iGaming technology and content provider Bragg Gaming Group announced on Thursday that following the approval of the Pennsylvania Gaming Control Board on Wednesday, which is subject to licensing, the company has received all required regulatory approvals to complete its acquisition of Spin Games LLC, which it now expects to occur in early 2022. Bragg 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.”
Furthermore, since its expansion into the Netherlands, Bragg Gaming 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. The company 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.