Bragg Gaming Group has stressed confidence that it has the right strategies in place to ensure business momentum is maintained moving forward, with full-year guidance maintained following the third quarter.
Matevž Mazij, who replaced Yaniv Sherman as CEO a little over two months ago, stressed that a variety of initiatives and disciplined expense management “combined to drive growth” in the third quarter.
Touching upon global markets, it is stressed that due to an acceleration in the availability of exclusive third-party content, increased penetration is expected through the fourth quarter and beyond.
Across the US, Q3 saw 12 new proprietary and exclusive third-party games launched across “the largest four regulated online casino markets”. It is thought that this rate of expansion is to be met, or exceeded, during the coming year.
Elsewhere, an expanded presence is being sought across Europe, where the company’s standing in the Dutch online gaming market is singled out for particular praise.
“We continue to have the leading PAM in the Netherlands which is live with operators that we estimate account for approximately 30 per cent of the gross gaming revenue generated in the market,” Mazij commented.
“As we continue to introduce more higher-margin proprietary and exclusive third-party games to more new partners at a faster pace, we expect to generate further top-line, gross profit and adjusted EBITDA growth as well as higher operating margins.”
These ambitions have been shared alongside the company’s latest financial breakdown, which saw revenue through July to September increase eight per cent to €22.6m (2022: €20.9m).
This was put down to “a revenue mix shift to higher-margin products including in-house created proprietary content, exclusive third-party content, and turn-key player account management and managed services partnerships, alongside ongoing cost control actions”.
Gross profit increased 13.5 per cent to €11.9m (2022: €10.4m), while adjusted soared 70.5 per cent to close the quarter at €3.8m (2022: €2.2m). Net loss swelled to €2.95m (2022: -€1.99m).
For the year-to-date, revenue is up 14.91 per cent to €70.16m (2022: €61m), gross profit is up 18.1 per cent to €37.9m (2022: €32m), and AEBITDA reached €12.45m, which represents a 48 per cent rise from €8.41m. Net loss grew from €2.6m one year ago to €3m.
Mazij concluded: “Our strategic initiatives have helped position Bragg as a must-have content supplier for leading global igaming operators, further building our foundation from which we can deliver consistent profitable growth.
“We are confident we have the right strategies, balance sheet and infrastructure in place to further our business momentum as we continue to successfully execute on our strategies that are generating cash flow growth and creating new value for our shareholders.”
Furthermore, as a result of business momentum, Bragg has reiterated full-year guidance of €95m-€97m in revenue, as well as €15.5m-€16.5m in AEBITDA.