Bragg Gaming delivered revenues of €24.9m in its second quarter, a new quarterly record and increase of 0.5 per cent year over year, reflecting a robust business performance diversified over several growing iGaming markets and in-demand product verticals.
Matevž Mazij, Chief Executive Officer for Bragg, commented: “As expected, gross profit and adjusted EBITDA were down 10.3 per cent and 23.8 per cent year over year respectively, as our product mix has changed. However, I am encouraged by recent momentum for our higher margin products including for our proprietary iGaming content in North America, and from launches of new customers powered by Bragg’s Player Account Management (PAM) and turnkey solutions. I am also pleased with sequential growth in revenue (up 4.4 per cent), gross profit (up 4.4 per cent) and Adjusted EBITDA (up six per cent) compared to the first quarter of the year, a timeframe during which our product mix has remained consistent, and I am confident that we have the products, the strategy and the expertise in place to be able to continue to grow our revenues and profit margins in the second half of the year and into 2025.
“We have taken decisive steps to bolster our leadership team, expand our presence in key markets worldwide, and make significant inroads in the US market. With Bragg’s overall share of the US iGaming content supplier market still estimated at below one per cent, our expanding distribution in the United States along with our extensive distribution reach in regulated markets globally, represents a huge upside opportunity for the Company, which is now licensed, certified or otherwise compliant with relevant local regulations in more than 30 jurisdictions. In the US we are pleased to be on track to more than double our wagering volume this year compared to 2023, and we look forward to continuing the trend into future years. Looking ahead, I am confident that the seeds we are planting today – in the U.S., in content, and in our technology platform – will yield a robust harvest in the future. We are building a stronger, more agile Bragg that, along with our US distribution and global reach, is poised to capitalize on the immense opportunities that lie ahead in the worldwide iGaming market.”
Bragg launched 17 new titles globally in the second quarter of 2024, including a record 12 new games launches from our proprietary studio brands. It continued its global expansion, striking deal to power Kingsbet.cz launch with an end-to-end iGaming solution that will increase reach in Czech Republic with a second PAM and full turnkey solution client. This achievement aligns with Bragg’s strategic objective of growing higher margin, proprietary solutions which include PAM and turnkey services, as a proportion of product mix.
In the US, it expanded with BetMGM Pennsylvania content launch, extending content reach with US online casino heavyweight to third state following similar launches in Michigan and New Jersey. It launched content with Pennsylvania market leader FanDuel, as well as a successful launch with Golden Nugget in New Jersey, a success which keeps the company on track to cover approximately 90 per cent of the US total addressable market (TAM) with its newest iGaming content and technology by the end of the year
It launched a full turnkey solution to power the Hard Rock Casino brand in the Netherlands, securing sixth PAM customer as part of Bragg’s strategic goal of being the leading technology and content supplier to the Dutch market.
Bragg also launched third-party sportsbooks with Betnation.nl (Metric), ComeOn.nl (Metric) and 711.nl (Kambi) in the Netherlands, leveraging relationships with sports betting technology partners, underscoring Bragg’s continued commitment to be the preferred iGaming technology and content supplier in the Dutch market. It signed a global content distribution agreement announced with Light & Wonder, unlocking new content distribution opportunities and continued to gain traction in the key European market of Italy, where Bragg has partnered with Sisal.
