Bragg Gaming Group experienced a robust second quarter in 2023, as revenue surged by 19% annually, reaching €24.7 million (equivalent to $27.2 million USD).
The firm attributes this expansion to its penetration of emerging markets and the positive reception of its product offerings.
Key takeaways include:
* Revenue attained €24.7 million
* Bets placed on the Bragg platform amounted to €5.5 billion
* Entry into multiple newly regulated markets
* Content partnerships secured with industry leaders such as 888 Holdings and Flutter
Regarding the total wagered amount, it escalated to €5.5 billion in the recent quarter, surpassing the €4.2 billion recorded during the corresponding period last year.
Gross profit also witnessed a substantial rise throughout the quarter, hitting €13.8 million. This signifies a 19% increase compared to Q2 2022.
Adjusted EBITDA demonstrated even more remarkable growth, soaring by 51% year-on-year to reach €4.7 million.
“These second-quarter outcomes reflect the diligent efforts and commitment of our staff, alongside our emphasis on delivering top-tier content and services to our collaborators,” stated Yaniv Sherman, Chief Executive Officer of Bragg. “We are optimistic about the advancements made and enthusiastic about the future expansion potential of our enterprise.”
In the course of Q2, Bragg Gaming collaborated with prominent entities like Rush Street Interactive, WynnBet, and FanDuel to introduce its products in new regions, including Pennsylvania, New Jersey, Michigan, and Connecticut.
A gaming enterprise headquartered in Prague is broadening its reach across Europe, debuting in Georgia, Switzerland, and Spain. Furthermore, they’ve inked significant worldwide distribution agreements with industry heavyweights such as 888 Holdings and PokerStars, a subsidiary of Flutter Entertainment.
Their European expansion plan is thriving, having established collaborations with 10 operators spanning five distinct European markets in the preceding year alone. They’ve effectively secured Switzerland and command a dominant presence in the Dutch market.
The firm is aggressively rolling out fresh games to leverage this surge. They’ve already introduced 30 new games globally – a blend of their own creations and exclusive offerings from third-party developers – and they’re poised to unveil an additional 40 by years end.