Blog Title: Bragg Gaming Group Q2 Report Shows Strong Performance with Increased Revenue and Global Expansion
Bragg Gaming Group, the leading online gaming solutions provider, has recently released its Q2 2023 report, which shows a significant increase in revenue and wagering handle.
The report also highlights the company’s successful global expansion, including key global distribution agreements with 888 Holdings and Flutter. In this blog post, we will explore the key points of Bragg Gaming’s Q2 report and what they mean for the online gaming industry.
Bragg Gaming Group saw a remarkable increase in revenue for Q2 2023, rising to a total of €24.7m ($27.2m), a 19% growth from the previous year. Wagering handle, which reflects the total amount wagered by Bragg Gaming’s customers, also increased by 31%, reaching €5.5bn compared to the previous year’s €4.2bn. These impressive figures can be attributed to Bragg Gaming’s focus on higher-margin products, including proprietary and exclusive third-party content, turn-key Player Account Management (PAM), and managed services partnerships.
Global Expansion: In addition to impressive financial results, Bragg Gaming Group also made significant strides towards global expansion in Q2 2023. The company went live in several international regions, including Germany and Brazil, further strengthening Bragg’s global presence. Bragg Gaming also secured global distribution agreements with 888 Holdings and Flutter, two leading gaming industry giants. These agreements will enable Bragg Gaming to expand its reach even further, offering its online gaming solutions to a broader global audience.
Adjusted EBITDA: Bragg Gaming Group’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw the most significant difference in Q2 2023, with a 51% growth year-on-year up to €4.7m. This remarkable increase can be attributed to Bragg Gaming’s shift towards a revenue mix of higher-margin products, as previously mentioned. The shift helped drive a 410-basis point improvement in Bragg Gaming’s adjusted EBITDA margin to 19.2%, an all-time quarterly record.
Gross Profit: Bragg Gaming’s gross profit for Q2 2023 also saw a 19% year-on-year increase to €13.8m. This increase was due to Bragg Gaming’s continued investment in developing and delivering high-quality and engaging online gaming products.
Bragg Gaming Group’s Q2 2023 report demonstrates the company’s strong performance, global expansion, and commitment to delivering top-quality online gaming solutions. The company’s focus on higher-margin products has helped drive a significant improvement in its financial performance, and its global expansion will enable Bragg Gaming to reach new customers in previously untapped markets. With global distribution agreements in place and further expansion plans on the horizon, Bragg Gaming Group is undoubtedly a company to watch in the online gaming industry.