Bragg Gaming Group experienced a robust beginning to the initial quarter, displaying a considerable upswing in earnings and a decrease in net deficits.
Bragg’s income skyrocketed to €14.1 million (£12.1 million/$17 million/C$20.6 million), a substantial rise compared to €8.7 million in the initial quarter of 2020. Adjusted EBITDA for the quarter reached €2.3 million, representing a 233.6% year-on-year increase.
The company attributed the reduction in net losses to the earnings payments stemming from the acquisition of Oryx in January 2020, as the company was no longer obligated to make these payments in the initial quarter of 2021. The total net loss for the period amounted to €1.1 million, a decrease of €4.6 million compared to the first quarter of 2020.
Bragg disclosed the specifics of its concluding earnings payment in November 2020, totaling €22 million.
Operationally, Bragg’s operator clients generated €3.5 billion in customer wagering revenue during the quarter, a 52.1% year-on-year increase. The number of distinctive players also rose from 1.6 million in the first quarter of 2020 to 2.4 million in the current quarter.
Gross profit also experienced a 68% increase to €6.6 million, which Bragg attributed to the transition from gaming to iGaming and platform solutions.
Bragg Gaming Group, under the leadership of their new CEO, Richard Carter, is making significant investments in their workforce, technological advancements, and product offerings. This strategic approach has enabled them to launch their own casino studio, with their inaugural game now available on their platform.
Bragg recently announced the acquisition of Spin Games for a sum of $30 million Canadian dollars. This acquisition will facilitate their entry into the lucrative US market.
“Our commitment to releasing a steady stream of captivating casino games and innovative tools will ensure player engagement. The acquisition of Spin Games LLC will be instrumental in establishing a comprehensive, top-tier iGaming presence in the US. Bragg Gaming Group is poised for long-term success,” Carter emphasized.
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