Bragg Gaming Group experienced a robust second quarter in 2023, as revenue surged by 19% compared to the previous year, reaching €24.7 million (equivalent to $27.2 million).
This solid outcome stemmed from Bragg’s venture into emerging territories and the escalating demand for its gaming framework.
Notable achievements include:
* Revenue attained €24.7 million
* Players staked an aggregate of €5.5 billion on its system
* The enterprise debuted in numerous newly regulated sectors
* Fresh content collaborations were secured with 888 Holdings and Flutter
The cumulative sum gambled on Bragg’s platform, referred to as the betting handle, escalated from €4.2 billion in Q2 2022 to €5.5 billion in the current quarter. This remarkable expansion was propelled by the growing acceptance of Bragg’s gaming collection.
Bragg also witnessed its gross earnings climb by 19% to €13.8 million. Even more noteworthy was the company’s adjusted EBITDA, which ascended by 51% year-on-year, reaching €4.7 million.
Yaniv Sherman, Chief Executive Officer of Bragg, ascribed these favorable figures to the company’s “continuous evolution towards a higher-profit product blend.” This encompasses prioritizing internally crafted games and exclusive external content, alongside alliances in player account management (PAM) and other administered services.
“This strategic adjustment has enabled us to achieve a 410 basis point enhancement in Adjusted EBITDA margin, attaining an unprecedented 19.2%,” Sherman stated.
Throughout the second quarter, Bragg Gaming also broadened its footprint in North America through novel accords with operators such as Rush Street Interactive, WynnBet, and FanDuel. These partnerships facilitated the launch of Bragg’s games in pivotal locales like Pennsylvania, New Jersey, Michigan, and Connecticut.
Pragmatic Play is making significant headway in the European market, broadening its presence into emerging territories such as Georgia, Switzerland, and Spain. They’ve also forged partnerships with industry giants 888 Holdings and PokerStars (a subsidiary of Flutter Entertainment) via worldwide distribution agreements.
Furthering their success narrative, the company’s Chief Commercial Officer highlighted substantial progress in Europe, securing contracts with ten providers across five new regions in a brief timeframe. They are nearing complete market penetration in Switzerland and command the leading PAM platform in the Netherlands.
Fueled by these accomplishments, Pragmatic Play is accelerating its release of new game titles. They have already introduced 30 fresh proprietary and exclusive third-party games globally in the first six months of the year, with ambitions to unveil a staggering 40 more by years end.
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