Latest News
Bragg Gaming announces Q1 2021 results

First quarter revenue increases 62 per cent and Adjusted EBITDA increases by 234 per cent
2021 revenue guidance maintained at €47M
Accelerating rollout of proprietary in-house developed slot content
B2B gaming technology and content provider Bragg Gaming Group today released its financial results for the three months ended March 31, 2021.
“We’ve continued to build on the strong momentum of 2020 with an excellent first quarter,” said Richard Carter, CEO of Bragg Gaming. “Revenue is up by 62 per cent year-over-year and Adjusted EBITDA increased by 234 per cent. We’ve also seen a 54 per cent increase in the number of unique players using Bragg content, have launched nine new operators and our customer pipeline for the remainder of 2021 is expected to continue to grow and expand globally, underpinning future company growth in 2021.
“We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialise our in-house casino content studio, with our first game recently launched across our network,” continued Mr. Carter. “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier one vertically integrated iGaming business in the U.S., Bragg Gaming has never been better positioned for long-term success.”
Q1 2021 financial highlights
- Revenue increased by 62 per cent to €14.2M (C$20.9M[1]) in the first quarter of 2021, compared to €8.8M (C$12.9M) for the first quarter of 2020, maintaining quarterly growth momentum since Q1 2019
- Quarter-over-quarter revenue increase of 3 per cent, from €13.8M (C$20.3M) in the fourth quarter of 2020 to €14.2M (C$20.9M) in the first quarter of 2021
- Wagering revenue generated by customers[2] up by 52 per cent to €3.5B (C$5.1B) compared to €2.3B (C$3.4B) in Q1 2020
- The number of unique players[3] using Bragg games and content increased by 54 per cent up to 2.4M, from 1.6M during the comparable period in Q1 2020
- Gross profit increased by 68 per cent to €6.6M (C$9.8M), compared to €4.0M (C$5.8M) with an increase in margins from 45 per cent to 47 per cent, mainly attributed to the shift in proportion of revenues from games and content to iGaming and turn-key services, the latter of which have lower associated cost of sales
- Net loss for the period was €1.1M (C$1.6M), a decrease of €4.6M (C$6.8M) from Q1 2020, mainly due to the full settlement of the ORYX earn-out on January 18, 2020, resulting in nil expenditure from re-measurement of deferred and contingent consideration and accretion on liabilities in the current quarter (Q1 2020: €5.0m)
- Adjusted EBITDA[4] was €2.3M (C$3.4M) in Q1 2021, up 234 per cent compared to €0.7M (C$1.0M) in Q1 2020, with an increase in margins from 8 per cent to 16 per cent, primarily as a result of higher scale
- Cash and cash equivalents as of March 31, 2021 increased to €30.1M (C$44.3M) compared to €26.1M as of December 31, 2020 (C$38.4M)
Selected first quarter 2021 performance indicators
Euros (Thousands) | Q1-21 | Q1-20 | % |
Revenue | 14,196 | 8,784 | 62% |
Adjusted EBITDA | 2,342 | 702 | 234% |
Adjusted EBITDA margin | 16% | 8% | 106% |
Operational | Q1-21 | Q1-20 | % |
Wagering revenue (Euros) | 3.5B | 2.3B | 52% |
Unique players | 2.4M | 1.6M | 54% |
Revenue/ top 10 customers | 62% | 65% | -3% |
Business highlights
- Successful launch of nine new B2C operators[5] during the period across a number of jurisdictions, including PAF (Finland), iGaming platform Senator (Croatia), Swiss market leader Casino Luzern and Maxbet (Romania)
- Improved customers revenue diversification, with 62 per cent of revenue for Q1 2021 derived from the top 10 customers, as compared to 65 per cent in Q1 2020
- Launched 11 new casino games fully certified and distributed successfully throughout the entire network
- Signed agreement to be the exclusive distributor of slots studio Sakuragate outside of Japan
- Completed a private placement for €1.9M (C$3.0M) – Board of Directors and management participated
Ongoing strategy
- On May 12, 2021, Bragg announced that it had entered into an agreement to acquire Spin Games LLC (“Spin”) in a cash and stock transaction for a purchase price of approximately US$30 million. Under the deal the sellers of Spin will receive US$10 million in cash and US$20 million in Common Shares of the Company, of which US$5 million in Common Shares will be issued on closing and the balance over the next three years. The transaction will close following final approval from state gaming regulators and satisfaction of other customary closing conditions
- Recently announced the appointment of Richard Carter to the role of CEO, effective May 1, 2021
- Announced intent to trade on the Nasdaq Stock Market and completed share consolidation to support the listing
- First in-house developed proprietary casino game launched across the Bragg network with encouraging early signs, with five more planned in the remainder of 2021
- Continuing to invest in technical infrastructure, an in-house content studio, increasing operational efficiencies, and deepening data analytics, gamification and bonusing features
- Continuing to explore strategic M&A opportunities in the U.S. and globally
Latest News
NOVOMATIC Americas and CAGE Puerto Rico II Enter into Exclusive Strategic Partnership for Puerto Rico Street Market

NOVOMATIC Americas Puerto Rico LLC (NOVOMATIC Americas), a subsidiary of the international gaming technology group NOVOMATIC, and CAGE Puerto Rico II Inc (CAGE) have entered into a long-term, exclusive strategic partnership for the street gaming market in Puerto Rico, building on their successful multi-year collaboration across various Caribbean markets.
Under the terms of a newly concluded Master Sales Agreement, NOVOMATIC Americas will distribute thousands of FUNMASTER 2.27 cabinets to CAGE Puerto Rico. The agreement reflects both parties’ shared commitment to market development, operational excellence, and long-term value creation in Puerto Rico’s regulated gaming sector and is still subject to CAGE receiving the renewal of its gaming license in Puerto Rico.
Each gaming terminal will include access to a curated portfolio of NOVOMATIC gaming content, which is tailored to meet the preferences of the local player base. This ensures that CAGE and its operating partners benefit from a dynamic and adaptable content offering that is designed to maximize entertainment value and operational results.
Jakob Rothwangl, Managing Director NOVOMATIC Americas, said: “This agreement underscores the strategic alignment between Caribbean CAGE and NOVOMATIC Americas in one of the region’s most dynamic and promising markets. It is a testament to the strength of our long-standing partnership and to the trust that CAGE places in our products, performance, and vision.”
Chairman of CAGE Puerto Rico II, Robert B. Washington, said: “We are proud to deepen our strategic partnership with NOVOMATIC Americas as we continue to expand our footprint in the Caribbean markets. Their technology, product quality, performance and long-term vision are exactly what we need to drive sustainable growth and deliver best-in-class gaming entertainment to our customers and partners throughout Puerto Rico.”
Latest News
CT Interactive Enters into Strategic Partnership with Playcet

CT Interactive’s premium gaming content is now live with Playcet, marking the renowned iGaming provider’s official entry into the Argentine market. This strategic partnership underscores the company’s commitment to international expansion and reinforces the growing presence in Latin America. Based in Córdoba, Argentina, Playcet now offers its players a carefully curated selection of 63 of CT Interactive’s most popular slot titles. Among these are users’ favorites such as 20 Star Party, 40 Fruitata Wins, Banana Merge, Celestial Dragon, Chili Fruits, and many more – games known for their captivating gameplay and top-tier design, which have consistently performed well across various global markets.
“This partnership holds significant strategic value for us. It not only reflects our deep commitment to the region but also propels our vision for sustainable growth and long-term market leadership. We are confident that by combining our strengths, we will unlock new opportunities and set fresh benchmarks for success together,” said Martin Ivanov, Chief Operating Officer at CT Interactive.
Following the successful certification of CT Interactive’s game portfolio for the Argentine market, local players now have access to a diverse and immersive gaming experience tailored to their preferences. The collaboration with Playcet ensures the delivery of high-quality entertainment that meets the highest standards of performance, engagement, and user satisfaction.
Horacio Sans, Playcet’s Operations Manager, said: “We are very pleased to add CT Interactive’s portfolio to our platform. This partnership represents an important step in continuing to strengthen our offering and providing our users with an even more complete and high-quality gaming experience.”
The alliance with CT Interactive reinforces Playcet’s commitment to innovation and quality, consolidating its position as one of the leading online gaming platforms in the Province of Córdoba.
“At CT Interactive, we remain committed to forming strategic alliances and creating localized content that enhances the gaming experience globally. Our expansion into Argentina represents another key step in our mission to deliver cutting-edge gaming solutions to players across the globe,” added Martin Ivanov.
Affiliate Industry
What a Mature Market Means for US Affiliates

When the US Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA) in 2018, it opened the floodgates to sports betting in the US. From the middle of 2018 to now, states with some form of legal sports betting went from the four states ‘grandfathered’ by PASPA to 39 states and Washington, D.C. allowing betting. That’s 36 jurisdictions legalizing in eight years.
Soon after the annulment of PAAPA, market activity exploded with several states legalizing and launching every year thereafter. Each state had millions of new customers that operators wanted to reach quickly, and unique regulatory constraints around marketing and betting. That’s where affiliate marketing stepped in, providing local expertise to help these operators rapidly establish a foothold with customers.
That gold rush has now ended. While states with significant populations like Texas and California remain without legal sports betting, the majority of players in the US have access to it. Several states won’t be legalizing sports betting every year like in the past.
If operators no longer rely on affiliates to help them conquer several new markets every year, what roles do these large, third-party marketing companies have to play moving forward? As the market matures, we’re seeing that affiliate marketing has a crucial role to play in the current marketing climate.
What the Mature Market Looks Like
Aside from the lurking possibility of states with huge populations like California and Texas legalizing sports betting, the market is broadly set. Many states that haven’t introduced betting are unlikely to change that position due to the political climate, like in Utah and Alaska.
Sports betting has never been more popular, with total GGR for sports betting hitting $13.71 billion in 2024, according to the American Gaming Association. That was a 25.4% increase year-on-year. However, sports betting has also never been more competitive. Most US states have intense competition between operators competing in saturated ecosystems.
There’s evidence this is impacting affiliate companies, with Catena Media generating 35% less from US operations in 2024 compared to 2023. Another significant operator in US affiliate marketing, Better Collective, saw US revenues drop from $113 million in FY2023 to $112 million in FY2024.
However, this doesn’t spell the end of affiliate marketing. Without the potential to expand into new states, operators are looking to strengthen and grow market share in the states where sportsbooks are already operational and companies have already conducted marketing campaigns with affiliates.
Companies that have quickly grasped this new approach have shown positive signs. Gambling.com Group reported record Q4 revenues in 2024 and finished with full-year revenue of $127.1 million, a 17% rise from the year prior.
It’s made affiliates effectively take a u-turn to recover all the ground they covered so rapidly with the expansion of the market. For example, the first online sportsbooks launched in Michigan in January 2021, so there was a flurry of marketing activity in the state before that attention moved to other states that launched in the same year, like Arizona in September. Now, affiliates are returning to states like Michigan with new approaches.
Trust and Authority and Blitz Tactics
What do these new marketing approaches entail? Rather than acquiring as many users as possible in a short time, affiliates are now focused on increasing brand loyalty. Affiliates want to increase customer lifetime value (CLV), and are more aware of this metric than the base number of how many new users are added.
That’s led to more personalized advertising campaigns with features like exclusive offers, user engagement tools, and more to keep the focus on retaining players rather than adding more and more customers. Brands are looking to build authority and trust with customers.
Adding a few customers with high CLV is priceless for operators compared to hundreds of customers who will drop off quickly. Affiliate marketing supports these platforms with tailored campaigns using specific state knowledge and personalized customer retention measures.
More Sophisticated Customers
When sports betting first started spreading across the US, most people probably confused parlay bets with the French word parley used in popular movie franchises like Pirates of the Caribbean. That was the average American bettor’s education level on the topic.
So, early affiliate marketing efforts focused on introducing common sports betting terminology to customers while explaining the benefits of sports betting brands. Guides would explain how to sign up with a sportsbook and the difference between a moneyline and a point spread. That easy access to sports betting information made it more straightforward for a broader audience to get involved.
It’s a different market eight years on. Most bettors are far more educated than before and don’t need to be babyfed the basics. If an operator wants to appeal to bettors, it must do more than just offer betting.
That’s why affiliate marketing has shifted to a more detailed and data-driven approach. Rather than explaining how American odds work, affiliate marketing campaigns now compare the value of odds between operators and highlight the best value.
Unique betting features are more important to marketing campaigns as these can help attract bettors with accounts at other sportsbooks to sign up with a new platform.
This is where affiliate marketing can help operators in mature markets, as these campaigns can highlight those strengths against other brands and make each platform’s unique proposition clear to savvy bettors.
Broadening Audience Demographics
Considering odds regularly appear on major league broadcasts and are discussed by commentary staff for games, it’s clear that betting is becoming increasingly mainstream. As sportsbooks look to consolidate and compete in competitive markets, reaching new demographics is a valuable marketing tool.
While bettors in the US are more educated now, operators are looking to attract more than just players willing to learn all the jargon. New marketing strategies must make betting relatable and appealing to various ages and demographics.
The campaign to capture the attention of bettors in their 20s should look very different from one for older players, and the best affiliate marketers are helping operators tailor these campaigns to hit specific demographics.
Affiliates’ Role as Strategic Partners to Operators
The relationship between affiliates and operators has shifted as the operators need affiliate marketing companies to deliver different marketing services. Many operators see affiliates as strategic partners rather than just sources of traffic.
These new data-driven dynamics will let affiliates play a wider role in operators’ marketing schemes, providing data integration like live stats, API odds feeds, and more. Additionally, affiliates use years of knowledge and expertise to help these platforms run campaigns through different media sources, including mobile.
Affiliates also play a helpful role in compliance and responsible gambling. Each state has its own requirements, and while no new markets are opening, states that already permit betting can shift rules around what’s available. Scrutiny from regulators is also increasing. Therefore, affiliate marketing can provide operators with tailored campaigns that take a state-by-state approach.
Conclusion
Affiliate priorities have shifted, moving into 2025 and beyond. The gold rush is over, and the market is consolidating. Affiliates need to expand their services to keep up with the evolving demands of sports betting operators, focusing on longer-term customer acquisitions rather than adding masses of low-value players.
Successful affiliate sites will be the platforms that adapt to the new mature market the fastest and with the most effective strategies. Affiliates are no longer just tools that operators use to attract broad traffic. These companies must provide ongoing data and personalized marketing strategies to provide the best support to operators.
Author: Shmulik Segal, Founder and CEO of Media Troopers
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