Bragg Gaming Group has seen its revenue rise 72% year-on-year for Q3 2020, as the company continued to expand globally.
The supplier posted group revenue of €11.7m ($13.9m) for the three months up until 30 September, which was 3% lower quarter-on-quarter, which Bragg put down to “seasonality.”
Adjusted EBITDA grew from €0.2m in the same period last year, up to €1.8m for the third quarter of 2020, while adjusted EBITDA margins increased to 16%, up from 3% in 2019.
Total bets placed for Q3 was up by 95% to €3.3bn, while the number of unique players rose 89% to 1.8m. The supplier attributed this rise to the “significant additions” to Bragg’s content offering.
As a result of the significant revenue rise, Bragg forecasts its full-year 2020 revenue to be approximately €43m, which would be an increase of 62% from the previous year.
The supplier credited the revenue rise to its expansion, which saw the successful launch of 14 new operators and entry into the Denmark and Latvia markets.
Bragg Gaming Group interim CEO Adam Arviv, who took over in August from Dominic Mansour, said: “We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered.
“With the completion of our capital raise last week, we are now extremely well-positioned to capitalise on the explosive growth in the online gaming sector.”