Online software group Bragg Gaming Group announced this week that they're entering a purchase agreement to buy developer Spin Games LLC, giving it another game developer through which to offer services.
The deal will see Bragg paying $30 million in cash and stock to complete the deal. Spin will get $10 million in cash and $20 million in shares that'll be closed over the next three years. The deal is subject to regulatory approval and would give Bragg access to a secondary developer. Currently the company owns ORYX Gaming, which provides games in regulated markets around the globe.
Spin Gaming currently operates in the United States and Canada and works with the likes of DraftKings, TwinSpires, BetMGM, Caesars, and more.
Bragg Gaming CEO Richard Carter commented, noting: "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."
"We have seen from the European market that the ability to deliver best-in-class proprietary content alongside a full turnkey iGaming and player management platform is key to building a successful B2B online casino technology provider. The cornerstone of our future growth strategy will involve bringing best-in-class content in-house during the early innings of the US growth story to position our company for long-term success.
"We believe this Transaction will be transformative for the Company, providing significant positive impact for our respective employees, customers, and shareholders. Spin's outstanding product and talented team instantly expands our local market footprint and brings a wealth of US market know-how to the group, including valuable product, technical, regulatory and compliance expertise.
As noted above the deal is subject to regulatory approval and we'll be keeping readers abreast as we learn more about the deal.