Gaming technology provider Bragg Gaming has acquired Nevada-based B2B gaming content provider Spin Games, signaling the company’s first foray into the US market.
The deal will see Bragg purchase Spin in a cash-and-stock transaction valued at $30m. Spin will receive $10m in cash and $20m in common shares of Bragg, of which $5m worth of shares will be issued on closing, with the remainder over the next three years.
Following completion, Spin’s founder and CEO Kent Young will join Bragg as president for the Americas where he will play a key role in the company’s US market growth strategy.
The integration of Spin and Bragg subsidiary Oryx Gaming is also in the works as the company looks to deliver an integrated gaming platform to a new market.
Bragg CEO Richard Carter – who was appointed to the role in March and officially took over last week – said: “Spin’s existing state gaming licenses and established integrations with online casino operators, comprising the majority of the US market uniquely positions our company for future growth in the North American market.
“This transaction lays a strong foundation for our strategy of building a tier one vertically integrated igaming business in the US.”
The acquisition will grant Bragg access to key operators within the US, such as BetMGM, Caesars, FanDuel and DraftKings, which all already work with Spin.
Bragg’s intentions to expand into North America were laid clear at the start of the year, and this deal signifies a major step in such a process.
Young added: “On behalf of the entire Spin team, we are pleased to announce this acquisition which will better position the combined company to expand its support of the rapidly growing US iGaming market with our proprietary and third-party content and our leading remote gaming server technology.
“We are extremely excited to be joining the Bragg team and look forward to a highly successful future together.”