Bragg Gaming Group posts 72% increase in Q3 revenue
Oryx Gaming owner casts eye towards US and Germany as it looks to develop international expansion plan
Bragg Gaming Group has recorded a 72% year-on-year (YoY) rise in Q3 revenue following a slew of new partnership agreements and international expansion.
The group posted Q3 revenue of €11.7m, up from €6.8m in Q3 2019, after signing 14 new supply partnerships with firms including Soft2Bet and Senator.
Bragg noted that it was also in “advanced discussions” with regards to new partnerships across regulated markets in Europe and Latam.
Elsewhere, Bragg’s Q3 2020 EBITDA increased to €1.8m from €0.2m in Q3 2019, while gross profit leapt 73% from €2.9m in 2019 to €5.1m.
Despite these positive financial results, the group did post a total net loss of €3.2m, representing an increase from its Q3 2019 net loss of €0.1m.
The loss is derived from Bragg’s takeover of KAVO Holdings and relates to the “increased loss on the remeasurement of deferred and contingent consideration”.
Looking forward, the group pointed towards both the US and German markets as significant targets for the future.
In a statement, Bragg said of the nascent US market: “The group continues to focus on expansion into the US market, the world’s fastest growing gaming market and has a footprint through its partnership with Kambi Group and Seneca Gaming Corporation and strives to increase its presence significantly in 2021.”
On Germany, the group noted: “The near-term impact of the changing regulatory landscape in the German market is likely to create negative revenue headwinds. However, our view is that, in the medium and long-term, the introduction of more regulation will over time offset these negative headwinds.
“The group will continue to monitor how the German market adjusts to the new regulatory framework and, is already closely working with its German facing customers on helping to mitigate future adverse conditions.”
Adam Arviv, Bragg Gaming Group interim CEO, said: “We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered.
“We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies,” he added.