Bragg to complete Spin Games acquisition following Pennsylvania licence approval
Bragg now expects the deal, which will see Spin Games receive payment consisting of $10m in cash and $20m in Bragg common shares, to close before the end of May 2022.
Spin Games currently holds licences in key iGaming states in the US, including New Jersey, Pennsylvania, Michigan and Connecticut, where it supplies content and technology to tier-one operators.
Yaniv Spielberg, chief strategy officer for Bragg, said: “We appreciate the PGCB’s staff members’ diligence in reviewing our licence application and thank them for the approval to enter Pennsylvania’s iGaming market.“Since announcing the planned acquisition, we have worked closely with the Spin Games team to complete the technical integration between our Remote Game Server (RGS) and their technology platform and as a result, we are ready to begin operating in several US markets very quickly following the completion of the acquisition later this month.
“We expect the Spin Games and our RGS combined offering will deliver the benefits of our advanced player engagement, data tools and platform technology alongside Spin Games’ US market content and operator relationships, providing for a differentiated and widely distributed iGaming product offering.”
The news follows an announcement earlier this month that Bragg continues to explore options for further strategic acquisitions, investments, joint ventures and partnerships following year-on-year growth in the first quarter of 2022.
The firm generated gross profit of €10.0m during Q1 from €19.4m in revenue.
Bragg bolstered its M&A capabilities earlier this year with the appointment of former NetEnt and Red Tiger CFO Lara Falzon as COO.
Falzon now oversees Bragg’s day-to-day operational performance while guiding the ongoing execution of its growth strategies.