Bragg Gaming Group Inc. has announced an impressive record revenue of EUR 24.9 million for the second quarter of 2024, underscoring its robust performance across multiple iGaming markets and product verticals. This milestone represents a marginal increase from the previous year, indicative of the company’s sustained growth and strategic expansions.
The quarter saw Bragg not only achieve a record in terms of revenue but also push forward with notable operational successes. Despite a slight decline in gross profit by 10.3% and a decrease in adjusted EBITDA by 23.8% year-over-year, the company has demonstrated resilience and adaptability in its business model. The adjusted EBITDA margin fell from 19.2% to 14.5%, reflecting strategic investments and shifts in product mix focusing on higher margin offerings, according to a company press release.
Bragg’s commitment to expanding its market presence is evident from its strategic moves in the U.S. and other global markets. The company’s CEO, Matevž Mazij, highlighted the promising trajectory in North America, particularly with proprietary iGaming content, which is anticipated to drive future revenue and profit margins.
Strategic Expansions and Leadership Enhancements
In the past quarter, Bragg launched 17 new titles globally, demonstrating its commitment to innovation and market expansion. This includes significant inroads in the United States market, where it has significantly increased its wagering volume and extended its content reach with major players like BetMGM in Pennsylvania and FanDuel. Moreover, the company managed to strike a deal with Kings Entertainment for the Czech market.
The strategic focus on higher margin, proprietary solutions is further exemplified by Bragg’s recent partnership with Kero Sports. This collaboration will integrate Kero’s micro betting products into Bragg’s sportsbook aggregation platform, enhancing the in-play betting experience with features like live chat and streaming. This move is aligned with Bragg’s goal to become the preferred turnkey solutions provider for the global iGaming and sports betting industry.
Looking Forward: Plans and Prospects
As Bragg continues to navigate through a dynamic market landscape, it remains poised to leverage its enhanced product offerings and strategic partnerships to foster growth. Despite facing challenges such as fluctuating market conditions and operational adjustments, Bragg is optimistic about the second half of the year. The company reaffirms its full-year 2024 revenue guidance, projecting figures between EUR 102.0 million and EUR 109.0 million, with adjusted EBITDA expectations ranging from EUR 15.2 million to EUR 18.5 million.
In summary, Bragg Gaming Group’s record revenue in Q2 2024 and strategic initiatives, including the integration of Kero Sports into its portfolio, underscore a robust foundation for sustained growth and innovation in the iGaming and sports betting sectors. With continuous efforts to enhance its technology platform and expand its global reach, Bragg is well-positioned to capitalize on emerging opportunities and drive further success in the industry.