Key points
- Bragg revenue rose to €24.7m
- Wagering handle (total bets) reached €5.5bn
- Went live in several international regions
- Global distribution agreements with 888 Holdings and Flutter
Bragg Gaming Group has released its Q2 2023 report, featuring a 19% rise in revenue to a total of €24.7m ($27.2m).
As for wagering volume (handle), which is generated by the range of content and games offered by Bragg Gaming, this totalled €5.5bn, compared to the €4.2bn recorded in Q2 2022.
Gross profit for this quarter also saw a similar 19% year-on-year increase to €13.8m.
However, adjusted EBITDA saw the largest difference, with a 51% growth year-on-year up to €4.7m.
Yaniv Sherman, Bragg CEO, explained: “These results reflect, in part, our 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 (“PAM”) and managed services partnerships.
“The mix shift helped drive a 410-basis point improvement in our adjusted EBITDA margin to 19.2%, an all-time quarterly record.”
During Q2, Bragg Gaming content went live in Pennsylvania through Rush Street Interactive, New Jersey through WynnBet, and Michigan and Connecticut through FanDuel.
Additional regional expansions included Georgia, Switzerland and Spain in Europe.
Finally, Bragg Gaming signed global distribution agreements with 888 Holdings and Flutter-owned PokerStars.
Sherman continued: “We are similarly focused on expanding our presence in Europe as we launched with 10 operators in five European markets in the same time frame, including now being live with nearly all of the operators in Switzerland and having the leading PAM in the Netherlands.
“With our successes on this front, we continue to accelerate our new game launches, with 30 new proprietary or third-party exclusive games introduced globally in the first half of the year, and up to 40 additional new games expected to be introduced by year end.”
