Bragg Gaming has cleared the final regulatory approval required to finalise its Spin Games acquisition after being approved to enter the Pennsylvania online casino market.
This igaming licensing approval, issued following a meeting of the region’s Gaming Control Board, saw the company voice an expectation of closing the $30m purchase later this month.
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 will be issued on closing.
The technology and content provider currently holds licences across the regulated states of New Jersey, Pennsylvania, Michigan and Connecticut.
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.
“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. Reflecting this licence approval, we look forward to completing our acquisition of Spin Games in the next few weeks,” commented Yaniv Spielberg, Chief Strategy Officer for Bragg.
“Since announcing the planned acquisition, we have worked closely with the Spin Games team to complete the technical integration between our remote game server 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.”