Bragg announces 8% YoY Q3 revenue jump to $24.2m

Bragg Gaming Group has posted Q3 revenue of €22.6m ($24.2m), an 8% year-on-year (YoY) increase.

Gross profit was up 13.5% YoY, from €10.4m to €11.9m, while gross profit margin went from 50% in Q3 2022 to 52.5%.

The technology provider reported adjusted EBITDA of €3.8m, up 70.5% YoY, and an adjusted EBITDA margin of 16.9%.

Wagering revenue increased 24.6% YoY, from €4.6bn in 2022 to €5.7bn in 2023.

Bragg’s Q3 highlights included Matevz Mazij being named new CEO in August after Yaniv Sherman stepped down.

The firm also secured a global distribution deal with 888 as well as a content distribution agreement with Flutter-owned firm PokerStars in Europe and the US.

New content went live in the UK via Kindred Group’s Unibet and in Ontario via bet365.

Touching on the results, Mazij said: “The global availability of our proprietary and exclusive third-party content is accelerating, particularly with a growing number of tier-one operators, and we expect our global market penetration for these games to accelerate further in the fourth quarter and throughout 2024.

“During the quarter, we launched 12 new proprietary and exclusive third-party games in the largest four regulated online casino markets in the United States and we expect to continue to release games at this cadence or higher over the next 12 months.

“We are also expanding our presence in Europe where we have introduced 15 proprietary and exclusive third-party games during the third quarter, including with several new customers in the region.

“As we continue to introduce more higher-margin proprietary and exclusive third-party games to more new partners at a faster pace, we expect to generate further top-line, gross profit and adjusted EBITDA growth as well as higher operating margins,” the new CEO concluded.

The supplier reiterated its 2023 full-year revenue guidance range of €95-€97m with an adjusted EBITDA range of €15.5-€16.5m.