Bragg Gaming Group Achieved Record Revenue Growth According To Its Q2 2019 Results

The results of Q2 2019 released by Bragg Gaming Group shows that the company achieved record revenue growth year-over-year.

In accordance with its name, the brand can brag by continued growth with:

• CDN $8.8M in revenue
• Gross profit of CDN $3.8M
• EBITDA loss of CDN $0.3M
• Net loss from continuing operations of CDN $6.4M

Dominic Mansour, CEO of Bragg Gaming, said he was very happy about these numbers, which follow up its first quarter results, which we reported on in June:

“I am very pleased with Bragg’s progress this quarter. During the six months since Bragg’s inception, we have acted on several strategic initiatives that have helped us transform into a global gaming company. This quarter, we focused on investing in the business in order to expand our footprint and accelerate future growth.

We launched ORYX Hub, a new platform that is a one-stop-shop for quality casino content, sportsbook, and lottery products. The strategic rationale behind this and other investments demonstrates our dedication to market and platform expansion. I am confident that we are taking the right steps to diversify and grow our business and that our recent activities will strengthen our position in the rapidly growing gaming market”.

Trend from Q1 Extended to Q2

ORYX achieved strong year-on-year revenue growth in Q1 2019 which continued to Q2.

Comparing to the Q1 of 2019 to the Q1 2018 shows the company aggregated 48% revenue growth.

“ORYX had another strong quarter. In addition to the record number of operators integrated in the first half, we signed agreements with Red Tiger, Stakelogic, Betsson, and Casumo whose extensive portfolio of games are now fully integrated into the ORYX Hub platform. We continue to engage with highly innovative and best-of-breed partners to supplement our broad content base and further improve our -experience,” said Mansour.

He added that the company’s performance since the end of June with monthly operator GGR on the casino aggregator platform 6% ahead of the 3-month daily average, has been ahead of the brand’s expectations.

In fact, the growth happened despite the typical slow-down during the summer months.

Key Changes For Progress

Extensive progress to the Bragg platform was due to implement key changes to its Online Media Division, which were the legacy businesses of Breaking Data acquired as a part of the acquisition in December 2018.

Also, it was determined that the brand’s GiveMeSport (GMS) and GiveMeBet (GMB) assets were in a strong position for a strategic review. Sequence Advisors LLP was enlisted by Bragg to provide guidance as the company undergoes the review process.

“This review of strategic alternatives for GMS and GMB is a prime example of how we are exploring all available options to position Bragg for long-term success. Demonstrated by the impressive statistics, we’ve taken bold actions and made fundamental changes that have resulted in a far stronger, more capable GMS and GMB.

Looking ahead, we are laser-focused on growing our B2B gaming solutions and plan to extend ORYX’s reach both organically and through future acquisitions and strategic partnerships. We have been strategically investing in our platform and services and expect increased adoption in existing markets as well as penetration into new markets, particularly the US,” Mansour concluded.

Source:

“Bragg Gaming Group Releases Q2 2019 Results”, Narayan Niji, europeangaming.eu, August 29, 2019.