Bragg Gaming Group, a leading online betting firm, has announced that it has been granted regulatory approval to continue its acquisition of Spin Games and it is now anticipated that the purchase will close early next year. This comes after receiving all the required regulatory approvals with the Pennsylvania Control Board authorizing the sale.
The purchase is worth an amount of $30 million, with $10 million in cash and $20 million in shares. Bragg Gaming is famous for putting out several online products that includes its ORYX subsidiary, which hosts the Hub gaming aggregate.
Yaniv Spielberg, Chief Strategy Officer at Bragg Gaming, commented that as they near the completion of their Spin Games acquisition, they are excited by their near-term US growth prospects, as the transaction marks further progress against their content monetization and addressable market expansion initiatives.
Spielberg went on to say that the company anticipates the total addressable market will continue to expand as new states approve iGaming and he is hopeful that Bragg Gaming will remain in a position for future growth.
Spielberg also said that they remain on schedule to substantially grow their year-end 2022 total addressable market to more than $18bn.
Kent Young, Founder and Chief Executive Officer at Spin Games, said that their enthusiasm for becoming part of the Bragg family continues to grow as they see firsthand the Company’s ability to execute on its near-and-long term growth strategy. He added that based on the progress already achieved with their integration plan, they can hit the ground running following the completion of the transaction.