Revenue rises and net loss falls in Q1 for Bragg ahead of US entry
Bragg’s revenue shot up to €14.1m (£12.1m/USD$17.0m/CAD$20.6m), a rise from €8.7m in revenue in the first quarter of 2020. Adjusted earnings before interest, tax, depreciation and amortisation EBITDA for the quarter came to €2.3m, a 233.6% increase year on year.
Net loss for the period totaled at €1.1m, a €4.6m decrease from Q1 2020. Bragg contributed this decline in losses to its Oryx acquisition earn-out payments in January 2020, as it no longer had to make these payments in Q1 2021.
In November 2020, Bragg announced the details of its final earn-out payment, which amounted to €22m.
In terms of operations, customer wagering revenue generated by Bragg’s operator customers came to €3.5bn this quarter, up 52.1% year on year. The number of unique players also rose from 1.6 million in Q1 2020 to 2.4 million this quarter.
Gross profit also rose 68% to €6.6m, an increase Bragg contributed to a move from games to igaming and platform solutions.
“We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialize our in-house casino content studio, with our first game recently launched across our network.” said Richard Carter, newly appointed chief executive of Bragg.
Yesterday Bragg announced its entry into the US market with its acquisition of Spin Games for CAD$30m.
“With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier one vertically integrated iGaming business in the U.S., Bragg Gaming has never been better positioned for long-term success,” Carter said.