Bragg Gaming Group Reports First Quarter Results

Bragg Gaming Group executives have released the company’s revenue report for the first quarter of the year. According to the results appointed for Q1 of 2019…

…Bragg’s revenue more than tripled!

This Canada-based gambling giant has achieved CDN $10.4 million in revenue, which is much more than expected, and a 203% increase compared to the same period last year.

Its gross profit increased by 181% year-on-year to CDN $5.2 million, which is a huge jump compared to CDN $1.8 million that the company made in Q1 of 2018.

Also, Bragg reported an EBITDA of CDN $63k and a net loss of CDN $1.9 million…

…as well as a stock-based compensation charge of CDN $1.1 million and depreciation and amortization of CDN $0.8 million.

A Word from the CEO

“We’re very pleased with our results. It’s our first full quarter, and we’ve been focused on building a solid foundation for future growth. We delivered on our initial goals, including closing a number of divisions within the old Breaking Data organization and completing a substantial restructure of the GiveMeSport (GMS) business.

“We aggressively cost-managed GMS and pivoted the direction of the sports media site. Bragg was also able to break even at the EBITDA level by quarter-end, the first time in the company’s history and sooner than we expected,” Dominic Mansour, CEO of Bragg, said.

ORYX Gaming Going Strong

Bragg’s flagship property, ORYX Gaming, a turnkey gaming solution provider that is offering one-stop solutions adaptable to various gaming markets and legislative environments…

…was actually the main “culprit” for such strong results in Q1.

The company managed to achieve CDN $9.2 million in revenue during the first quarter of the year.

“ORYX had an exceptional Q1. Revenue is up 83 percent over the same period in 2018, and we secured a number of key clients, g 22 agreements over the quarter.

“We were also successful in our goal of diversifying our customer base. 49 percent of ORYX’s revenue now comes from our top five customers; a very positive trend when compared to the first quarter of 2018, when over 75 percent of revenue came from just two customers,” Bragg CEO added.

Exceeding Expectations

GiveMeSport, which is Bragg’s sports media outlet…

…has also exceeded expectations when it comes to its performance in Q1.

After going through some twitches and changes, the business is already seeing positive results in both its cost structure and key performance metrics.

During this period, the company reached 65.7 million unique Facebook s, while Facebook video views increased by 52% year-to-date.

The site also had a 123% increase in Facebook video interactions. The GiveMeSport business is currently planning a significant re-launch in Q3.

Changes in the istration

During the first quarter of the year, Bragg Group also made some significant changes in its board of directors.

The company brought industry veteran, Jim Ryan, M&A expert Paul Pathak, and Bragg CFO, Akshay Kumar to the board.

Also, the company changed its reporting currency to Canadian dollars and moved its fiscal year to the calendar year.

Source:

“Bragg Gaming Group Reports First Quarter Results”, George Miller, europeangaming.eu, May 31, 2019.