11.08.2023

by Mateusz Mazur

Bragg Gaming Group Reports Record Q2 2023 Financial Results

Bragg Gaming Group, a major player in B2B content-driven iGaming technology, has disclosed its record-breaking financial results for the second quarter ending June 30, 2023. Additionally, the company has provided updates on its full-year revenue and Adjusted EBITDA growth targets for 2023.

Q2 2023 Financial Highlights

Revenue Surge: Bragg reported revenue of €24.7 million (USD $27.2 million) for Q2 2023, marking an 18.9% increase compared to the same period in 2022.

Gross Profit Growth: Gross profit also showed an 18.9% growth, reaching €13.8 million (USD $15.2 million) for Q2 2023.

Adjusted EBITDA Increase: Adjusted EBITDA experienced significant growth, rising by 51.3% to €4.7 million (USD $5.2 million) compared to Q2 2022.

Wagering Revenue Surge: Wagering revenue generated by games and content offered by Bragg witnessed a notable 31.2% increase, reaching €5.5 billion (USD $6.1 billion) in Q2 2023.

Margin Enhancement: Bragg’s Adjusted EBITDA margin improved by 410 basis points to 19.2% during Q2 2023, setting a new quarterly record.

Business Strategy and Growth

Yaniv Sherman, Chief Executive Officer of Bragg, emphasized the company’s strategic initiatives that focused on becoming a leading content-driven iGaming B2B provider: “Bragg’s initiatives to focus the business to be a leading content-driven iGaming B2B provider combined with disciplined expense management, resulted in record second quarter operating results.

“Second quarter revenue and gross profit both rose nearly 19% year over year to €24.7 million (USD $27.2 million) and €13.8 million (USD $15.2 million), respectively, while Adjusted EBITDA increased more than 50% to €4.7 million (USD $5.2 million). These results reflect, in part, our continued shift towards a revenue mix of higher-margin products including in-house created proprietary and exclusive third-party content, turn-key Player Account Management (“PAM”) and managed services partnerships. The mix shift helped drive a 410-basis point improvement in our Adjusted EBITDA margin to 19.2%, an all-time quarterly record.”

Bragg’s efforts to expand the global distribution of its proprietary and exclusive third-party content also yielded positive results. The company made significant strides in North America, launching content across multiple operators in various markets. Similar expansions were observed in Europe, with the company’s presence growing in multiple markets.

With several successful distribution agreements and game launches, Bragg demonstrated its commitment to becoming a preferred content supplier for global iGaming operators.

Guidance Update

Based on the momentum achieved in the first half of the year and discussions regarding optimizing key customer partnerships for the long-term, Bragg updated its full-year 2023 revenue guidance to €95-97 million (USD $104.5-106.7 million) and its Adjusted EBITDA guidance to €15.5-16.5 million (USD $17.1-18.2 million).

Overall, Bragg’s performance reflects its strategic focus on content-driven iGaming solutions and its commitment to driving growth and value for its stakeholders.

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