Bragg Gaming reports ‘consistent progress’ through Q2

Bragg Gaming Group has reported a continuation of the “operational and strategic development momentum” shown throughout 2020, as the B2B gaming tech and content provider published a Q2 trading update.

The group says that it expects to report second quarter revenue, pre-recent acquisitions, of €15m, representing a year-over-year increase of 23.5 per cent and a 5.7 per cent quarterly sequential rise.

As a result of this, the group anticipates H1 2021 revenue will come in at approximately €29.2m, with its full year performance remaining unchanged with revenue of €47m and adjusted EBITDA of €4m.

In the update, the firm said it is pleased with its overall operational progress and performance and, in particular, that of its two new proprietary games that were launched in Q2 on its Oryx Gaming network from its in-house studio.

“Our financial growth as well as the operational and strategic development momentum we demonstrated in 2020, and in the first quarter of this year, continued in the second quarter,” stated Richard Carter, CEO of Bragg

“We are making consistent progress with our growth initiatives including the introduction of new proprietary online games with better economics while expanding our footprint into new igaming markets.”

On its recent acquisitions, Bragg Gaming continued revenue growth of Wild Streak Gaming across land-based and online casinos, as well as detailing that its Spin Games transactions should close in this year’s final quarter, pending approval from state gaming commissions.

Furthermore, the company has also submitted its licensing application to the New Jersey Gaming Commission and expects to submit its remaining two US licensing applications, in Pennsylvania and Michigan, during Q3.

“The integration and performance of Wild Streak Gaming, and the anticipated closing of the Spin Games acquisition later this year, will position Bragg to leverage our existing technology platform, which includes in-demand player engagement tools, with new proprietary content and customer relationships positioning Bragg to address the large US igaming market opportunity,” Carter added. 

“Our ongoing progress and success across the business has further established Bragg’s foundation to achieve long-term growth.”

Bragg also detailed that it will continue to monitor how the German facing market adjusts to the new regulatory framework, and reiterated that it has filed an application for the direct listing of its shares on the Nasdaq Stock Exchange. 

“The company remains committed to this goal and expects to complete the direct listing of its shares on the NASDAQ exchange in Q3 2021,” it concluded.

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