Latest News
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
CT Gaming has announced its debut installations in Guatemala, marking a significant milestone in the expansion across Latin America. Following this year’s successful installations in Mexico and Perú, CT Gaming’s presence in the region continues to grow at full speed.
“We are proud of the established partnerships and see these installations as the foundation for a long-term collaboration. We believe this is just the beginning of our journey toward becoming a leading provider in Guatemala,” said Georgi Koprinarov, General Manager LatAm at CT Gaming.
Leading gaming venues in Guatemala, among which Fantastic – Majadas, Fantastic – Las Americas, Magic Bingo – Metro Norte and Magic Bingo – Capitol, are now equipped with EZ Modulo 32/32/32 slot cabinet and the newest addition to the Diamond King family – Diamond King 4. Among the 40 games in the pack, players will experience a unique blend of classic titles and brand-new games such as Zet Fruits,Clovers on Fire and others. Additionally, half of the games are linked to the progressive jackpot Diamond Tree Deluxe, which concept is offering exciting rewards and enhanced gameplay. Another new feature that premiers within Diamond King 4, is the “Buy Bonus” game which brings additional excitement and better chances of winning.
“We are thrilled to partner with CT Gaming and introduce their cutting-edge products to Guatemala. The installation of the EZ Modulo cabinets in combination with the latest multigame – Diamond King 4 has already sparked interest among our players. We look forward to a long and successful collaboration with CT Gaming, bringing top-tier entertainment to our customers,” said Edgar Paz Ravines, director of Desarrollos Providencia.
Spintec returns to IGA with its exclusive US distributor, Dynamic Gaming, and a shared booth with Gaming Arts.
Spintec’s return to the Indian Gaming Association (IGA) Conference & Tradeshow this year is marked by the significant success the company has achieved since the last show. Their partnership with their exclusive distributor, Dynamic Gaming, has expanded their presence across the US by leaps and bounds.
They are currently licensed and approved for their latest product and games, in California, Michigan, Nebraska, New Mexico, North Dakota, Oklahoma, Wisconsin, Kansas, and Washington, with approvals in Arkansas, Wyoming, Idaho, and Florida waiting in the wings. This highlights their ongoing commitment to the US market and their growing footprint across North America, emphasized further by their imminent entry into Ontario, Canada.
To celebrate their unwavering success in North America, Spintec will be showcasing the best parts of their latest Charisma product line at this year’s IGA. Charisma is a brand-new line of products, which has already won awards and has become an instant global bestseller. In an exclusive introduction, the visitors at IGA will be shown its brand-new Craps solution. It comes with super innovative elements such as the shooter button, 7-out function, and a rotating dealer feature. Additionally, they will also be unveiling their virtual/video Charisma Blackjack machine. Both of these exceptional new solutions are designed to elevate the gaming experience and include a variety of side bets on both games.
But that’s not all – visitors will also have the chance to try out their proprietary new Galactic Spin Roulette game. It offers an enhanced roulette experience with integrated Mega, Major, and Minor Jackpots, bet multipliers of up to 300, and the exciting possibility of winning free spins. This game revolutionizes the roulette experience by eliminating breaks, making the wait for the ball to drop the most thrilling part of the game.
Their booth will also include a variety of compact, multi-station solutions, giving the visitors the opportunity to explore and experience the breadth of their latest product portfolio.
TheLotter US has expanded its trusted lottery courier service to Arizona, following successful launches in New Jersey and New York just last year. With this latest addition, TheLotter US now operates in five states, including Oregon, and Minnesota.
Yael Hertz, CEO of TheLotter Group, said: “We’re thrilled to expand our service to yet another state. Now, Arizona residents can enjoy the convenience of entering their favorite lottery draws without having to go out and buy a ticket.”
TheLotter US fulfills lottery ticket orders on customers’ behalf at licensed retailers, scans them, and uploads them to their personal accounts before the draw. From there, they can view their ticket and track their numbers with ease.
With years of experience in the industry, TheLotter US is making lottery play more convenient than ever. Their dedicated 24/7 customer support ensures players always receive prompt and reliable assistance whenever they need it.
Over time, TheLotter US has built a loyal customer base by consistently proving itself as a trusted and reliable service.
Creating an account takes just minutes. After verifying their info, users can choose their favorite lottery game, pick their lucky numbers or use Quick Pick, select the number of lines to be added, and confirm their order. TheLotter US will take it from there.
With years of experience and a solid reputation, TheLotter US uses top-tier security measures like GeoTrust 128-bit SSL encryption to protect all transactions. Plus, ticket scans will be viewable in customers’ accounts before the draw for total transparency, and their 24/7 customer support is always there to assist with any and all queries.
Arizona has seen some incredible jackpot wins, including a $108 million Mega Millions prize in Lake Havasu City just four years ago. More recently, in January 2025, a lucky player in Tempe became the sole winner of a $112 million jackpot.
This win has special significance, as the winner purchased their ticket through an online lottery courier service. This incredible win highlights how ticket courier services make it easier than ever for players to enter their favorite draws—and seize life-changing opportunities.
Now that TheLotter US is live in Arizona, Arizona residents have the same opportunity to play for the biggest prizes and create their own “jackpot moment”.
Whether it is a big or small win, customers will be notified by email right away by TheLotter US. Smaller prizes (under $600) are deposited directly into a players’ account. Should a player win a larger prize, TheLotter US will assist them in claiming their prize in person at the official lottery office.
-
Gambling in the USA4 days agoBruce Smith Enterprise and The Cordish Companies Break Ground on New Live! Casino & Hotel in Petersburg, Virginia
-
Canada3 days agoGiG Launches Fourth Partner into Ontario as PowerPlay Enhances Its Gaming Experience with GiG’s Formidable Combination of Proprietary Platform, Sportsbook and AI technology
-
Compliance Updates3 days agoSOFTSWISS Jackpot Aggregator Expands in LATAM with Peru Certification
-
Latest News3 days ago1/ST CONTENT broadens its South American reach in new LATAM deal with America Simulcast and Sportbet
-
Latest News4 days agoAmusnet’s Global Expansion Continues with Meridianbet’s Launch in Brazil
-
Conferences3 days agoWA.Technology to accelerate operators’ Brazilian growth at SiGMA Americas
-
Latest News3 days agoFrom $400M to $1.45B: Exploring Gurhan Kiziloz’s Strategic Expansion in Online Gaming
-
partnerships2 days agoDelaware Park Converts from VizExplorer to Quick Custom Intelligence’s (QCI) Enterprise Platform