Dominic Mansour, Bragg Gaming Group CEO, has written to shareholders, expressing delight at the firm’s performance during the first six months since the company was formed.
Stressing that “in most cases exceeded our own internal expectations” with regards to Q1 goals and initiatives established at the outset, online gaming platform and content provider Oryx Gaming drew large praise.
Lauding its $9.2m first quarter revenue, representing an 83 per cent year-on-year increase, customer increases and diversified revenues was also addressed, which sees top five clients account for 49 percent of total incoming, as opposed to 75 per cent from the top two a year earlier.
Regarding Oryx, Mansour went on to explain: “Regulatory developments in Germany around casino licensing have resulted in an extremely favourable position for Oryx. As a result, Oryx is now even better situated to capitalise from the German market, as many of Germany’s casino licensees use the Oryx platform.
“In the US, the repeal of PASPA last year represents possibly the most exciting development in gaming in the past decade. Oryx’s unique B2B offering means significantly lower cost of entry and reduced risk.”
With nine states current live across the US, many more having regulations in place and expectations suggesting in excess of 30 could be fully regulated by the close of 2020, the US opportunity was addressed further still in Mansour’s correspondence.
Stressing that estimates for market size show a larger offering than the UK within three to four years at $5.7bn, it was added: “This opportunity is going to be big and we’re very well-positioned to benefit from this.
“From a B2B perspective we have all the ingredients we need – strong modern technology that’s easy to integrate into existing platforms, a strong network and an aggressive approach to succeed.
“We’re going to need to make an investment into the team to drive the sales pipeline, and potentially partner with others to ensure that our offering is best in market. This is going to move quickly and we’re not going to miss it.”