Bragg Gaming Group has cleared its final regulatory hurdle, subject to licensing, regarding its pending $30m acquisition of Spin Games, which it now expects to become finalised during the early stages of next year.
This follows yesterday’s approval of the Pennsylvania Gaming Control Board, which is subject to licensing, meaning that Bragg has received all required regulatory approvals to complete the purchase.
Under the terms of the deal, sellers of the Nevada-based B2B gaming technology and content provider will receive $10m in cash and $20m in common shares of Bragg, of which $5m in common shares will be issued on closing and the balance over the next three years.
Kent Young, Spin Games’ founder and chief executive officer, explained “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.”
The transaction, which was first detailed in May 2021, came a short time before the company flexed its M&A muscles once more via an agreement to acquire Las Vegas-based Wild Streak Gaming in a separate $30m deal.
Yaniv Spielberg, chief strategy officer for Bragg Gaming, explained, “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 monetisation and addressable market expansion initiatives.
“Spin’s existing relationships with the leading US igaming operators and accomplished management team under 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 USD $18bn.
“We also expect the total addressable market will expand further as new states approve igaming. As such, Bragg remains favourably positioned to accelerate our growth going forward.”