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Bragg Gaming Group Reports Impressive Q2 2023 Growth

Bragg Gaming Group Reports Impressive Q2 2023 Growth
by
August 10, 2023
in Finance News, iGaming News
267

Bragg Gaming Group has unveiled its Q2 2023 report, showcasing a remarkable 19% surge in revenue, totaling an impressive €24.7 million ($27.2 million).

Key Highlights in a Nutshell

  • Bragg’s revenue surged to €24.7 million
  • Wagering handle (total bets) hit €5.5 billion
  • Expanding footprint across international regions
  • Global distribution agreements signed with 888 Holdings and Flutter

Growth in Revenue and Profit

The second quarter of 2023 witnessed a striking 19% uptick in Bragg Gaming’s revenue, reaching a total of €24.7 million. This growth stands as a clear testament to the company’s positive trajectory.

The total wagers, also known as the Wagering Handle, generated by Bragg Gaming’s diverse content and game offerings, amounted to an impressive €5.5 billion. In comparison, the second quarter of 2022 saw a total of €4.2 billion.

The gross profit for this quarter registered a similar 19% growth compared to the previous year, amounting to a total of €13.8 million.

Notable Surge in Adjusted EBITDA

Particularly noteworthy is the substantial increase in the adjusted EBITDA, which witnessed an impressive 51% growth compared to the previous year, reaching a total of €4.7 million.

Yaniv Sherman, CEO of Bragg Gaming, elaborated: “These results partly reflect our ongoing shift towards a revenue mix comprised of higher-margin products, including proprietary in-house creations and exclusive third-party content, as well as turn-key Player Account Management (‘PAM’) and managed services partnerships. This shift in revenue mix has contributed to a notable 410-basis point improvement in our adjusted EBITDA margin, reaching 19.2%, a record high for a single quarter.”

Global Expansion and Collaborations

Throughout the second quarter, Bragg Gaming’s offerings went live in various locations, including Pennsylvania through Rush Street Interactive, New Jersey through WynnBet, and Michigan and Connecticut through FanDuel.

Additional regional expansions included countries such as Georgia, Switzerland, and Spain within the European landscape.

Furthermore, Bragg Gaming sealed global distribution agreements with 888 Holdings and the Flutter-owned PokerStars.

Sherman added: “Our strategic focus on European expansion is bearing fruit. We’ve initiated operations with 10 operators across five European markets within the same timeframe, nearly covering all operators in Switzerland and commanding a leading position in the Netherlands with our Player Account Management. Building on these achievements, we’re consistently accelerating the rollout of new games, having introduced 30 new proprietary or exclusive third-party games globally during the first half of the year, with up to 40 more expected by year’s end.”

Frequently Asked Questions (FAQs)

What are the standout figures highlighted in Bragg Gaming Group’s Q2 2023 report?

The report underscores the impressive 19% revenue growth to €24.7 million, robust expansion in the Wagering Handle, and a significant increase in adjusted EBITDA.

Which regions experienced Bragg Gaming’s international expansion?

Bragg Gaming successfully launched its offerings in Pennsylvania, New Jersey, Michigan, Connecticut, Georgia, Switzerland, and Spain.

What global partnerships were established by Bragg Gaming?

Bragg Gaming secured distribution agreements with 888 Holdings and Flutter-owned PokerStars, aimed at strengthening its global presence.

What role does Bragg Gaming’s shift in revenue mix play?

The shift towards higher-margin products has substantially contributed to an enhanced adjusted EBITDA margin.

How many new games is Bragg Gaming projected to introduce?

In the first half of the year, 30 new games have already been launched, with an additional 40 expected by the end of the year.

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