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 Third Quarter Revenue Rises 9.9%

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Bragg Gaming Group 2021 Third Quarter Revenue Rises 9.9%

 

New Proprietary Online Content, Market Expansion and Customer Additions
Driving Continued Quarterly Growth and Increased Forward Outlook

Raises Full Year 2021 Revenue Guidance to EUR €55-56 million (USD $65-66 Million[1])

and Adjusted EBITDA to EUR €6.6-€6.8 million (USD $7.8-8.0 million); Increases Full Year 2022 Revenue Guidance by 9% to €59-61 million (USD $70-72 Million)

Bragg Gaming Group, a global B2B gaming technology and content provider, today reported financial results for the third quarter ended September 30, 2021, provided an update on its strategic growth initiatives and raised its full year 2021 revenue and Adjusted EBITDA and full year 2022 revenue guidance.

Summary of Q3-21 Financial and Operational Highlights

Euros (Thousands) Q3-21 Q3-20 % Change
Revenue € 12,874 € 11,714 9.9%
Adjusted EBITDA € 1,418 € 1,834 -22.7%
Adjusted EBITDA margin 11.0% 15.7% -4.7%
Operational Q3-21 Q3-20 % Change
Wagering revenue (Euros) € 3.2B € 3.0B 4.8%
Unique players[2] 2.1M 1.9M 14.4%
Revenue / top 10 customers 54.3% 55.6% -1.3%

 

Select Recent Strategic Development Progress

  • On August 27, Bragg’s common shares began trading on the Nasdaq Global Select Market.
  • Bragg continues to diversify its European market penetration, including earlier activations in Spain and Denmark followed by Greece in the third quarter.
  • In October, the Company entered the newly regulated market in the Netherlands with operators including state-owned Holland Casino, the state-owned Lottery (Nederlandse Loterij) and BetCity.nl.
  • In October, the Company entered into an integration agreement with Playtech that will see the full range of ORYX Hub games become available to operators utilizing the Playtech Games Marketplace™ platform in markets such as Spain, Italy, Switzerland, the Netherlands, the UK, Mexico and Latin America. The Company believes the integration with Playtech offers material medium and long-term growth opportunities for its existing third-party content and for its future in-house developed proprietary content. In addition, the agreement with Playtech will further drive Bragg’s strategic shift into new regulated markets and focus on supplying larger Tier 1 iGaming operators.
  • During the third quarter the Company launched nine new customers.
  • The Company continues to actively pursue and prepare for entry into new online gaming markets, including Europe’s two largest iGaming markets, the UK and Italy. Contributions from these two markets are expected to begin in 2022. The Company has applied for licenses in New Jersey, Pennsylvania and Michigan, and is in the process of applying for a license in Ontario.
  • During the third quarter, the Company launched 13 new exclusive games via its ORYX Hub in partnership with third-party studios, and two new proprietary games from its in-house studio.
  • As of September 30, 2021 the Company’s Wild Streak game development studio had nine online casino games live in key iGaming markets such as New Jersey, Michigan, the UK and other regulated European jurisdictions. Wild Streak also recently expanded its relationship with Sega Sammy Creation Inc., whereby Sega Sammy will develop two additional Wild Streak games that are popular in social and online casinos — Dragon PowerTM and Egyptian MagicTM — for land-based casinos.
  • The Company expects to complete its acquisition of Spin Games LLC (“Spin Games”) in the current quarter, pending final regulatory approvals from various U.S. states’ gaming commissions. Upon 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 has completed the technical integration between Spin Games and its ORYX Hub distribution platform.

CEO Comments

“Bragg’s strong 2021 third quarter financial performance and our increased guidance reflects the contributions from our comprehensive growth initiatives, including the consistent progress we have achieved with new market diversification and our ability to offer more new high-performing propriety and exclusive third-party online content,” said Richard Carter, CEO of Bragg Gaming Group.

“During the third quarter, our newest markets performed above our expectations and this momentum continues in the current quarter to-date. Besides the benefits from new market penetration, our recent proprietary games from our in-house development studios are also driving growth. Third quarter revenue rose 9.9% year over year to EUR €12.9 million (USD $15.2 million) while Adjusted EBITDA decreased by 22.7% to EUR €1.4 million (USD $1.7 million) primarily reflecting our ongoing investments in our development teams and infrastructure to support our growth initiatives.

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“Bragg continues its transformation into a leading, content-focused, B2B iGaming provider with a scalable technology stack featuring unique player engagement tools that consistently drive strong game performance. Our technology advantages, combined with our ability to offer an increasing number of high-performing proprietary and third-party exclusive games, are expected to boost our ability to deliver strong financial results as we continue to expand our presence into new North American and European markets. This includes the further penetration of our more recently entered markets such as the Netherlands where we have quickly achieved an attractive double-digit market share. Overall, our market expansion initiatives are expected to increase our total addressable market (“TAM”) six-fold in 2022 to more than USD $18 billion. Our acquisition of Spin Games, which we expect to complete by year end, will also help accelerate our entry into North American iGaming markets driven first by high-performing European online content to be closely followed by proprietary content developed specifically to address the U.S. and Canadian markets.

“We also intend to increase the number of proprietary online games developed by our internal development studios, as well as the number of exclusive third-party games we offer, which will support our focus on growing Adjusted EBITDA margins. From zero in-house developed games in 2020, we have established a strong proprietary new game pipeline and expect that an increasing proportion of our exclusive titles launched next year will be internally developed. Given the significantly better economics associated with the distribution of our proprietary content, leveraging our leading player engagement tools with our proprietary games remains one of our highest priorities as it will lead to consistent top and bottom line growth.”

Mr. Carter concluded, “Our ability to simultaneously generate positive Adjusted EBITDA while investing to grow our scale and technology capabilities enables Bragg to more effectively help online casino operators connect with their players, resulting in consistent market expansion and market share improvement. As a result, we continue to deliver strong near-term financial performance while further establishing the foundation for sustainable Adjusted EBITDA growth, as reflected in our raised full year 2021 outlook as well as the increase in our outlook for 2022 revenue growth. Notably, our updated guidance highlights the underlying momentum we are achieving in our business that is being driven by our growth initiatives that are focused on entering new markets, adding new clients and developing and releasing more proprietary titles.”

Third Quarter 2021 Financial Results and other Key Metrics Highlights

  • Revenue increased by 9.9% to EUR €12.9 million (USD $15.2 million) in Q3 2021 compared to EUR €11.7 million (USD $13.8 million) in Q3 2020, inclusive of a full quarter of contributions from Wild Streak.
  • Wagering revenue generated by customers increased 4.8% to EUR €3.2 billion (USD $3.8 billion) compared to EUR €3.0 billion (USD $3.6 billion) in Q3 2020.
  • The number of unique players using Bragg games via its Oryx Hub distribution platform and content increased by 14.4% to 2.1 million, from 1.9 million in Q3 2020.
  • Gross profit increased by 30.1% to EUR €6.6 million (USD $7.8 million) from EUR €5.1 million (USD $6.0 million) in Q3 2020, reflecting higher revenue and an 8.0 basis point margin improvement to 51.4%. The margin expansion is primarily the result of the continued 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 €2.5 million (USD $2.9 million), a decline in the net loss of EUR €0.7 million (USD $0.8 million) from Q3 2020, primarily due to the higher  gross profit and a reduction in costs related to deferred consideration payable, partially offset by the incremental increase in employee costs and exceptional professional fees as a result of the Nasdaq listing.
  • Adjusted EBITDA was EUR €1.4 million (USD $1.7 million), a decrease of 22.7% compared to EUR €1.8 million (USD $2.2million) in Q3 2020. Adjusted EBITDA margin decreased by 4.7 basis points to 11.0%, reflecting increased salary and subcontractor 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 September 30, 2021 was EUR €20.3 million (USD $24.0 million)

Raises Full Year 2021 Revenue and Adjusted EBITDA Guidance and Full Year 2022 Revenue Guidance

Reflecting the Company’s operating momentum related to operations in newer markets and an increasing number of customers, Bragg today raised its outlook for 2021 full year expected revenue to EUR €55-56 million (USD $65-66 million) and Adjusted EBITDA to EUR €6.6-6.8 million (USD $7.8-8.0 million), compared to its previously provided revenue and Adjusted EBITDA full year outlook of EUR €49 million (USD $57.8 million) and EUR €5.4 million (USD $6.4 million), respectively. In addition, the Company raised its full year 2022 revenue guidance to a new range of EUR €59-61 million (USD $70-72 million), compared to the initial expected range of EUR €54 million to EUR €56 million (USD $63.7 million to USD $66.1 million) which was provided on August 11, 2021 and provided Adjusted EBITDA guidance of EUR €6-7 million (USD $7.1-8.3 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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