Bragg Gaming fast-tracks US market entry with Spin Games merger
New CEO Richard Carter unveils plans to unleash Oryx Gaming solution in US once deal is cleared by Nevada regulators
Bragg Gaming has announced a $30m merger with Nevada-based Spin Games to speed up its entry into the US market.
Under the terms of the deal, Spin Games will receive $10m in cash and $20m of common shares in Bragg Gaming.
A further $5m of common shares will be issued on closing and balance over the next three years.
The deal will be formally concluded once approval is granted from Nevada regulators.
The transaction is set to be closed in Q4 subject to working capital adjustments and other routine conditions.
Bragg Gaming has previously indicated that its strategy is to diversify outside of European markets and grow its presence in the US.
Key strategic relationships will be gained by Bragg Gaming as part of the deal, opening up opportunities with operators including BetMGM, Caesars, and DraftKings.
Spin Games’ casino and remote gaming server is already fully licensed in New Jersey, Pennsylvania, and Michigan.
A further mutual benefit of the deal is that Bragg Gaming’s wholly owned subsidiary Oryx Gaming now has the capacity to deliver its sports betting and player engagement platform into the burgeoning US market.
Bragg Gaming CEO Richard Carter said: “The cornerstone of our future growth strategy will involve bringing best-in-class content in-house during the early innings of the US growth story to position our company for long-term success.”
Elsewhere, Bragg Gaming has reported a 62% year on year increase in revenue to $17.2m for Q1 2021.