Bragg Gaming Group has published its financial results for the third quarter of 2021, noting an almost 10% revenue increase over Q3 2020.
The company posted nearly €13m ($15m) in revenue for the three months ended 30 September, up from the €11.7m reported for the same time last year. Its unique players also reached a new high, climbing to 2.1 million for an over 14% increase.
However, Bragg did see its Adjusted EBITDA drop during Q3, decreasing by 22.7% to €1.4m, though its CEO Richard Carter attributes this to ongoing investments in the company’s development teams and infrastructure to “support our growth initiatives.”
“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,” he remarked.
The healthy growth experienced in Q3 was driven largely by expansion into new regulated markets such as the Netherlands, which saw Bragg partner with Holland Casino and BetCity.nl, as well as the country’s state-run lottery, Nederlandse Loterij.
Moreover, the company began trading common shares on the Nasdaq Global Select Market in August, improving its financial situation to fuel even more expansion.
Carter added: “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.”
Given its strong performance in the quarter, Bragg has raised its full year revenue guidance for 2021, now anticipating a sum between €55m and €56m. Bragg has also bumped its Adjusted EBITDA expectations to between €6.6m and €6.8m.