Bragg Gaming Group experienced a robust beginning to the initial three-month period, with earnings expanding by a substantial 61.6% and net deficits shrinking.
Bragg’s income climbed to €14.1 million (£12.1 million/$17 million/C$20.6 million), a considerable surge from €8.7 million in the initial three-month period of 2020. Modified EBITDA for the quarter was €2.3 million, a rise of 233.6% on a year-on-year basis.
The net deficit for the time frame amounted to €1.1 million, a reduction of €4.6 million compared to the first three months of 2020. Bragg attributed the decline in losses to the earnings disbursements from the acquisition of Oryx in January 2020, as these payments were no longer necessary in the initial three-month period of 2021.
In November 2020, Bragg publicized details of the concluding earnings payment, totaling €22 million.
Operationally, Bragg’s operator customers produced €3.5 billion in customer wagering income this quarter, an expansion of 52.1% on a year-on-year basis. The quantity of distinctive players also increased from 1.6 million in the initial three-month period of 2020 to 2.4 million this quarter.
Gross profit also expanded by 68% to €6.6 million, which Bragg attributed to the shift from gaming to iGaming and platform solutions.
Braggs chief executive, Richard Carter, stated that their ongoing investments in personnel, technological advancements, and offerings have enabled them to bring their internal casino content studio to market, with their inaugural game recently going live on their platform.
Bragg revealed yesterday that they are acquiring Spin Games for C$30 million, securing a presence in the American market.
Carter asserted that Bragg Gaming is better prepared than ever for sustained success, with additional in-house casino games and player engagement tools in the pipeline, and the Spin Games LLC acquisition establishing the foundation for them to construct a top-tier vertically integrated iGaming enterprise in the United States.
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