Bragg Gaming Group, a leading provider of B2B iGaming technology content, announced unprecedented earnings for the third quarter of 2024, setting new financial records.
Financial overview and key achievements:
In the third quarter of 2024, Bragg reported a significant revenue increase to €26.2 million, up by 15.9% from €22.6 million in the same quarter of the previous year. The company’s gross profit followed suit, rising by 18.1% to €14.0 million from €11.9 million, while the gross profit margin expanded slightly by 99 basis points to 53.5%.
Although the Adjusted EBITDA saw a modest rise of 7.1%, reaching €4.1 million, the Adjusted EBITDA margin experienced a decrease by 129 basis points to 15.6%. The company also reported a substantial reduction in operating losses, which decreased by 81.0% to €0.4 million from €2.1 million.
Matevž Mazij, the CEO of Bragg, expressed satisfaction with the quarter’s results, noting, “This quarter was another milestone of substantial growth and record-setting performance for Bragg. We’ve seen a notable 16% increase in revenue and 18% in gross profits year-over-year, coupled with a 7% rise in Adjusted EBITDA.” He highlighted the role of robust revenue gains from content distribution in the U.S., contributing to a 40% increase in global revenue from proprietary online content.
Mazij also mentioned the board’s decision to end the strategic review of alternatives, stating, “After a thorough evaluation, we’ve decided that continuing with our current strategic plan will best serve our shareholders’ interests.”
Strategic developments and future outlook:
Recent months have seen Bragg expand its technological footprint, launching new gaming titles and Remote Gaming Server (RGS) technology across multiple states and provinces in North America in collaboration with Caesars Digital and FanDuel, and internationally with bet365.
Additionally, the Dutch market has seen the launch of HardRockCasino.nl, with Bragg supplying advanced player account management software, marking the company’s sixth PAM client in the Netherlands. This expansion is complemented by the introduction of the Kambi sportsbook on 711.nl, broadening Bragg’s revenue streams in the region.
The appointment of Robbie Bressler as CFO of Bragg, effective immediately, was also announced, underscoring the company’s strategic personnel changes to bolster its executive team.
Bragg has reiterated its revenue guidance for 2024, projecting earnings between €102.0 million and €109.0 million, with Adjusted EBITDA expected to be between €15.2 million and €18.5 million. The company anticipates sustained double-digit top-line growth, improved margins, and increased operational leverage as it moves into 2025, reinforcing its strong market position.
The Board, along with its Special Committee, concluded its review of strategic alternatives, which began in March 2024. Despite multiple proposals, the decision was made to continue as an independent entity, as the offers did not fully reflect the company’s value nor its financial projections. Don Robertson, Chair of the Special Committee, noted in the company’s press release, “The exhaustive review process reaffirmed our strategy to proceed independently, which we believe will maximize shareholder value.”
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