Internet gambling technology and content provider, Bragg Gaming Group, has recently posted its financial reports for the third quarter, which concluded on September 30, 2023. In Q3 the company saw a solid 8% increase in revenue over the same quarter of 2022, amassing approximately CA$24 million, in comparison to the CA$22.2 million from last year.
Bragg Gaming is a premier provider of proprietary and exclusive content and cutting-edge tech to online and land-based gambling operators. Some of its exceptional games come from its in-house brands such as Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic, and ORYX Gaming, and they have provided tons of entertainment to players worldwide.
Highlights from the Fiscal Report
The supplier also disclosed that in Q3, wagering proceeds by customers saw an increase of 24.6% and hit CA$6 billion, in comparison to CA$4.9 billion in the third quarter of 2022. Meanwhile, gross profit experienced a 13.5% rise, reaching CA$12.6 million from its previous result of CA$11 million in 3Q22. This meant a gross profit margin of 52.5%.
In a statement, Chief Executive Officer, Matevž Mazij commented that the company’s result reflects, partially, a revenue mix shift to higher-margin products. This includes in-house created proprietary content, exclusive third-party content, and turn-key Player Account Management, alongside managed services partnership, and cost control activities.
During Q3, the iGaming provider expanded its digital footprint in several United States jurisdictions and more. For instance, the company teamed up with FanDuel in Michigan and Connecticut. Via the partnership, the provider debuted its industry-leading portfolio of online casino titles with the operator. The launch was facilitated via its Remote Game Server.
Mr. Mazij commented that the international availability of the firm’s proprietary and exclusive third-party content is growing, especially in markets with an expanding number of Tier 1 operators. He also projects that the appeal for these games will become even larger among operators and players in current Q4 and throughout the whole of 2024.
Lastly, the CEO shared that in Q3 2023, the company debuted 12 new proprietary and exclusive third-party games in the largest four legal iGaming markets in the United States. It is expected that the aggregator will continue to launch games at this rate over the next 12 months, thus being able to generate larger gross profit and see Adjusted EBITDA growth and higher operating margins.
President and COO Steps Down
It was recently reported that the iGaming supplier will undergo a change in leadership, as Lara Falzon, President and Chief Operating Officer, submitted her note that she will resign. She will leave the position effective December 31, 2023. Meanwhile, she will remain actively involved in the day-to-day operations of the gambling technology and content company.
Source: Egbe, Tebearau “Bragg Gaming Sees Another Strong Quarter, Revenue Up 8%” PlayUSA, November 20, 2023