Finances

Date: 15.11.2024

by Adam Dworak

Bragg Gaming Declines Acquisition Proposals, Opts for Independent Growth

Bragg Gaming has decided to remain an independent public entity after concluding a comprehensive review of strategic alternatives, citing its strong financial performance and growth potential.

Special Committee’s Strategic Review

In March, Bragg Gaming established a special committee to explore potential partnerships, acquisitions, and other strategic alternatives aimed at bolstering its market position and shareholder value. The review attracted significant interest, with numerous non-binding proposals submitted.

However, after a detailed evaluation, Bragg’s board determined that none of the proposals adequately aligned with the company’s financial trajectory or strategic vision. Don Robertson, chair of the special committee, emphasized the unanimous agreement on the path forward, stating that remaining an independent public entity would best serve the interests of shareholders.

Strong Q3 Financial Performance

Bragg Gaming’s decision is supported by its impressive third-quarter financial results. Revenue for the quarter reached €26.2 million, marking a 16% increase compared to €22.6 million in the same period last year.

Other key financial metrics also showed positive trends:

  • Adjusted EBITDA: Up 7%, reaching €4.1 million.
  • Gross Profit: Increased by 18%, totaling €14 million.

Growth Driven by Proprietary Content

CEO Matevž Mazij attributed the company’s strong performance to its focus on proprietary online content. The strategic distribution of this content led to a 14% year-on-year increase in global online content revenue.

Mazij reflected on the company’s progress over the past 16 months, highlighting key initiatives:

  • Executive Leadership Overhaul: A restructuring of the executive team to drive strategic goals.
  • Operational Optimization: Improved commercial operations to enhance efficiency and market responsiveness.
  • Refined Sales Strategy: A more targeted approach to market engagement, allowing Bragg to seize opportunities with greater precision.

“Our focused approach has enabled us to achieve operational efficiency while positioning Bragg to capitalize on market opportunities with precision,” Mazij stated.