Bragg Gaming Group, a Canadian igaming provider, has gone public on the Nasdaq Stock Market, making it the latest international igaming company to do so. Bragg’s ORYX brand delivers internet casino and sportsbook technology services to igaming operators.
Toronto-based Bragg was previously available to purchase in the US over-the-counter under the ticker “BRGGF.” In March, the firm claimed it was considering a Nasdaq listing and that it was weighing the benefits of a reverse split to raise its share price and meet the exchange operator’s listing requirements. Bragg’s stock is now traded on the New York Stock Exchange under the ticker “BRAG.” That’s the same ticker it uses on the Toronto Stock Exchange, which it intends to keep.
Why Did Bragg Gaming Get Listed on NASDAQ?
The igaming market is currently undergoing something of a boom in the US market, and getting listed on the Nasdaq can be beneficial to companies looking to gain exposure. Although Bragg had previously been available over-the-counter, its listing on the Nasdaq makes its stock far more accessible.
Because the stock will be offered to a broader range of institutional investors, the company will be able to access financing more easily. Many institutional investors are unable to purchase over-the-counter equities, and Bragg isn’t the first Canadian gambling company to seek a larger investor base on Nasdaq.
Score Media and Gaming made the same approach earlier this year, and it paid off handsomely for the sports betting company. Penn National Gaming announced earlier this month that it would purchase Score Media and Gaming for $2 billion in cash and stock.
In a statement released in the wake of the decision, Bragg Gaming CEO Richard Carter said the following:
“By listing in the US and maintaining our Canadian listing, we are positioned to enhance shareholder value by improving the Company’s visibility and trading liquidity for investors.”
Bragg purchased Spin Games, a gambling technology and content provider with agreements in regulated US and Canadian markets, ahead of its Nasdaq debut. Spin Games has produced a variety of interactive games, including slots, bingo, video poker, and other table and casino games.
Not long after, the company acquired Wild Streak Gaming for $30 million. This Nevada-based software company will give Bragg an entry point into the US market as the Canadian gambling company prepares to expand its market share further over the coming years. Wild Streak already has a portfolio of games available in UK and US markets, and Bragg hopes that this will be an advantage when looking to break into these markets itself.
A Nasdaq listing can be a big boost to any company, but the last few years have seen a rise in the number of igaming companies, including operators looking to get listed on this market. If Bragg is to continue its expansion into the US, its recent moves have put it in a good position.
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