Spin to Win
- $118.316M Market Capitalization
Bragg Gaming Group Inc. (BRAG.T) announced today that Spin Games, the Company’s wholly-owned business-to-business (B2B) gaming technology and content provider, has gone live in Connecticut. In addition to Spin Games, Bragg’s Remote Game Server (RGS) and an initial library of 11 titles are available to players in Connecticut through DraftKings and Mashantucket-Pequot Tribe iGaming sites.
“Following our entry into the Ontario iGaming market three months ago, our entry into Connecticut is another important proof point of our North American growth strategy, which will continue to accelerate as we debut our offerings in additional states as they enact regulations,” commented Yaniv Sherman, Bragg’s Chief Executive Officer.
To provide some background, Spin Games develops premium and aggregate gaming content and technology intended for regulated interactive, play for fun, and real money iGaming markets. Currently, the Spin Games portfolio boasts over 150 interactive games ranging from slots to Asian-style games. The company has also established technology and licensing agreements with industry titans such as Konami Gaming.
Once upon a time, Konami was one of my favorite game development and publishing studios. After all, Konami developed Metal Gear Solid (MGS), a game franchise that is near and dear to my heart. However, the gaming conglomerate has since leaned into its gambling roots and reduced the future of the MGS series into pachinko machines. While this has left a bad taste in my mouth, Konami’s profits tell a different tale.
According to Konami’s financial results for the year ended March 31, 2022, the company reported its most profitable year ever. This isn’t an article about Konami so I will skip to the point. Regarding Konami’s Gaming casino, pachinko, and arcade machines, the Company’s Gaming & Systems revenue increased by 54%. That being said, success in this market isn’t limited to just Konami.
As a whole, the global online gambling market, comprised of betting, casino, poker, and others, is poised to reach $192 billion by 2030, expanding at a compound annual growth rate (CAGR) of 10.7% between 2020 and 2025. This market is expected to be driven by the legalization of gambling in some parts of the world, including North America.
“With our RGS capabilities and growing portfolio of proprietary and exclusive third-party premium content, including our popular Wild Streak Gaming studio, Bragg is favorably positioned to become a leading iGaming supplier in North America,” continued Yaniv Sherman.
In addition to an expansive portfolio of interactive games, Spin Games’ RGS utilizes HTML5 technology. In doing so, RGS is capable of interfacing with any back-end internet gaming system to deliver gaming content on any device or browser. Currently, RGS is approved in several North American regulated markets and the United Kingdom (UK) with additional approvals pending.
Getting back to the news at hand, some of the first top-performing titles that will be offered in Connecticut include Ripley’s Big Wheel and Galaxy Gaming’s popular 21 + 3® Progressive Blackjack. Bragg will also include internal studio titles such as Triple Jewels, Get Hot, and Gypsy Riches. Later this year, Bragg intends to launch additional exclusive titles as well third-party titles in other states.
Bragg’s share price opened at $6.00 today, compared to a previous close of $6.00. The Company’s shares were down -1.67% and were trading at $5.90 as of 11:43 AM EDT.
