Bragg Gaming Group expects to complete its acquisition of B2B gaming content provider Spin Games early in 2022 after securing all required regulatory approvals for the purchase.
Bragg in May this year brokered a deal worth $30m – comprising 10m in cash and $20m in common shares of Bragg – to acquire the entire Spin Games business.
The agreement was subject to a host of regulatory approvals, including clearance from the Pennsylvania Gaming Control Board, which was confirmed yesterday (December 15).
Having secured full regulatory approval, Bragg said the deal is now clear to complete early next year.
“As we near the completion of our Spin Games acquisition, we are excited by our near-term US growth prospects, as the transaction marks further progress against our content monetization and addressable market expansion initiatives,” Bragg’s chief strategy officer Yaniv Spielberg said.
“Spin’s existing relationships with the leading US igaming operators and accomplished management team under [Spin Games founder and CEO] Kent Young will significantly accelerate our entry into the US igaming market and we remain on schedule to substantially grow our year-end 2022 total addressable market to more than $18bn.
“We also expect the total addressable market will expand further as new states approve igaming. As such, Bragg remains favorably positioned to accelerate our growth going forward.”
Spin Games’ Young added: “Our enthusiasm for becoming part of the Bragg family continues to grow as we see first-hand the company’s ability to execute on its near – and long-term growth strategy.
“Based on the progress already achieved with our integration plan, we can hit the ground running following the completion of the transaction.
“We are confident that the combination of our existing footprint and extensive relationships with leading North American igaming operators combined with Bragg’s focus on technology, highly engaging content and distribution will strengthen the combined company’s competitive position in this rapidly growing market.”
Meanwhile, Bragg has provided an update on its performance in the Netherlands since its launch in the country’s regulated igaming market in October.
Through its Oryx Gaming subsidiary, Bragg secured local certification for its online gambling platform and remote game server (RGS) in the country in August. Bragg is now supplying its full-service igaming platform to twg licensed iGaming operators in the Netherlands, as well as supplying content to two additional current operators.
Bragg said it expects to further expand its market presence as additional igaming operators are licensed.