Bragg Gaming Group, the successful Canadian business-to-business iGaming technology and content supplier, has announced that it was granted a license to operate in the American state of Pennsylvania.
The license was granted by the Pennsylvania Gaming Control Board and it gives Bragg Gaming Group the final regulatory approval before completing the acquisition of Spin Games, which was first announced all the way back in May 2021.
Spin Games is a business-to-business gaming content provider based in Nevada. The supplier held licenses in several key regulated United States markets, including New Jersey, Michigan, Connecticut and Pennsylvania. Now that Bragg received its Pennsylvania license, the deal should be completed by the end of the month.
Bragg Gaming Group agreed to pay 30 million U.S. dollars for Spin Games, 10 million in cash and the rest in common shares of the Canadian company. Shares worth 5 million dollars are to be released upon closing the deal, while the remaining shares will be released gradually over the next three years.
After the deal is completed Kent Young, the founder and Chief Executive Officer of Spin Games, is set to join Bragg Gaming Group as president for the Americas. Young will have a prominent role in designing the company’s growth strategy in the United States.
The acquisition of Spin Games gives Bragg a pathway into the United States market, because the acquired studio comes with big clients onboard, such as BetMGM, Caesars, FanDuel and DraftKings.