Bragg Gaming Group has published its third-quarter financial results, and things are looking up.
The global B2B technology and content provider noted a 10% revenue increase over Q3 2020.
In particular, the 3-month period ending on Sept. 30 netted $19 million in revenue. The amount is significantly higher than earnings reported during the same time last year.
Bragg also noticed its Adjusted EBITDA drop during Q3, decreasing by 22.7%.
With a solid performance in the quarter, Bragg has raised its full-year revenue guidance. The estimated sum is now between $78.1M and $79.5M.
Bragg has also bumped its Adjusted EBITDA expectations to between $9.4M and $9.7M.
Healthy growth driven by expansion
Bragg’s healthy growth experienced in Q3 was driven mainly by their moves into new markets.
“Bragg’s strong 2021 third-quarter financial performance and our increased guidance reflects the contributions from our comprehensive growth initiatives, including the consistent progress we have achieved with new market diversification and our ability to offer more new high-performing propriety and exclusive third-party online content,” said Richard Carter, Bragg outgoing CEO.
The company is in the process of applying for a license in Ontario. It has also applied for permits in New Jersey, Pennsylvania and Michigan.
Bragg’s ORYX Gaming entered the Netherlands in January 2021 through a deal with JVH Gaming and Kambi Sports Group.
Last month, the company partnered with Holland Casino and BetCity.nl and the country’s state-run lottery, Nederlandse Loterij.
After entering Denmark and Spain, Bragg strengthened its presence in Greece. The game provider is now preparing for entry into new markets – the UK and Italy. Contributions from these two markets will most likely happen in 2022.
“Our technology advantages, combined with our ability to offer an increasing number of high-performing proprietary and third-party exclusive games, are expected to boost our ability to deliver strong financial results as we continue to expand our presence into new North American and European markets,” Carter added.
The company also began trading common shares on the Nasdaq Global Select Market on Aug. 27.
Bragg Gaming Appoints New Interim CEO
Last week, Bragg Gaming appointed Paul Godfrey, chair of the board of directors, to the role of Interim CEO. Godfrey is a former chair of OLG and recipient of the Order of Canada and the Order of Ontario.
As the company announced, Richard Carter will step down from his role as CEO of Bragg Gaming, effective immediately.
Adam Arviv, former Interim CEO and Bragg founder, will take on the role of special advisor to the chair and CEO.
Matevž Mazij, ORYX Gaming founder and Bragg vice-chair of the board of directors, will also play an integral role moving forward.