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BRAGG GAMING GROUP 2021 SECOND QUARTER REVENUE RISES 27.6% AND ADJUSTED EBITDA INCREASES 8.5% YEAR OVER YEAR
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
|
Q2-21 |
Q2-20 |
% Change |
|
|
Revenue |
€15,491 |
€12,145  |
27.6% |
|
Adjusted EBITDA |
€1,900 |
€1,751 |
8.5% |
|
Adjusted EBITDA margin |
12.3% |
14.4% |
-2.1% |
|
Operational |
Q2-21 |
Q2-20 |
% Change |
|
Wagering revenue (Euros) |
€3.8B |
€3.3B |
15.9% |
|
Unique players[3] |
2.3M |
1.9M |
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.
“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).
What does it really take to pick the right iGaming offer for promotion? With so many variables to consider, it’s easy to make mistakes, especially for affiliates just starting out.
To help clarify things, N1 Partners and the RichAds ad network joined forces to share practical advice on choosing profitable offers and avoiding common pitfalls.
The conversation took place during the N1 Puzzle Promo — a competition where affiliates, both seasoned and new, experiment with different traffic sources, tools, brands, and GEOs to achieve one main goal: maximize profits from their traffic. And selecting the right offer is the first step toward success.
Meet the Experts
Before diving into the tips, here are the people sharing their insights:
Daria Maichuk Affiliate Manager at N1 Partners |
 Veronika Ponomareva Head of Customer Service at RichAds |
What is RichAds?
RichAds is an ad network offering a wide range of traffic sources, including:
- Telegram ads
- Push notifications
- Popunders
- Domain redirects
- Native ads
- Display traffic
Prices start at just $0.005 CPC for push ads and $0.5 CPM for popunders, with access to traffic across 200+ GEOs from Tier 3 to Tier 1.
How to Choose an iGaming Offer: Expert Advice
We asked Daria and Veronika the most important questions affiliates have when evaluating iGaming offers.
1. What parameters of an iGaming offer should be analyzed first before launching?
Daria Maichuk
“Start with the GEO: is gambling legal, how competitive is the market, and how solvent is the audience? Then check the payment model (CPA, RevShare, Hybrid) and the funnel: registration flow, minimum deposit, and site usability. The product matters too — top providers, live casino, sports, esports, localization, and bonuses. Finally, look at retention: how long players stay active and what campaigns keep them engaged.”
Veronika Ponomareva
“First of all, it’s the payout conditions, brand and its reputation on the market, as well as the funnel flow and the content of pre-landing/landing pages to pay attention to. Many things can affect a campaign’s result such as verification before the first deposit, the lack of locally popular payment methods support and the first deposit amount.”
2. How can a beginner determine the potential of an offer? Which metrics should they focus on to avoid wasting budget?
Daria Maichuk
“Key metrics are Conversion Rate (CR), Earnings Per Click (EPC), and Click-Through Rate (CTR). A low CTR usually means the offer doesn’t match the audience or creatives. Test multiple landers — welcome pages and reg forms typically perform best. Also consider First Time Deposits (FTD) and retention, as they reflect the long-term potential of an offer.”
Veronika Ponomareva
“Cost per registration, cost per conversion and ROI — are basic yet the most crucial things to look at. Potential means the long-lasting profit, so pay attention to the LTV (Lifetime Value). An offer could have a moderate EPC, but if the player retention is high and brings many secondary deposits, then the LTV would be extremely high accordingly. Ask your manager about the LTV of the offer in the required geo.”
3. How does a brand’s license affect the choice of GEO and traffic?
Daria Maichuk
“White licenses allow affiliates to work in regulated markets and run campaigns on official ad channels like Google Ads, FB, and TikTok. Grey licenses are also usable, but platforms often restrict or ban them, so affiliates need strong moderation skills.”
Veronika Ponomareva
“The licensing topic is highly important due to the fact that it determines the legality of traffic and what sources are acessible. Strict licenses (MGA, UKGC) approve only the cleanest traffic (mostly PPC and SEO). The traffic is very expensive, but provides quality leads. Curacao license gives more freedom as you can work with push-traffic, teasers and popunders. High risks come with no license at all as well as the accessible traffic sources are very limited.”
4. Which three GEOs currently deliver the highest ROI in iGaming, and why?
Daria Maichuk
“Germany: high purchasing power, stable LTV and retention, large deposits, strong conversion.
Canada: fast-growing, high trust in licensed brands, boosting CR and retention.
Australia: players spend more, stay active longer, and convert well into deposits.”
Veronika Ponomareva
“Depends on the traffic source we’re looking at, for example, if it’s either push or pop, then Bangladesh, Brazil and South Africa are currently on top.”
5. How can you understand whether an offer fits your main traffic source (FB, PPC, push, etc.) before testing?
Daria Maichuk
“Beginners often test blindly, but it’s possible to know in advance. FB and Google are the most widespread sources. Google traffic is highly engaged because players search for the product themselves. Facebook is harder for retention, but we work actively to improve it, especially for this audience, where push campaigns are essential. Push/Pop works for most offers, though CR is lower. If an offer has working apps (ASO), it can also be promoted through stores.”
Veronika Ponomareva
“Facebook and Google Ads are following strict guidelines on accessible content regarding iGaming offers, so it’s a common headache for marketers to test offers there and co-exist with moderation rules. Push and pop traffic doesn’t apply so many demands to the advertising content, so they’re way more preferrable for promotion means. So are Telegram Mini Apps, by the way, since they feature more tolerant moderation by advertising networks and fresh relevant audience.”
6. Top 3 traffic sources for iGaming in 2025?
Daria Maichuk
“Google: high-intent users, precise targeting.
Facebook: huge reach, flexible creative testing.
SEO: long-term stability, independent of traffic costs, especially effective for RevShare.”
Veronika Ponomareva
“Telegram Mini Apps: fresh audience, broad opportunities for advertising formats and extremely relevant users who come from casual games and tap-to-earn clickers.
Push-notifications: proven traffic source with high CTR and pre-made user bases that provide easier outreach to converting players.
Popunders: high CR and cost-effective means for promotion, since quality landing pages are usually enough to convert impulsive gamblers.”
7. Do your affiliates drive traffic through Telegram and what are the specifics? What do you think about mini-app traffic?
Daria Maichuk
“Yes, we’ve seen such cases, but most affiliates still prefer other sources. Data is still limited, but we’re closely monitoring Telegram and mini-app traffic and see strong potential here.”
Veronika Ponomareva
“For us it’s a channel that we actively explore, since introducing Telegram Mini App ads showed us how much of a potential they hold straight away. First of all, TMAs themselves offer a global coverage and outreach to a variety of potential leads for the iGaming products, coming from all over games and applications. In fact, since the moderation policies there are independent from the official Telegram Ads platform, that gives additional interest to this traffic.”
8. How many FTDs are needed to objectively evaluate an iGaming offer?
Daria Maichuk
“PPC: 20–30 FTD.
Facebook (slots): 20–30 FTD.
Facebook (crash games): at least 100 FTD.
In-app: around 100 FTD.”
Veronika Ponomareva
“At least 30 FtD, but to evaluate the offer properly it’s best to look into the player activity in the long run, the average amount of the deposits and other in-depth metrics.”
9. Which KPIs do you recommend for testing: ROI, FTD, deposit, or retention?
Daria Maichuk
“We often use soft KPIs. On average, we expect the avg dep count to be >=2. Sometimes we also track the ratio of total deposits to partner payout.”
Veronika Ponomareva
“It’s a complex matter as hitting the KPIs is usually the result of a combination of factors getting along.”
10. What should affiliates do if an offer “drops” after two weeks — switch or optimize?
Daria Maichuk
“If results were good initially, optimize creatives and targeting. If not, check whether the creatives included slots actually available in the product. Our managers always provide updated slot and targeting recommendations.”
Veronika Ponomareva
“Optimize the campaign, examine the metrics, check the creatives, change landing pages – try to find the correlation to this in the traffic performance.”
11. Which statistical indicators show that an offer can be scaled?
Daria Maichuk
“The main sign is stable positive ROI over several days or weeks. Also look at the funnel (click → registration → deposit) and player retention.”
Veronika Ponomareva
“Simply, a more or less stable ROI is the main indicator here.”
12. How to scale an offer within one source without lowering CR?
Daria Maichuk
“Increase budgets gradually — 10–20% every 1–2 days. Scale your best-performing bundles first. Always refresh creatives: without new content, audiences burn out and CR declines.”
Veronika Ponomareva
“The same level scaling is the key. If by creatives, then create new combinations of creatives and landing pages. If by the audience — gradually add more newcomer oriented targetings, instead of increasing the bids on the current ones. Just test everything by degrees.”
Conclusion
The N1 Puzzle Promo highlighted not only the competitive spirit among affiliates but also the importance of knowing how to pick the right iGaming offers. From choosing GEOs and traffic sources to tracking KPIs and scaling campaigns, the advice from N1 Partners and RichAds gives affiliates a clear roadmap to better results.
RichAds continues to support the iGaming community with its self-serve platform, offering access to 220+ GEOs and multiple traffic types from push and popunders to Telegram Mini Apps and native ads.
Launch smarter campaigns, work with the right offers, and grow your iGaming profits!
The Kansas City Outlaws are teaming up with Palms Casino Resort to bring fans an unforgettable experience during the 2025 PBR Camping World Teams Championship, set for October 24–26 at T-Mobile Arena in Las Vegas. This partnership will make Palms the Official Hotel Partner of the Kansas City Outlaws.
Located just off the famed Las Vegas Strip, T-Mobile Arena will once again host the league’s top teams as they battle for the Championship title. To celebrate the event, the Outlaws and Palms are offering an exclusive discounted hotel rate for Kansas City fans, with the following fan activation for ticket holders being available:
Thursday, Oct. 23:
Exclusive open team workout from 5-6:30 p.m. PST led by UFC legend Cowboy Cerrone and Kansas City Outlaws Trainer Will Hooper, presented by Monster Energy at Palms Pool Deck.
Friday, Oct. 24:
Kansas City Outlaws Pre-Game Tailgate. In attendance will be Stay Chill Bill Chainstitch, a custom chainstitch designer who has worked with stars like Post Malone.
Team sendoff at 3:30 p.m. PST with live music by Andy Velo.
An afterparty featuring DJ Silver presented by Monster Energy will follow the first day’s events at Ghostbar, an ultralounge atop the 55th floor of the Ivory Tower at Palms, showcasing the incredible views of the Las Vegas Strip.
Saturday, Oct. 25:
Kansas City Outlaws Pre-Game Tailgate. In attendance will be Stay Chill Bill Chainstitch, a custom chainstitch designer who has worked with stars like Post Malone.
Team sendoff at 3:30 p.m. PST with live music by Andy Velo.
Sunday, Oct. 26:
Kansas City Outlaws Pre-Game Tailgate starting at 10 a.m. until 12:30 p.m.
Official team sendoff at11 a.m. PST
Fans who take advantage of the offer will also receive access to a dedicated Outlaws fan seating section inside the arena—perfect for showing team spirit and cheering on Kansas City’s premier bull riding team on the sport’s biggest stage.
The Brazilian Institute of Responsible Gaming (IBJR), an entity that brings together the main operators in Brazil and worldwide, announces the launch of BetAlert, an unprecedented tool that allows any user to quickly and easily verify whether the betting site they intend to use is regulated by the Federal Government. The initiative is part of the “No More Elephant in the Room” campaign, which includes a TV commercial, radio spots, airport panels, and social media actions. Its goal is to guide bettors in choosing platforms regulated by the Secretariat of Prizes and Betting, under the Ministry of Finance.
Conducted between April and May 2025 with 2000 adult bettors, research by the Locomotiva Institute served as the basis for the economic study prepared by LCA. The survey estimates that between 41% and 51% of the Brazilian betting market still operates illegally. The activity of these irregular platforms reflects an alarming fiscal impact: between R$ 1.8 billion and R$ 2.7 billion went uncollected in just three months – which could reach R$ 10.8 billion in one year.
Named BetAlert (https://betalert.com.br/), the technology runs on an exclusive microsite that offers an interactive experience for those looking to bet safely and obtain tips on how to differentiate regulated betting sites from illegal ones. Simply enter the URL of any betting site, and the tool immediately indicates whether the platform is licensed. If it is regulated, the following message appears: “All good. This betting site is authorized by the Federal Government.” If not, the system displays a creative alert integrated into the campaign by agency We: “Attention. This betting site is not authorized by the Federal Government,” reinforcing the illegality of the platform consulted.
“IBJR greatly values the use of tools and technologies that contribute to spreading knowledge about the sector. BetAlert is extremely important, and we hope it will be widely used by bettors and Brazilian society. Our goal is to ensure that people have access to all the benefits of regulation, the core of which is the safety of those who bet,” said Fernando Vieira, Executive President of IBJR.
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