The Fire Joker has returned, his blazing grin wider than ever. Hes back in control of the reels, where classic fruits and symbols light up under his fiery touch. But this time, theres more than just mischief in the air. The heat has intensified, the stakes are higher, and this scorching slot is cranked up to a full 100.
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The Fire Joker has returned, his blazing grin wider than ever. Hes back in control of the reels, where classic fruits and symbols light up under his fiery touch. But this time, theres more than just mischief in the air. The heat has intensified, the stakes are higher, and this scorching slot is cranked up to a full 100.

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BRAGG GAMING GROUP 2021 SECOND QUARTER REVENUE RISES 27.6% AND ADJUSTED EBITDA INCREASES 8.5% YEAR OVER YEAR

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

 

Bragg Gaming Group, a global B2B gaming technology and content provider, reported its financial results for the second quarter ended June 30, 2021 and provided an update on its strategic growth initiatives.

Summary of Q2-21 Financial and Operational Highlights

Euros (Thousands)

Q2-21

Q2-20

% Change

Revenue

€15,491

€12,145

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27.6%

Adjusted EBITDA

€1,900

€1,751

8.5%

Adjusted EBITDA margin

12.3%

14.4%

-2.1%

Operational

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Q2-21

Q2-20

% Change

Wagering revenue (Euros)

€3.8B

€3.3B

15.9%

Unique players[3]

2.3M

1.9M

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21.0%

Revenue / top 10 customers

57%

64%

-11.3%

 

Select Recent Strategic Development Progress

  • Bragg completed the acquisition of Wild Streak LLC (“Wild Streak”) on June 2, 2021. Wild Streak, a leading U.S. and European-focused proprietary casino content studio, provides Bragg with a library of nearly 40 casino content titles as well as expertise in game design, slot mathematics, and advanced game mechanics and features. As of June 30, 2021 Wild Streak had seven online casino games live in key iGaming markets including in New Jersey, the UK and other regulated jurisdictions in Europe which have helped grow Wild Streak’s revenues and Adjusted EBITDA by 149% and 940%, respectively, in the first half of 2021 compared to the same period in 2020. Bragg launched its first Wild Streak online game in Michigan last month, to a strong player response.

The acquisition of Wild Streak will significantly help transform the Company’s business going forward as it continues to shift from primarily providing third-party online gaming content to be predominantly focused on providing in-house developed proprietary online gaming content that carry higher gross profit margins. Wild Streak’s product roadmap currently contemplates the release of six new games through the end of 2021 and 12 new games next year.

  • Bragg continues to make progress with the U.S. and Canadian licensing process in connection with its previously announced, pending acquisition of Spin Games LLC (“Spin Games”) and expects to complete the acquisition in the fourth quarter, pending regulatory approval from various U.S. states’ gaming commissions. The technical integration between Spin Games and the Company’s Oryx Hub distribution platform is complete and the combined offering will deliver the benefits of Oryx’s advanced player engagement, data tools and platform technology alongside Spin Games’ U.S. market content and operator relationships, providing a differentiated and widely distributed iGaming product offering.

Following completion of the transaction, Bragg will gain access to key strategic operator relationships in the U.S. where Spin Games has over 30 customers including leading iGaming operators. The Company plans to leverage these relationships to initially cross-sell its existing European casino content followed by the new, proprietary online casino content currently being developed to address the U.S. and Canadian markets. Spin Games’ remote games server and casino content are fully licensed and distributed in the U.S. states of New Jersey, Pennsylvania and Michigan, and is licensed and pending go-live in British Columbia, Canada. Spin Games has a proprietary content portfolio of more than 30 in-house developed games, including content in emerging and trending categories such as slots, video poker, action bingo and keno. Spin Games will also augment Bragg’s existing content portfolio with numerous popular third-party titles from well-known, land-based slot manufacturers.

  • Bragg’s Oryx Gaming is live in various European online gaming markets, the largest of which by revenue contribution is Germany. Following the new iGaming regulatory regime in Germany which became effective on July 1, 2021, revenue contributions from Germany are expected to decline in the second half of 2021 and into 2022 compared to historical levels. These changes are fully anticipated in Bragg’s growth forecasts and are expected to be offset by strong growth in both new and existing markets as well as from new clients, from increased profit margins as a result of the Company’s focus on developing more proprietary content, and from acquisitions. Bragg continues to make progress with diversifying its European market penetration including recent activations in Spain, Denmark and Greece, as well as being fully prepared to enter the Netherlands when the newly regulated market opens, anticipated on October 1, 2021.
  • The Company is expanding into new global online gaming markets including Europe’s two largest iGaming markets, the U.K. and Italy, and the Company expects to obtain appropriate licenses and certification for both of these countries in Q4 2021. In the U.S., the Company is in the process of applying for licenses in New Jersey, Pennsylvania and Michigan. Overall, the Company expects to move from supplying its products in markets with a combined total addressable market (“TAM”) for online casino of US$2.8 billion in 2021, to markets with a combined online casino TAM of US$18.4 billion in 2022, presenting significant revenue uplift opportunities.
  • During the quarter The Company launched eleven new exclusive games via its Oryx remote games server in partnership with third-party studios, and two new proprietary games from its in-house Oryx Gaming studio. In addition, Wild Streak launched two new games during the quarter.
  • The Company expects to increase its output of games produced from its in-house studios, which capture a greater share of the value chain compared to the distribution of third-party games. Illustrating this progress, in 2020 the Company released zero games developed by in-house studios and this year it expects to release five games in Europe from its proprietary Oryx Gaming studio, representing 11% of all exclusive games released via the Oryx remote games server (“RGS”) this year. In 2022, the Company’s Oryx Gaming studio expects to release 19 proprietary games in Europe, representing 33% of exclusive games released via the Oryx RGS in the region that year. In addition, in 2022 the Oryx Gaming studio expects to release four proprietary games in the U.S., and the Company’s Wild Streak studio expects to release ten proprietary games in the U.S. for a total of 14 fully-owned online slot game titles expected to go live in the region, and representing 37% of all exclusive games expected to be launched by the Company in the U.S. in 2022. The increased proportion of in-house games released is expected to benefit the Company’s gross profit margin profile
  • As previously disclosed, Bragg has submitted an application to list its common shares on the Nasdaq Stock Market.

“Bragg had strong 2021 second quarter financial performance while also continuing to advance our in-house content development strategy and new market entry plans, including entry into the North American market, while also making progress on our Germany mitigation strategies. Overall, our comprehensive growth initiatives are expected to contribute to revenue and Adjusted EBITDA growth over the balance of this year and more meaningfully in 2022,” said Richard Carter, CEO of Bragg Gaming Group. “Second quarter revenue rose 27.6% to EUR 15.5 million (USD $18.3 million), generating Adjusted EBITDA of EUR €1.9 million (USD $2.2 million) representing year-over-year Adjusted EBITDA growth of 8.5%. Our effectiveness in helping online casino operators connect with players is clearly reflected in the 21% year-over-year increase in the number of unique players using Bragg content, and in the 41 new customers using our games and services we’ve added over the last twelve months.

“Throughout the second quarter, we made meaningful progress with our strategic growth initiatives including expanding existing customer relationships, building out a pipeline of premium in-house iGaming content, and providing our content and offerings to new markets throughout North America and Europe. These and other strategies are transforming Bragg into a leading content focused, B2B iGaming provider and will help drive growth as we leverage our scalable technology stack, which features industry unique player engagement tools, and proprietary intellectual property to address the burgeoning global online casino markets. We believe our growth initiatives will not only help to rapidly mitigate the near-term impact from the new Germany regulatory structure, but more importantly will help drive our execution on future revenue growth opportunities and lead to significant expansion of our EBITDA margins over the medium term.

“Our recent acquisition of Wild Streak brings to Bragg a fast-growing leading game development studio with a strong online content pipeline and expands on the in-house development capabilities of our Oryx Gaming studio. Wild Streak currently has seven online games live in New Jersey and other non-U.S. markets including Dragon Power, which has been a top performing title in New Jersey since its release in May 2020. In the six-month period ending June 30, 2021, Wild Streak’s online gaming revenue has risen rapidly, and we expect ongoing growth as their pace of new game introductions increases going forward.

“Further, our pending acquisition of Spin Games LLC (“Spin Games”) will accelerate our entry into North American iGaming markets, help us port high-performing European online content into North America, and bring a wealth of U.S. market and compliance expertise to Bragg.  We expect our pipeline of internally developed premium content will increase to 33 new online games in 2022 up from five games produced by our Oryx Gaming studio in 2021. Our ability to develop and commercialize our own game content and marry it with our leading player engagement tools such as tournaments and jackpots is one of our highest priorities as this combination offers significant economic advantages, boosting wagers and generating greater gross profit margins when compared to the distribution of third-party content.

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“As we continue to transition to the distribution of internally developed content, we remain focused on growing the number of markets we serve. We are moving forward with further expansion in the U.S. and preparing for the introduction of our games in Ontario when that market opens, which is expected before year-end. While we will continue to serve the German market, we are diversifying away from our historic revenue concentration in that market based on our entrance into new North American and international iGaming markets such as the U.K. and Italy, which are the two largest European markets. Our market expansion and revenue diversification initiatives will help offset the anticipated revenue decline in Germany related to the new regulatory regime, as reflected in our expectation that full year 2021 revenues will rise 5.6% year-over-year. We expect our entry into new markets will be a significant driver of growth throughout 2022 as we expect to increase the TAM we can address more than 500% to over US$18 billion.”

Mr. Carter concluded, “Bragg possesses many competitive advantages including proprietary, modern technology and development resources that enable us to innovate rapidly and develop content quickly. With our technology platform, growing proprietary premium content portfolio, value-added player engagement tools, and global distribution capabilities, we believe Bragg is well positioned to capture a growing share of the large global iGaming market. These factors, combined with our low capitalized expenditure requirements and predominantly fixed cost operating model, will enable Bragg to grow revenue and Adjusted EBITDA margins that results in near and long-term Adjusted EBITDA growth and creates value for our shareholders.”

Second Quarter 2021 Financial Results and other Key Metrics Highlights

  • Revenue increased by 27.6% to EUR €15.5 million (USD $18.3 million) in Q2 2021 compared to EUR €12.1 million (USD $14.3 million) in Q2 2020, inclusive of 28 days of contributions from Wild Streak. 
  • Wagering revenue generated by customers increased 15.9% to EUR €3.8 billion (USD $4.5 billion) compared to EUR €3.3 billion (USD $3.9 billion) in Q2 2020.
  • The number of unique players[4] using Bragg games via its Oryx Hub distribution platform and content increased by 21.0% to 2.3 million, from 1.9 million in Q2 2020.
  • Gross profit increased by 37.5% to EUR €7.0 million (USD $8.3 million) from EUR €5.1 million (USD $6.0 million) in Q2 2020, reflecting higher revenue and a 3.3% margin improvement to 45.4%. The margin expansion is primarily the result of the continued revenue mix shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content.
  • Net loss for the period was EUR €2.3 million (USD $2.8 million), a decrease of EUR €1.9 million (USD $2.3 million) from Q2 2020, primarily due to incremental increase in employee costs, exceptional professional fees as a result of the Nasdaq listing efforts, offset by increased gross profit and a reduction in costs in relation to deferred consideration payable.
  • Adjusted EBITDA was EUR €1.9 million (USD $2.2 million), up 8.5% compared to EUR €1.8 million (USD $2.1 million) in Q2 2020, and the Adjusted EBITDA margin decreased by 2.1% to 12.3%, reflecting increased salary and subcontractors’ costs as part of the Company’s investment in the expansion of its software development, product and management functions.
  • Cash and cash equivalents as of June 30, 2021 was EUR €21.0 million (USD $24.7 million)

Raises Full Year 2021 Guidance and Initiates Full Year 2022 Revenue Guidance

Bragg today provided full year revenue and Adjusted EBITDA guidance, inclusive of contributions from Wild Streak. The Company expects revenue of EUR €49 million (USD $57.8 million) and Adjusted EBITDA of EUR €5.4 million (USD $6.4 million), compared to its prior, pre-acquisition guidance of revenue of EUR €47 million (USD $55.5 million) and Adjusted EBITDA of EUR €4 million (USD $4.7 million). This also compares to 2020 full year revenue and Adjusted EBITDA of EUR €46.4 million (USD $54.8 million) and EUR €5.5 million (USD $6.5 million), respectively. In addition, Bragg initiated full year revenue guidance for 2022 of EUR €54 million to EUR €56 million (USD $63.7 million to USD $66.1 million).

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Arizona Department of Gaming and Arizona Lottery Announce Proclamation Recognizing September 2025 as Responsible Gaming Education Month

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January Sports Betting Figures

 

State agencies join forces to raise awareness, promote prevention, and provide tools for safe and responsible play.

The Arizona Department of Gaming (ADG) and the Arizona Lottery are proud to announce a joint effort in support of a new Proclamation recognizing September 2025 as Responsible Gaming Education Month in Arizona.

Responsible gaming is about ensuring that individuals who choose to play have the tools, resources, and knowledge they need to make informed decisions and enjoy gaming as a form of entertainment. While problem gambling initiatives focus on helping those already experiencing harm from gambling, responsible gaming emphasizes prevention by encouraging healthy play behaviors before they reach a critical point.

Throughout September, and continuing in the months ahead, the ADG and Arizona Lottery will work together to strengthen education and awareness initiatives. The goal is to equip players with strategies and resources that help them keep gaming fun and safe, while helping reduce the risks associated with problem gambling.

“For over 30 years, the Arizona Department of Gaming has safeguarded the integrity of gaming through strong consumer protections, enforcement against illegal operators, and support services for those impacted by problem gambling,” said Jackie Johnson, Arizona Department of Gaming Agency Director. “During Responsible Gaming Education Month, we remind everyone that part of playing responsibly is being informed—always double-check before you place your bet to ensure you are using a legal, regulated operator at gaming.az.gov/checkyourbet.”

The Arizona Lottery also remains steadfast in its commitment to responsible play and has a Level 2 certification with the World Lottery Association for responsible gaming. Lottery games benefit the people of Arizona by generating critical revenue that funds education, healthcare, environmental conservation, and economic development. At the same time, the Lottery prioritizes the well-being of its players. Each ticket includes clear odds of winning, vending machines display game odds, and the 1-800-NEXT-STEP helpline is featured across Lottery products and advertising.

“We are proud to deliver entertainment that benefits communities across our state, while recognizing our responsibility to promote safe play,” said Alec Thomson, Arizona Lottery Executive Director. “Through transparency and awareness, we want every player to have the tools they need to make informed decisions and enjoy the Lottery responsibly.”

As Arizona observes Responsible Gaming Education Month, ADG and the Arizona Lottery encourage all players to stay informed, know their limits, and seek help if needed. Together, we can ensure that gaming remains a source of entertainment that strengthens, rather than harms, Arizona communities.

For more information and resources, visit gaming.az.gov/ResponsibleGaming or ArizonaLottery.com/ResponsibleGaming. If you or someone you know may be struggling with problem gambling, call or text 1-800-NEXT-STEP for confidential support available 24/7.

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absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario

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Internet Gaming Operator by the Alcohol and Gaming Commission of Ontario (AGCO).

This significant milestone authorizes absolutebet to offer regulated iGaming services in Ontario’s legal market under the oversight of AGCO and iGaming Ontario (iGO).

The registration marks a key step in absolutebet’s mission to bring a trusted, responsible, and innovative online casino experience to Ontario players. absolutebet is committed to operating with integrity and transparency, meeting all provincial standards for player protection, responsible gambling, anti-money laundering, and game integrity.

Securing AGCO registration is more than a milestoneit’s the start of absolutebet’s journey in one of the most exciting regulated markets in the world,” said Chen Truman, Founder of absolutebet. “We are building a brand that will grow with the Ontario community and set the stage for future expansion.”

On the regulatory milestone, Krisztina Kalla, Legal & Regulatory Compliance Advisor of absolutebet, commented: “I’m incredibly proud to see all the hard work behind this license pay off. Securing AGCO registration has taken months of preparation and close collaboration with regulators and partners. I am very happy to see the result of that work, and even more excited as we move into the launch phase and open up the absolutebet community to Ontario players in a fun and responsible way.”

Ontario is recognized as one of the most competitive and fast-growing regulated iGaming markets in North America. With AGCO registration secured, absolutebet will move forward with the final stages of its iGO onboarding process in preparation for launch.

 

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Woodbine partners with 1/ST for Pegasus World Cup Filly & Mare Turf Qualifier

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Woodbine Entertainment has announced a partnership with 1/ST that will see the bet365 Dance Smartly Stakes (G2) become a qualifying race for the Pegasus World Cup Filly & Mare Turf Invitational Stakes (G2).

The winner of this year’s $200,000 bet365 Dance Smartly Stakes at Woodbine Racetrack will receive an automatic invitation to the 2026 $500,000 Pegasus World Cup Filly & Mare Turf at Gulfstream Park in Hallandale Beach, Florida.

The Dance Smartly, to be held on Saturday, October 4 at Woodbine, will be contested at 1 1/16 miles on the bet365 Inner Turf Course and is part of a stacked card headlined by the returning $750,000 Canadian International (G1).

“We’re pleased to partner with the team at 1/ST Racing to add this unique bonus to the Dance Smartly,” said Tim Lawson, Vice-President of Thoroughbred Racing for Woodbine. “Pegasus World Cup Day has become an outstanding showcase of our sport and it’s exciting that the opportunity to be part of it will be connected to a prominent race on one of our biggest days of the season.”

The 2026 Pegasus World Cup will celebrate the 10-year anniversary of racing’s leading luxury, lifestyle and sporting event. The Pegasus World Cup debuted in 2017 as part of 1/ST’s mission to excite, energize and modernize the sport of racing for a new generation of fans and to provide lucrative opportunities for Thoroughbred owners and trainers. The event annually attracts the sport’s biggest names and is viewed globally.

“We’re thrilled to partner with Woodbine in linking the Dance Smartly to Pegasus World Cup Day,” said Aidan Butler, President of 1/ST. “This collaboration strengthens the global profile of both events, while providing horsemen and fans with a world-class pathway from Toronto to South Florida.”

The 2026 Pegasus World Cup will be held in January.

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