Bragg Gaming Reports Record Q2 Financial Performance
Bragg Gaming Group reported a record-breaking €24.9 million in revenue for Q2 2024, marking a 0.5 percent increase year over year. Despite a shift in product mix affecting profit margins, the company reported sequential growth in revenue, gross profit, and adjusted EBITDA, indicating strong underlying business performance.
Strategic Shifts Pave the Way for Future Growth
Matevž Mazij, CEO of Bragg Gaming, acknowledged the expected decrease in gross profit and adjusted EBITDA by 10.3 percent and 23.8 percent, respectively, year over year, attributing this to changes in the product mix. Despite these reductions, Mazij expressed optimism about the company’s strategic direction, particularly in higher-margin products such as proprietary iGaming content in North America.
“I am encouraged by recent momentum for our higher margin products… and from launches of new customers powered by Bragg’s Player Account Management (PAM) and turnkey solutions,” Mazij stated. He also highlighted the company’s sequential growth in revenue, gross profit, and adjusted EBITDA compared to the first quarter of the year, signaling a stable and consistent product mix.
Expanding Presence in Key Markets
Bragg Gaming has taken decisive steps to bolster its leadership team and expand its presence in key markets worldwide. The company has made significant inroads into the U.S. market, where its share of the iGaming content supplier market is still estimated to be below one percent.
Mazij noted the significant growth potential in the U.S., stating, “Our expanding distribution in the United States along with our extensive distribution reach in regulated markets globally, represents a huge upside opportunity for the Company.”
Bragg’s progress in the U.S. is evident, with a notable increase in wagering volume anticipated to more than double this year compared to 2023. The company is also on track to cover approximately 90 percent of the U.S. total addressable market (TAM) with its newest iGaming content and technology by the end of the year.
New Titles and Market Growth Define Bragg’s Q2
In Q2 2024, Bragg launched 17 new titles globally, including a record 12 from its proprietary studio brands. The company also continued its global expansion by powering Kingsbet.cz’s launch with a comprehensive iGaming solution, further expanding its reach in the Czech Republic.
In the U.S., Bragg extended its content reach with BetMGM in Pennsylvania, following successful launches in Michigan and New Jersey. The company also partnered with FanDuel, Pennsylvania’s market leader, and launched content with Golden Nugget in New Jersey.
Bragg’s expansion in Europe remains strong, particularly in the Netherlands, where it launched a full turnkey solution to power the Hard Rock Casino brand and secured its sixth PAM customer. Additionally, Bragg leveraged its relationships with sports betting technology partners to launch third-party sportsbooks with Betnation.nl, ComeOn.nl, and 711.nl.
Moreover, Bragg signed a global content distribution agreement with Light & Wonder, unlocking new opportunities and gaining traction in Italy through a partnership with Sisal.
