Wagering revenue generated by customers increased 16% to €3.8bn, compared to €3.3bn in the same quarter last year.
The gaming company reported adjusted EBITDA of €1.9m, compared to €1.8m in the same period last year, while its adjusted EBITDA margins fell by 2.1% to 12.3%.
Bragg recently closed its acquisition of US and European-focused casino content studio Wild Streak LLC, which is expected to move Bragg’s business model into an in-house proprietary online gaming content studio to drive higher gross profit margins.
The number of unique players on its Oryx Hub distribution platform and content increased by 21% to 2.3 million, from 1.9 million in the second quarter of 2020.
The company reported that its gross profit increased by 38% to €7m, from €5.1m in Q2 2020, as its margin improved from 3.3% to 45.4% due to a shift towards a higher proportion of iGaming revenues and turnkey services, which have a lower cost of sales compared to games and content, according to the company.
Net loss for the period was €2.3m, an increase of €1.9m from Q2 2020, attributed by the company to an increase in employee costs, and its Nasdaq listing efforts.
“Bragg had a strong 2021 second quarter financial performance while also continuing to advance our in-house content development strategy and new market entry plans, including entry into the North American market, while also making progress on our Germany mitigation strategies,” said Richard Carter, CEO of Bragg Gaming Group.
“Overall, our comprehensive growth initiatives are expected to contribute to revenue and adjusted EBITDA growth over the balance of this year and more meaningfully in 2022.”
Bragg finished its Q2 with a cash balance of €21m.
