Bragg Gaming Group’s First-Quarter Financial Highlights

Prominent B2B gaming technology and content supplier Bragg Gaming Group released its financial statistic from the first quarter of the year. The company has reported a rather promising start of 2021, as it builds on the momentum from the strong finish of 2020. Overall, the provider has recorded an improvement on its Q1 from last year despite the ongoing unprecedented situation.

Bragg Gaming Group is worldwide B2B gaming technology and product provider, that provides its premium set of services to many jurisdictions around the world since its inception in 2012. With its subsidiary corporation of ORYX Gaming, the company can provide an exceptional business-to-business iGaming platform, along with casino content aggregator, sportsbook, and many more top-notch services.

Off to a Great Start

The brand-new CEO of the Bragg Gaming Group Richard Carter stated that the provider has used the strong conclusion of 2020 to build on the momentum that allowed to record an impressive first quarter of 2021. He shared that revenue has improved by a staggering 62% this year in comparison with last year’s same quarter. Adjusted EBITDA has also increased significantly by 234%.

Mr. Carter further informed that the company has seen a substantial improvement in its new and unique players that are using the corporation’s content with a 54% increase compared to Q1 in 2020. He said that the supplier continues to invest in its employees, technology, and product offerings, which allowed the company to commercialize its local casino products, as it launched its first-ever game recently.

The company has recorded a total of CA$20.9 million revenue for Q1 this year, which is a 62% over last year’s CA$12.9 million in Q1 2020. Quarter-over-quarter has also increased by 3%, from CA$20.3 in the last quarter of 2020, to CA$20.9 at the beginning of this year. Betting revenue is also drastically increased with CA$5.1 billion, compared to the first quarter of 2020 with CA$3.4 billion.

The number of unique players that have used the company’s products has also endured a massive surge of 54%. For Q1 this year the corporation has 2.4 million unique players and 1.6 million in the first three-months-period of 2020. Gross profit has also improved with CA$9.8 million or 68% more than last year’s CA$5.8 million.

A few days ago, the leading B2B gaming and content provider has revealed that it has made some new additions to its Board of Directors. Starting from May 11, Holly Gagnon and Alex Spiro will be joining the company’s Board. Ms. Gagnon has 29 years of experience in the industry, and Mr. Spiro is an established litigator and investor and serves as Chair of Glassbridge Enterprises.

New CEO

As already mentioned, the corporation’s CEO is a rather new one, as Mr. Carter has officially stepped into the position on May 1, 2021. It is believed that Mr. Carter’s rich experience will prove vital for the company’s growth process. As he has practiced in the industry by serving as the CEO of sports betting offerings for SBTech for 5 years.

Previous appointments

At the beginning of the year and in January in particular, the company welcomed Paul Godfrey as its new member of the Board of Directors. The former Chair of the Ontario Lottery and Gaming Corporation will bring the much-needed experience as the company continue to seek further development growth in new and unexplored markets.

Source: “Bragg Gaming Announces Q1 2021 Results” Business Wire, May 13, 2021