Bragg Gaming Group secures 9.9% revenue rise in Q3 2021
B2B supplier raises 2021 full-year expectations following publication of interim results
Bragg Gaming Group has posted a 9.9% year-on-year (YoY) increase in Q3 2021 revenue as the B2B firm continues to expand its partnership portfolio and European presence.
Bragg recorded €12.9m in Q3 2021 revenue, up from the €11.7m posted in Q3 2020 after launching in Greece during the reporting period, which followed earlier activations in Spain and Denmark.
Following the reporting period, Bragg also went live in the newly regulated market in the Netherlands via Holland Casino, Nederlandse Loterij and BetCity.
Elsewhere, Bragg saw its quarterly EBITDA fall 22.7% annually, from €1.8m in Q3 2020 to €1.4m in Q3 2021. The company said this was reflective of increased salary and subcontractor costs as part of its expansion roadmap.
However, Bragg did secure a 30.1% YoY jump in gross profit, from €5.1m in Q3 2020 to €6.6m in Q3 2020.
As a result of the Q3 results, Bragg confirmed it had raised its 2021 full-year revenue and EBITDA expectations accordingly.
The supplier said it anticipated revenue would reach around €56m compared to the previous estimate of €49m, while full-year EBITDA is expected to hit between €6.6m and €6.8m compared to the €5.4m previously envisioned.
Richard Carter, Bragg CEO, said: “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.”
Carter went on to reveal Bragg would continue to remain focused on delivering proprietary games via its internal development studios.
He added: “We also intend to increase the number of proprietary online games developed by our internal development studios, as well as the number of exclusive third-party games we offer, which will support our focus on growing adjusted EBITDA margins.
“From zero in-house developed games in 2020, we have established a strong proprietary new game pipeline and expect that an increasing proportion of our exclusive titles launched next year will be internally developed,” he concluded.