the execution of the agreement for the sale of Bragg’s online media division to SML will allow us to focus our efforts and resources on Oryx, our B2B business, which is growing at an exponential rate.
“Given the current environment and the significant jump in virtual and digital activities, we have seen demand for Oryx’s online gaming and gambling services increase over the past few months.
“We have made significant strides over the past year in enhancing our platform and building this asset, and we will now be able to further streamline our activities and reduce our cash burn,” he added.
SML is a London-based sports digital media company founded in 2007. Its publishing partners include The National Football League, Football Fancast and The Cricket Paper. It has reported more than 500 million global ad impressions on approximately 400 websites.
Niall Coen, CEO of SML, said: “This acquisition is highly synergistic and brings our audience size to the next level. With this acquisition, SML will become one of the largest sports media web platforms in the UK and largest globally on Facebook.
“Both Bragg and SML have long-standing relationships with quality partners that we will be able to mutually leverage in order to grow at an exponential pace. We are excited about combining the two businesses and expanding our platform to take advantage of its 25 million Facebook followers and the great work done by the GMS team,” he added.