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Canada

Bragg Gaming Group Announces Record Fourth Quarter and Full Year 2020 Results

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Bragg On Track to Launch Proprietary and Exclusive iGaming Content in Ontario

 

Full year revenue up 74.6% year over year; a 58.4% CAGR since FY 2018

Fourth quarter revenue up 75.7% from the comparable period in the previous year

 B2B gaming platform technology provider Bragg Gaming Group today released its annual financial results for the three months and year ended Dec 31, 2020.

“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, Interim Chief Executive Officer of Bragg. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”

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“We’re particularly pleased with the overall performance of Bragg during 2020 and believe we have built strong foundations to support future market share gains and new market entry,” said Richard Carter, Chair of the Board at Bragg. “Adam and I have taken active leadership roles within Bragg to ensure the future success of the Company. We’re aligned in our strategy to grow the group’s underling operating profit margin and to expand rapidly into new markets, particularly the burgeoning U.S. market. Our extensive experience and wide-ranging industry networks within this constantly expanding market will add significant value for Bragg shareholders. We are now extremely well-positioned to capitalise on the strong growth in the online gaming sector globally.”

FY 2020 financial highlights

  • Revenue[1] increased by 74.6% in 2020, up to €46.4M (C$68.7M[2]), as compared to €26.6M (C$39.3M) for full year 2019, representing a yearly 58.4% CAGR since FY 2018
  • Wagering revenue generated by customers increased by 73.5% to €11.8B (C$17.5B) as compared to €6.8B (C$10.1B) during full year 2019.
  • Adjusted EBITDA[3] increased by 432.8%, up to €5.5M (C$8.2M) from €1.0M (C$1.5M) the previous year, with margins increasing significantly from 3.9% to 11.9%, achieved by reaching higher scale and practising firm cost control.
  • Net loss for the period was €14.6M (C$21.6M) compared to a net loss of €11.9M (C$17.7M) in the comparable period, due primarily to the re-measurement of deferred and contingent consideration and the accretion of liabilities for the ORYX earn-out.
  • Cash and cash equivalents as of December 31, 2020 amounted to €26.1M (C$38.6M) compared to €0.7M (C$1.0M) on December 31, 2019.

 

Q4 2020 financial highlights

  • Revenue increased by 75.7% to €13.8M (C$20.4M), compared to €7.8M (C$11.6M) for the fourth quarter of 2019, representing a quarterly growth of 12.4% CAGR since Q1 2019
  • Quarter over quarter revenue increase of 18%, from €11.7M (C$17.3M) in the third quarter to €13.8M (C$20.4M) in the fourth quarter.
  • Wagering revenue generated by customers up by 50.1% to €3.2B (C$4.7B) compared to €2.1B (C$3.2B) in the fourth quarter of 2019.
  • Increase of 70.1% in unique players[4] using Bragg games and content, up to 2.50M from 1.47M during the comparable quarter in 2019.
  • Adjusted EBITDA was €1.3M (C$1.9M), up 70.8% compared to €0.7M (C$1.1M), with a decrease in margins from 9.4% to 9.1%, primarily as a result of professional fees and corporate costs incurred through up-listing from the TSX-Venture Exchange to the Toronto Stock Exchange.
  • Net loss for the period was €5.3M (C$7.9M), in line with Q4 2019 results of €5.3M(C$7.9M).

Selected fourth quarter and full year key performance indicators

Euros (Thousands) Q4-20 Q4-19 % FY 2020 FY 2019 %
Revenue 13,778 7,841 75.7% 46,421 26,592 74.6%
Adjusted EBITDA 1,259 737 70.8% 5,546 1,041 432.8%
Adjusted EBITDA margin 9.1% 9.4% -0.3% 11.9% 3.9% 205.2%
Operational Q4-20 Q4-19 % FY 2020 FY 2019 %
Wagering revenue 3.2B 2.1B 50.1% 11.8B 6.8B 73.5%
Unique players 2.50M 1.47M 70.1% 5.87M 2.75M 113.6%
Revenue/ top 10 customers 66% 67% -1.6% 58% 72% -18.8%

 

Business highlights

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  • Successful launch of 54 B2B operators[5] during the period, across a number of global jurisdictions, including 21 operators during the fourth quarter
  • Improved Customers[6]  revenue diversification, with 58% of revenue derived from the top 10 customers, as compared to 72% in 2019
  • Launched new exclusive content and completed the integration of key leading studios such as Peter & Sons, CandleBets and Arcadem
  • Expanded its geographic presence, with entry into a number of new global markets, including Switzerland, Bulgaria, Portugal, Latvia, Czech Republic and Spain
  • In January 2021, secured a joint venture Agreement with JVH gaming & entertainment group, the largest land-based casino in the Netherlands (JVH group) for iGaming platform (PAM) and turnkey services
  • In January 2021, the Company completed a private placement for €1.9M (C$3.0M), which included participation from the board of directors and management
  • In January 2021, the Company’s common shares and outstanding warrants began trading on the Toronto Stock Exchange senior market
  • In February 2021, Bragg announced the acceleration of its investment in the US and Canadian markets
  • The Bragg board of directors was augmented with the addition of prominent business leader Paul Godfrey in January 2021and high-profile gaming industry veteran Lara Falzon in March 2021

Ongoing strategy

  • Bragg recently announced the appointment of high-profile gaming industry executive Richard Carter to the role of CEO, effective May 1, 2021
  • Bragg is also in the process of signing on an experienced management team to work with Mr. Carter, extending the Company’s already sizeable competitive advantage in the global gaming industry
  • Bragg continues to focus on expanding its global footprint, particularly in the burgeoning U.S. gaming market, where the total addressable market (TAM) for iGaming is anticipated to be greater than 40B at 100 per cent legalisation, the TAM for sports betting is expected to grow to more than $22B once gaming is legalised in all states
  • Bragg will also target Canada, where the TAM for both sports betting and iGaming is projected to be $5-8B upon full legalisation
  • Bragg continues to invest in its technical infrastructure, in increasing operational efficiencies, and in deepening its data analytics, gamification and bonuses features
  • Bragg continues to explore strategic M&A opportunities in the U.S. and globally

Canada

OLG and Team Canada Launch Official Partnership Ahead of Paris 2024

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Ontario Lottery and Gaming Corporation (OLG) has entered into a partnership with the Canadian Olympic Committee and Canadian Paralympic Committee and has become the Official Ontario Lottery Partner of Team Canada for the upcoming Paris 2024 Olympic and Paralympic Games.

“Ontario is ready to cheer on Team Canada athletes as they compete in Paris this summer. This new partnership is showcasing one of the many ways OLG’s support makes a difference to people and communities across the province,” said Stan Cho, Minister of Tourism, Culture and Gaming.

“We are thrilled to welcome OLG to Team Canada. Ontario has such a rich sporting history and OLG has long been a supporter of sport and amateur athletes. We know this support has made a profound impact on athletes across the province, whether they’re engaged in sport at the grassroots level or pursuing their Olympic dreams,” said Jacqueline Ryan, Chief Brand and Commercial Officer of the Canadian Olympic Committee and CEO of the Canadian Olympic Foundation.

“We are so pleased to be entering a new partnership with OLG and welcoming them into the Canadian Paralympic community. We know support for sport and athletes has been important to OLG for many years, and we are excited to work with them to continue to champion Ontario’s Para athletes and inclusive sport across Ontario,” said Karen O’Neill, CEO, Canadian Paralympic Committee.

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As momentum builds toward the Paris 2024 Olympic and Paralympic Games, OLG is also shining a spotlight on its players, who have helped support amateur athletes in Ontario by playing with OLG. The new “Sponsored by You” campaign reinforces that when you play with OLG, you support Ontario athletes.

Since 2006, OLG and the Ontario government have supported high-performance amateur athletes through the Quest for Gold athlete assistance program. The program has provided direct financial support to thousands of amateur athletes, enhancing their ability to train by offsetting the costs of training and living expenses.

“Many people don’t realize 100 per cent of OLG’s profits are reinvested into Ontario, and that we have a longstanding history of supporting amateur athletes. OLG’s ability to give back to communities is only possible thanks to our players, so we wanted to use this opportunity to recognize and celebrate them,” said Maxine Chapman, VP Brand & Marketing Officer at OLG.

OLG’s campaign features Team Canada athletes Andre De Grasse, Penny Oleksiak, Maggie Mac Neil, Jillian Weir and other Ontario athletes and Para athletes who have received funding from Ontario’s Quest for Gold program.

“Training for the Olympics takes a lot of preparation – physically, mentally and financially – and it’s not something you can succeed at alone. Having programs like Quest for Gold to help and knowing your community is supporting you makes all the difference, especially when you’re competing on the world stage,” said six-time Olympic medallist Andre De Grasse.

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The success of the Quest for Gold program shows in the numbers – in the last four Olympic cycles, over 90% of Ontario medal winners had received Quest for Gold funding during their career.

“The Quest for Gold program showcases our government’s continued efforts to enable Ontario athletes to achieve their full potential at the highest levels of competition. We are proud to join with the OLG, our partners across the sport sector and all Ontarians in wishing our Olympic and Paralympic athletes the best of luck in Paris,” said Neil Lumsden, Minister of Sport.

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Canada

Greo and CCSA Release New Report Named “Gambling Availability and Advertising in Canada: A Call to Action”

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Recent gambling policy changes in Canada have led to increased opportunities to legally bet on sports and gamble online, 24 hours a day, seven days a week. The report “Gambling Availability and Advertising in Canada: A Call to Action” looks at the impacts of legal gambling in Canada since the approval of the Safe and Regulated Sports Betting Act in 2021. The report recommends developing a pan-Canadian strategy to address gambling-related harms. This is a new report by Greo Evidence Insights (Greo) and the Canadian Centre on Substance Use and Addiction (CCSA).

This call to action is in response to the significant increase in gambling advertising on billboards, social media, at commercial breaks during sports broadcasts and during sporting events. Increased gambling availability and advertising are expected to contribute to increased gambling in Canada, thereby posing a significant risk of harms among the general population, particularly for youth, young adults and other vulnerable populations.

The report also describes how the increased availability of gambling and in gambling advertising are of great concern because:

  • The types of gambling being made available and promoted (single-event sports betting and live or in-play betting) are associated with a greater risk of harm. For example, single-event sports betting increases gambling intensity and gives an illusion of control over the outcome as people believe their knowledge of the game gives them a competitive edge.
  • The volume of gambling advertisements repeatedly pairing sports with betting normalizes gambling, leading people to think of betting as an integral part of being a sports fan.
  • Increased availability of gambling and in gambling advertising are happening at a time when many people in Canada are more vulnerable to problematic gambling and gambling-related harms because of the lingering health impacts of COVID-19 and a rise in the cost of living.

“Over the last few years, we have witnessed some of the most significant changes in gambling policy since the 1970s. We have seen a massive increase in gambling advertising and opportunities to gamble. We can no longer watch sports with our kids or go online without being subjected to an overwhelming amount of gambling advertising. Canada is at a critical moment in how it manages gambling. A national strategy or framework — similar to what we have for alcohol, tobacco and cannabis — is critical to manage the expected increase in gambling harm, especially among youth and other vulnerable people,” explained Dr. Matthew Young, Chief Research Officer at Greo, Senior Research Associate at the CCSA and Adjunct Professor at Carleton University.

The report recommends developing a national strategy that will:

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  • Develop national standards governing the promotion and availability of gambling;
  • Manage conflicts of interest among gambling stakeholders;
  • Address inadequate funding for gambling harm prevention and reduction initiatives and research;
  • Monitor systematic changes in gambling-related harm, including any assessments of the social and economic costs of gambling; and
  • Increase awareness of gambling-related harms among health and social service professionals and the public.

“Increased gambling among people living in Canada will undoubtebly result in increased harms and therefore increased societal costs. These include healthcare costs, criminal-justice costs, child welfare costs, increased unemployment and lost productivity costs because of gambling-related suicide. We need to think about our approach and ensure that it considers not only short-term government revenue and economic activity but also the longer-term societal costs. That’s why we need a national strategy,” Dr. Pam Kent, Director of Research and Emerging Trends at CCSA, said.

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Canada

Call for a National Strategy to Address Gambling-Related Harms in Wake of Sports Betting Boom

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Recent gambling policy changes in Canada have led to increased opportunities to legally bet on sports and gamble online, 24 hours a day, seven days a week. Released today, Gambling Availability and Advertising in Canada: A Call to Action looks at the impacts of legal gambling in Canada since the approval of the Safe and Regulated Sports Betting Act in 2021. The report recommends developing a pan-Canadian strategy to address gambling-related harms. This is a new report by Greo Evidence Insights (Greo) and the Canadian Centre on Substance Use and Addiction (CCSA).

This call to action is in response to the significant increase in gambling advertising on billboards, social media, at commercial breaks during sports broadcasts and during sporting events. Increased gambling availability and advertising are expected to contribute to increased gambling in Canada, thereby posing a significant risk of harms among the general population, particularly for youth, young adults and other vulnerable populations.

The report also describes how the increased availability of gambling and in gambling advertising are of great concern because:

  • The types of gambling being made available and promoted (single-event sports betting and live or in-play betting) are associated with a greater risk of harm. For example, single-event sports betting increases gambling intensity and gives an illusion of control over the outcome as people believe their knowledge of the game gives them a competitive edge.
  • The volume of gambling advertisements repeatedly pairing sports with betting normalizes gambling, leading people to think of betting as an integral part of being a sports fan.
  • Increased availability of gambling and in gambling advertising are happening at a time when many people in Canada are more vulnerable to problematic gambling and gambling-related harms because of the lingering health impacts of COVID-19 and a rise in the cost of living.

“Over the last few years, we have witnessed some of the most significant changes in gambling policy since the 1970s,” explained Dr. Matthew Young, Chief Research Officer at Greo, Senior Research Associate at the CCSA and Adjunct Professor at Carleton University. “We have seen a massive increase in gambling advertising and opportunities to gamble. We can no longer watch sports with our kids or go online without being subjected to an overwhelming amount of gambling advertising. Canada is at a critical moment in how it manages gambling. A national strategy or framework — similar to what we have for alcohol, tobacco and cannabis — is critical to manage the expected increased in gambling harm, especially among youth and other vulnerable people.”

The report recommends developing a national strategy that will:

  • Develop national standards governing the promotion and availability of gambling;
  • Manage conflicts of interest among gambling stakeholders;
  • Address inadequate funding for gambling harm prevention and reduction initiatives and research;
  • Monitor systematic changes in gambling-related harm, including any assessments of the social and economic costs of gambling; and
  • Increase awareness of gambling-related harms among health and social service professionals and the public.

“Increased gambling among people living in Canada will undoubtebly result in increased harms and therefore increased societal costs. These include healthcare costs, criminal-justice costs, child welfare costs, increased unemployment and lost productivity costs because of gambling-related suicide,” says Dr. Pam Kent, Director of Research and Emerging Trends at CCSA. “We need to think about our approach and ensure that it considers not only short-term government revenue and economic activity but also the longer-term societal costs. That’s why we need a national strategy.”

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