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Bragg Gaming Records Increased Revenue In Second Quarter

Posted on August 25, 2021 | 10:41 am

Bragg Gaming Group, the Canadian business-to-business iGaming technology and content supplier, has reported increased revenue in the second quarter of 2021, following an aggressive expansion strategy.

The Canadian company revealed that its revenue in the second quarter of this year grew by 28 percent compared to last year, the actual figure was 18.3 million dollars while the second quarter of 2020 brought in just 14.3 million dollars.

Wagering revenue generated by players also increased by 15.9 percent year-on-year to 4.5 billion dollars. The company’s Oryx Hub gaming platform also recorded a growing number of unique players, 2.3 million people used the platform, representing a 21 percent increase from last year.

Bragg Gaming also reported an increase of gross profit by 37.5 percent in the second quarter of 2021, a gross profit of 8.3 million dollars compared to the 6 million that were recorded in the same period of last year. However, the net result for the quarter was a loss of 2.8 million dollars. For comparison, the second quarter of 2020 produced a net loss of 2.3 million dollars.

The negative net result is mainly due to increased employee costs and heavy professional fees associated with the company’s attempts to get listed on the NASDAQ stock exchange.

The company recorded adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 2.2 million dollars, which represents an increase of 8.5 percent compared to last year’s second quarter.

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Aggressive Expansion

In June, Bragg Gaming announced that it had completed the acquisition of Wild Streak Gaming, a creative studio based in Las Vegas. The acquired developer had 39 premium slot titles in its portfolio and a solid team on the payroll.

The acquisition cost Bragg Gaming around 30 million dollars, 10 million of it in cash and the rest in the resulting company’s common share in the course of the next three years.

In May, Bragg Gaming made an almost identical acquisition in terms of price, they paid 30 million to acquire Spin Games, another up and coming studio based in Nevada. The acquisition of Spin Games gave Bragg Gaming a solid footprint into the United States market, because the acquired studio came with important clients onboard, such as BetMGM, Caesars, FanDuel and DraftKings.

Source: “Bragg Gaming Group 2021 Second Quarter Revenue Rises 27.6% and Adjusted EBITDA1 Increases 8.5% Year Over Year“Financial Post. August 11, 2021.

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