Record revenue fuels strong Q2 for Bragg Gaming
Continued US expansion contributes to $27.2m in quarterly revenue for igaming technology provider
Bragg Gaming Group’s continued US expansion helped drive a strong second quarter of 2023, with the igaming technology provider reporting record results.
Bragg generated $27.2m in Q2 revenue, which represented an 18.9% year-over-year (YOY) increase from $22.9m during the same period of 2022.
Gross profit, meanwhile, was also up 18.9% YOY, from $12.8m in Q2 2022 to $15.2m in the quarter ending June 30, 2023, while adjusted EBITDA rose 51.3% to $5.2m.
For the first half of 2023, total cash flow from operations stood at $5.7m, with cash and cash equivalents at $11.8m.
“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,” said Bragg CEO Yaniv Sherman.
Sherman attributed the positive momentum in part to Bragg’s “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, and managed services partnerships.”
Bragg built on a handful of key partnerships in the US during the quarter, rolling out new content and remote gaming server technology with Rush Street Interactive in Pennsylvania, FanDuel in Michigan and Connecticut, and WynnBET in New Jersey.
“We continue to grow our distribution in North America as in the first six months of this year we launched our proprietary and exclusive third-party content across seven operators in three North American markets,” Sherman said.
Bragg also entered into new global distribution agreements with 888 Holdings and PokerStars to help expand its reach across both Europe and the US.
As a result of the strong quarter and first half of 2023, Bragg updated its full-year revenue guidance to $104.5m-$106.7m and adjusted EBITDA to $17.1m-$18.2m.