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Bragg Gaming announces Q1 2021 results

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BRAGG GAMING GROUP REPORTS RECORD SECOND QUARTER RESULTS AS REVENUE RISES 34.2% TO €20.8 MILLION (USD $21.3 MILLION)

 

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.

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“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

 

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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

Compliance Updates

Tennessee Sports Wagering Council Takes Action Against Illegal Sportsbook

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The Tennessee Sports Wagering Council through its executive director issued $50,000 in fines to Bovada.lv, an unlicensed and therefore illegal sportsbook operating in Tennessee.

Bovada failed to comply with cease and desist letters delivered to addresses in Curaçao, and Council investigators placed wagers through Bovada’s platform on three separate occasions, including as recently as October 16, 2024.

The Sports Gaming Act authorizes the Council to impose a $10,000 fine for the first offense of accepting wagers without a license, which rises to $15,000 for the second offense, and $25,000 for the third offense. Subsequent offenses may lead to the imposition of a $25,000 fine for each occurrence, an occurrence being a single wager accepted in Tennessee.

In the cease and desist letters, the Council ordered Bovada to allow all Tennessee users to withdraw any funds currently held by the unlicensed sportsbook.

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“The Sports Wagering Council recommends that Tennessee users of Bovada withdraw their funds immediately. Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennessee’s borders does not mean it is licensed to do business here,” Mary Beth Thomas, Executive Director of Tennessee Sports Wagering Council, said.

Legal sportsbook operators provide important bettor protections not found in the illegal market. If an individual wagers with unlicensed sportsbooks, their sensitive financial and personal information may not be protected and could even be shared with criminal enterprises. The bettor’s money could be withheld or disappear without a way to recover it.

The SWC is working closely with its network of law enforcement at the state and federal level to eradicate illegal sportsbooks such as Bovada and others.

Tennessee is the largest “online-only” sports betting market in the US, with more than $4.7 billion wagered in Tennessee last fiscal year through online sportsbooks licensed by the Council.

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Gambling in the USA

Phoenix Link by Aristocrat Gaming Now Lighting Up Casino Floors

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The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamava’ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses.

“We have been humbled by the incredible global fanfare Dragon Link has received over the years but are never ones to rest on our laurels. The teams have been working tirelessly on a follow-up that brings together all the player-favorite elements in a new and exciting way with Phoenix Link as the proud result. We were thrilled to partner with Yaamava’ to premiere Phoenix Link with flair, excitement, and celebration,” said Victor Duarte, executive vice president of product for Aristocrat Gaming.

Phoenix Link players will enjoy the game’s additional denominations, configurations, and jackpots on each of the launch game theme titles. Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. Phoenix Link is available on the Neptune Single cabinet.

“Yaamava’ is thrilled to host yet another world premiere in gaming with the launch of Phoenix Link by Aristocrat Gaming. Our Club Serrano members are already raving about this captivating extension of the player-favorite Dragon Link. It’s a great addition to the Yaamava’ gaming floor,” said Kenji Hall, General Manager of Yaamava’ Resort & Casino at San Manuel, said.

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Latest News

Panel on the benefits of regulation in the Mexican iGaming market

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On November 6, the iGaming industry in Mexico is preparing for a key event in which the benefits and challenges that regulation has brought to the Mexican market will be discussed. Under the title “Benefits of Regulation in the Mexican Market”, this panel will offer an in-depth look at the impact of regulation on transparency, competition and consumer protection, critical issues in the new digital era of iGaming.

The event, moderated by Geraldine Alexandra García Torres, Media Manager of Digital Gaming News, will feature the participation of recognized figures in the sector such as Daniel Magariños, representative of BMM Testlabs, and Hermilo Peregrina Cabrera of Prometeo IT Solutions. Both panelists will contribute their extensive knowledge and experience in regulation and certification in the Mexican market, and will analyze with the public the challenges and opportunities that companies face in an increasingly competitive and regulated context.

BMM Testlabs, who will participate as a Gold Sponsor, underlines with its sponsorship the importance of regulation to strengthen the iGaming sector in Mexico and demonstrates its commitment to progress and transparency in the Mexican market. For its part, Kushki joins as a Silver Sponsor, promoting the dialogue and analysis necessary for the industry.

Daniel Magariños, from BMM Testlabs, expressed his enthusiasm for participating in this digital webinar: “It has been a pleasure to be able to share our comments as a Laboratory on a market like the Mexican one and exchange opinions with a reference like Hermilo and the company Prometeo IT Solutions, with its excellent track record in this market. A relaxed talk with a lot of learning that I hope will be interesting for the attendees.”

For his part, Hermilo Peregrina, from Prometeo IT Solutions, highlighted the relevance of these spaces for dialogue: “Thank you to Conferencias iGaming for the invitation to participate in this panel. Thanks to Geraldine for coordinating us, and it was a pleasure to share ideas and opinions with my friend Daniel from BMM Testlabs, who has extensive experience in international regulations and certifications.”

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Sponsor Support

The panel has the support of important sponsors who recognize the relevance of regulation in the development of the iGaming market in Mexico. Among them, BMM Testlabs as Gold Sponsor, and Kushki as Silver Sponsor.

Event Details:

Date: November 6

Time: 10:00 a.m. (Mexico)

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Registration: Register here

Don’t miss the opportunity to be part of this essential conversation for the future of the industry. Secure your place and access a key analysis on the dynamic iGaming market in Mexico!

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