Bragg Gaming Group (BRAG.T) added Las Vegas-based online gaming and gambling studio, Wild Streak Gaming to their portfolio today, according to a press release.
The recent spate of aggressive acquisitions, including the May 12 acquisition of Spin Games, is a bid to increase the company’s ability to distribute and develop online casino content to the U.S. market. The transaction brings 39 new casino titles, including several top-performers, and a suite of new intellectual property, game designs, mathematical works, game mechanics and features for the U.S. markets.
“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 i-gaming market, and Wild Streak is excited to be a cornerstone for their growth strategy. We are highly impressed with the Oryx Gaming technology stack’s robust foundation and their roadmap for additional capabilities in development. We are looking forward to working with the Oryx team to create unique player experiences as we embed their technology into our game designs,” said Doug Fallon, founder and chief executive officer of Wild Streak
Bragg provides games technology and content to businesses. They’ve been around since 2012 and have expanded their operations across Europe and Latin America. Their subsidiary, Oryx, gives them their business-to-business edge through an i-gaming platform, casino content aggregator, managed sports book and services provider, offering content from leading studios.
Wild Streak’s design team includes math-geeks and creative types from the casino industry, and includes Doug Fallon, a renowned land-based slot designer with two decades of industry experience. Fallon worked in several executive marketing and design positions over more than 11 years at Aristocrat before founding Wild Streak.
“In an industry where premium content is king, Doug and his team have built up an enviable track record of developing leading premium casino slot content for both the land-based and on-line casino industry. We look forward to integrating this know-how into Bragg’s overall offering and significantly expanding the company’s higher-margin proprietary in-house casino slot content capabilities,” said Richard Carter, chief executive officer of Bragg Gaming.
The deal is going for $30 million with sellers of Wild Streak getting $10 million in cash at closing and $20 million in Bragg shares over the next three years. In exchange, Bragg is getting a company that brought in $1.05 million in revenue and $233,000 of EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2020, and $487,000 in revenue and $241,000 of EBIDTA in Q1, 2021.
Bragg Gaming Group is down $0.32 today, and presently trading at $15.48.