Bragg Gaming Spin Games Purchase Fast-Tracks US Roll-Out

Yet another group is hoping to break into the lucrative legal US online gambling market. Toronto-listed Bragg Gaming has paid $30 million in cash and shares to acquire the Nevada-based gaming company Spin Games LLC.

Spin is a well-known B2B gaming technology and content provider that possesses key strategic operator relationships with some of the biggest names in the US market.

The group is licensed to distribute a range of highly popular online gambling titles to top-tier providers, including:

• BetMGM (Roar Digital)
• Caesars
• FanDuel
• Golden Nugget
• Hard Rock Bet
• DraftKings
• TwinSpires
• Penn National Gaming
• Parx
• Rush Street Interactive
• Unibet
• Wynn Bet

Capitalizing on Growing North Americana Online Casino Markets

Sports betting is the talk of the town in the US, but online casino is the bigger revenue opportunity and is spreading, albeit at a slower pace. Bragg Gaming said that the deal with Spin Games was “compelling” for its strategic goals to grow its US operations in a note to its investors.

Bragg aims to leverage Spin Games’ relationships with its US partners to cross-sell in European gaming markets.

As per a statement to investors by Bragg’s CEO, Richard Carter:

“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.”

What Spin Games Brings to the Bragg Brand

Spin Games was one of the first online gambling content companies approved for online gaming in the United States. Over the years, the company has grown its footprint in New Jersey, Pennsylvania, and Michigan. It has also been approved to operate in British Columbia, Canada.

According to Spin’s CEO, Kent Young, in addition to strengthening the group’s support of existing customers and markets, the acquisition deal will also accelerate Spin’s ability to expand its content library, pursue new markets, and leverage its technology to support online gaming in the US and new markets as they open.

Kent Young, who has over 30 years of experience in the gaming sector, will join Bragg as its President – Americas as part of the deal. The former senior Aristocrat and Aruze executive founded Spin Games in 2012.

The company’s team of 30 professionals will provide Bragg with immediate technical, product, regulatory, and compliance know-how specific to the North American market.

Full Turnkey Solution

According to a press release announcing the acquisition deal, the combined offering of Spin and Bragg’s wholly-owned subsidiary, ORYX Gaming, puts the company in a position to deliver “an enhanced full turnkey igaming, sports betting and player engagement platform” into the fast-growing US gaming market.

Technical integrations between the platforms of Spin and ORYX are currently underway. The combined offering delivers local knowledge of the US market, as well as important operator relationships. Oryx, in turn, brings with it an advanced turnkey Player Engagement Platform.

Bragg Reports Q1 2021 Results

Earlier this month, Bragg Gaming released its first-quarter financial results for the year. 

Highlights of the report as follows:

• Revenue jumped by 62% year-on-year to $20.9 million (CAD).
• Adjusted EBITDA tripled year-on-year to $3.4 million.
• Net loss narrowed from $6.8 million to $1.5 million.
• Nine new B2C operators were launched.
• Wagering revenue generated by Bragg customers increased 52% to $5.1 billion from $3.4 billion.

“We continue to invest in our employees, our technology, and our product offering, and this has allowed us to commercialize our in-house casino content studio, with our first game recently launched across our network,” said Bragg’s CEO. “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier-one vertically integrated iGaming business in the US, Bragg Gaming has never been better positioned for long-term success.”