Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG) Inc said its wholly-owned ORYX Gaming unit has been granted a UK license, a significant milestone that will see the company enter one of the world’s most mature iGaming markets and substantially increase its global reach to the largest online gambling market.
The supplier license, awarded by the UK Gambling Commission (UKGC), will enable ORYX to provide its content to a wide range of operators, including some of the biggest and most established brands in the industry.
“The UK online gambling market is unmatched in terms of size and maturity and the world’s leading operators all have a presence in the jurisdiction,” Bragg Gaming’s chief commercial officer Chris Looney said in a statement.
“Receiving a UK supplier license offers significant growth opportunities for Bragg as we bring first-class iGaming entertainment to UK players together with local operator partners,” he added.
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Bragg Gaming said the license and its pending entry into the UK market before the end of the year will help to accelerate its international growth trajectory and offers another proof point of the success it continues to achieve with the execution of its global market expansion initiatives.
An initial batch of ORYX’s best performing slots has initially been certified for the UK market, including games developed by ORYX’s in-house studio and exclusive titles from Gamomat, with these titles expected to begin rolling out with operator partners before the end of the year.
The company noted that the total addressable market (TAM) for the online casino sector in the UK in 2021 is about US$5.5 billion (£4.1 billion) according to data intelligence organization H2 Gambling Capital, making it the largest regulated iGaming market in the world.
It said the license represents an important step in its growth strategy as it continues to further grow its market share in regulated jurisdictions and secure entry into new markets including large established markets such as the UK.
The company said it expects its global market expansion initiatives will increase its TAM six-fold in 2022 to more than US$18bn, of which the UK market will account for just under one-third.
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