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Bragg Gaming Group has received all necessary regulatory approvals to finalize the acquisition of Spin Games LLC, anticipating completion in early 2022. This acquisition is expected to enhance Bragg's growth prospects in the U.S. iGaming market, potentially expanding their total addressable market to over USD $18 billion. In addition, Bragg reports a strong entry into the Netherlands iGaming market, achieving double-digit market share since October and contributing to a revised online gross gaming revenue forecast of approximately USD $915 million for 2021.
Positive
Acquisition of Spin Games expected to accelerate U.S. growth and market entry.
Projected expansion of total addressable market to over USD $18 billion.
Strong initial market share in the Netherlands and increased online gaming revenue forecasts.
Negative
None.
Bragg Provides Update on Momentum in Netherlands iGaming Market
TORONTO--(BUSINESS WIRE)--
Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), a global iGaming technology and content provider, announced today that following the approval of the Pennsylvania Gaming Control Board yesterday, which is subject to licensing, the Company has received all required regulatory approvals to complete its acquisition of Spin Games LLC (“Spin Games”), which it now expects to occur in early 2022. Bragg today also provided an update on its continued operating progress through its recent expansion into the Netherlands.
Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming, commented, “As we near the completion of our Spin Games acquisition, we are excited by our near-term U.S. growth prospects, as the transaction marks further progress against our content monetization and addressable market expansion initiatives. Spin’s existing relationships with the leading U.S. iGaming operators and accomplished management team under Kent Young will significantly accelerate our entry into the U.S. iGaming market and we remain on schedule to substantially grow our year-end 2022 total addressable market to more than USD $18 billion. We also expect the total addressable market will expand further as new states approve iGaming. As such, Bragg remains favorably positioned to accelerate our growth going forward.”
Commenting on Bragg’s pending acquisition, Kent Young, Spin Games’ Founder and Chief Executive Officer, said, “Our enthusiasm for becoming part of the Bragg family continues to grow as we see firsthand the Company’s ability to execute on its near- and long-term growth strategy. Based on the progress already achieved with our integration plan, we can hit the ground running following the completion of the transaction. We are confident that the combination of our existing footprint and extensive relationships with leading North American iGaming operators combined with Bragg’s focus on technology, highly engaging content and distribution will strengthen the combined company’s competitive position in this rapidly growing market.”
Netherlands Market Update
Since entering the Netherlands iGaming market in October this year, Bragg’s strong initial double-digit market share has continued into December.
The Company is supplying its full-service iGaming platform to two of the licensed iGaming operators in the Netherlands and is supplying content to two additional current operators.
Bragg expects to further expand its market presence as additional iGaming operators are licensed.
Based on the strong initial results since the new regulatory regime went live on October 1, data recently released by the Dutch government indicates that online gross gaming revenue in the market for 2021 will be approximately USD $915 million compared to the prior estimate of approximately USD $650 million.
About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a growing global gaming technology and content group and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has grown to include operations across Europe, North America and Latin America and is expanding into an international force within the global online gaming market.
Through its wholly-owned subsidiary ORYX Gaming, Bragg delivers proprietary, exclusive and aggregated casino content via its in-house remote games server (RGS) and ORYX Hub distribution platform. ORYX offers a full turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services.
Nevada-based Wild Streak Gaming is Bragg's wholly owned premium US gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online and social casino operators in global markets including the U.S. and U.K.
In May 2021, Bragg announced its planned acquisition of Nevada-based Spin Games, B2B gaming technology and content provider currently servicing the U.S. market. Spin holds licenses in key iGaming-regulated U.S. states and supplies Tier 1 operators in the region. Find out more.
For investor relations at Bragg Gaming Group, please contact:
Yaniv Spielberg, Chief Strategy Officer at Bragg Gaming Group info@bragg.games
or
Joseph Jaffoni, Richard Land and James Leahy at JCIR
212-835-8500 or bragg@jcir.com
For media enquiries or interview requests, contact:
Giles Potter CMO
Bragg Gaming Group press@bragg.games
Source: Bragg Gaming Group
FAQ
What is the significance of Bragg's acquisition of Spin Games?
The acquisition is expected to significantly enhance Bragg's entry into the U.S. iGaming market and expand its addressable market.
When will Bragg complete its acquisition of Spin Games?
Bragg anticipates completing the acquisition in early 2022, following the receipt of all necessary regulatory approvals.
How has Bragg performed in the Netherlands iGaming market?
Since entering the Netherlands market, Bragg has achieved strong double-digit market share and plans to further expand its presence.
What are the expected online gaming revenue figures for the Netherlands in 2021?
Recent data indicates the online gross gaming revenue for the Netherlands will be approximately USD $915 million for 2021.
What is Bragg's total addressable market in the U.S. after acquiring Spin Games?
Bragg expects its total addressable market in the U.S. to exceed USD $18 billion post-acquisition.
