Canadian igaming provider Bragg Gaming Group is continuing its US expansion after pursuing a deal with Spin Games earlier this year. The new acquisition targets Wild Streak Gaming, a Las Vegas-based content creation studio, and bears a price tag of $30 million. Bragg Gaming is becoming more serious about deploying its products in the US market, which is now possible through the rollout of more successful partnerships.
The company has chosen a more aggressive approach by acquiring assets outright instead of relying on exclusive partnerships. Bragg Gaming Group is building a mass of assets that it can leverage to serve as a basis of operation.
Why Does Bragg Need Wild Streak Gaming Under Its Belt?
Bragg Gaming is moving in aggressively on the US market and the latest acquisition of Wild Streak Gaming attests to that. The deal will be accomplished by paying $10 million in cash directly and issuing $20 million worth of Bragg shares. This is a strategic move, Bragg explained in a press release, as it allows the company to rely on in-house development technology in the quickly developing US market.
Wild Streak is a prominent developer of casino games that Bragg will benefit from by leveraging in full. According to Bragg, the company has significant potential to be a market leader, having reported $1.1 million in revenue and $233,000 in EBITDA in 2020. The company has seen $487,000 in revenue and $241,000 in EBITDA in Q1 of 2021 alone.
Richard Carter, who was appointed to the helm of Bragg Gaming in March, said that he was pleased and looking forward to working with Wild Streak Gaming, which is now part of Bragg’s sprawling family of assets.
“We expect this transaction to be materially enhancing to both revenue and EBITDA in the first full year of ownership, as well as strategically compelling given Wild Steak brings a wealth of US market casino games insights into the group, including valuable game designs, advanced game mechanics and features that are specifically tailored for and proven in the US market.”
Similar to Spin Gaming’s acquisition, Bragg will retain Wild Streak’s established talent. Doug Fallon, founder and chief executive at Wild Streak will now serve as managing director of group content for Bragg. Fallon himself had this to say:
“Richard and the Bragg Gaming executive team have put in place the strategy and key components to accelerate their growth and market share in the igaming market, and Wild Streak is excited to be a cornerstone for their growth strategy.”
Bragg Gaming is one of the quickly evolving brands in the US marketplace. The company brings extensive expertise through its subsidiary Oryx Gaming, and through the latest acquisitions of the last months.
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