Pennsylvania Gaming Control Board Approves Acquisition of Spin Games
The Bragg Gaming Group has said it expects to complete its acquisition of Spin Games, the B2B gaming content provider, early next year, having secured all required regulatory approvals.
The companies reached a deal worth $30 million in May this year, made up of $10 million in cash and $20 million in common shares of Bragg. However, the agreement was subject to numerous regulatory approvals, including clearance from the Pennsylvania Gaming Control Board, which was only confirmed this week.
Now that all the necessary approvals have been granted, Bragg said that the deal will be 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. 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.
Kent Young, the CEO of Spin Games, said that the integration process is going smoothly, allowing the companies to “hit the ground running following the completion of the transaction.” He added that he is confident that the combination of the two companies “will strengthen the combined company’s competitive position in this rapidly growing market.”
Bragg also recently supplied an update on its performance in Holland since the country’s regulated market opened in October. Bragg received local certification for its online gambling platform and remote game server in the country through its Oryx Gaming subsidiary in August. The company is now supplying its platform to two operators in the Dutch market and content to two additional operators.
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