Bragg Gaming Group has released its Q3 financial results, showcasing robust growth and strategic moves in the dynamic iGaming landscape. The company reported a noteworthy 8% year-on-year increase in revenue, reaching €22.6 million ($24.1 million). This surge in financial performance is complemented by a 24.6% rise in specific wagering revenue, demonstrating Bragg’s resilience and success in the competitive market.
Key Financial Highlights:
Revenue Growth: Bragg witnessed an 8% YoY increase in overall revenue, amounting to €22.6 million.
Wagering Revenue Surge: Specific wagering revenue from customers soared by an impressive 24.6%, reaching a total of €6.57 billion.
Gross Profit Boost: Gross profit experienced a substantial uptick, rising by 13.5% to €11.9 million YoY. The gross profit margin also saw a notable increase of 250 basis points, reaching 52.5%.
EBITDA Success: Adjusted EBITDA emerged as the star performer, soaring by an outstanding 70.5% to €3.8 million. The adjusted EBITDA margin exhibited substantial growth, expanding by 620 basis points to 16.9%.
CEO Perspective:
Matevž Mazij, Bragg’s recently appointed CEO, expressed optimism about the company’s trajectory. He highlighted the acceleration of global content availability, particularly with Tier 1 operators. Mazij emphasized the successful launch of 12 new proprietary and exclusive third-party games in major US online casino markets and outlined plans for continued releases, indicating a robust strategy for sustained growth.
Business Highlights:
Leadership Transition: The quarter marked a significant milestone with Matevž Mazij taking the helm as the new CEO, effective from August 28.
Strategic Partnerships: Bragg forged major content distribution agreements, notably with 888 Holdings and Flutter. These partnerships expanded Bragg’s reach across renowned brands and online casino platforms, fostering a more extensive global presence.
European Expansion: Bragg strategically expanded its footprint in Europe, introducing 15 proprietary and exclusive third-party games during Q3. This expansion included collaborations with new customers in the region, indicating a commitment to diversification and market penetration.
PAM Leadership: Bragg continued to lead in the Netherlands with the most prominent Player Account Management (PAM) system, live with operators representing approximately 30% of the market’s gross gaming revenue.
Bragg Gaming Group’s Q3 financial report underscores its resilience, growth, and strategic prowess in the evolving iGaming sector. With strong financial indicators, strategic expansions, and a forward-looking approach, Bragg positions itself for sustained success in the competitive global gaming market. The company’s commitment to introducing innovative games and forming strategic partnerships sets the stage for continued top-line growth and enhanced operating margins.