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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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Discover What’s Next for TCSJOHNHUXLEY at G2E Las Vegas 2025

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Discover What's Next for TCSJOHNHUXLEY at G2E Las Vegas 2025

 

The excitement is building for G2E Las Vegas 2025, and TCSJOHNHUXLEY is proud to announce its participation, showcasing a range of revolutionary products and solutions designed to elevate the gaming industry in the Americas. The team will be located at a new space on Booth #4439 in The Venetian Expo, Las Vegas from October 7-9, 2025.

G2E 2025 marks a pivotal moment as TCSJOHNHUXLEY presents a comprehensive portfolio of innovations. A major highlight will be the highly anticipated US debut of the A Plus Shuffler®, the company’s automated card shuffling machine designed to dramatically increase game speed and enhance security on the casino floor. Visitors will have the opportunity to see this advanced shuffler in action, demonstrating its ability to deliver a continuous, rapid supply of perfectly shuffled cards. The A Plus Shuffler®’s untraceable shuffling process strengthens game integrity and security, while its versatile design allows it to accommodate 1 to 8 decks with interchangeable shoes for both Poker and Blackjack.

Attendees can also see new developments across its wider portfolio. A particular highlight will be the groundbreaking Ora Blackjack Vue Display Controller, a revolutionary technology that is unlike anything else on the market. This display, which is the Blackjack equivalent of its popular Baccarat and Roulette displays, utilises advanced camera recognition for automatic card entry. It provides players with real-time data such as dealer hand history, live dealer odds, and historical statistics, making the game more accessible and enjoyable for everyone from novices to seasoned pros. The company will also be presenting the Supernova Progressive Jackpot System, TCSJOHNHUXLEY’s unique customisable platform that adds excitement to any live table game, and significant software updates to the popular digital game wheel Lumin8, which features an enhanced interface and new capabilities such as Promotion Mode and a bonus game sub-mode.

In addition to these new products and developments, TCSJOHNHUXLEY will be demonstrating its full range of market-leading solutions. This includes the Chipper Champ 3, the industry-standard for automated chip sorting known for its speed, accuracy, and reliability. For Roulette, the company will showcase its world-renowned solutions, including SaturnTM Velocity Auto Roulette wheel that delivers faster game speeds setting a new industry standard for speed and efficiency as well manual SaturnTM Roulette Wheels and the popular game Roulette Xtra. This game incorporates the company’s patented Blaze LED Surface Technology, which displays eye-catching animations and highlights winning numbers, adding a thrilling random multiplier bet of up to 500 to 1. The company will also present the next generation of its electronic gaming terminals, Qorex 2 with a suite of impressive new features.

The showcase of TCSJOHNHUXLEY’s world-class core product range will underscore the company’s renowned manufacturing expertise. From the precision of its globally recognised Roulette wheels and the superior craftsmanship of its Gaming Tables to the reliability of its Dice Shakers, visitors will witness firsthand the quality and dedication that define TCSJOHNHUXLEY products. This comprehensive portfolio demonstrates the company’s ability to create an end-to-end solution for all live game requirements.

Phil Lee, TCSJOHNHUXLEY Chief Financial Officer & Managing Director Americas comments, “This year’s G2E is a pivotal moment for us as we showcase our unwavering commitment to innovation and excellence. We are bringing some of our most significant innovations yet to the Americas market, underscoring our long-term commitment to our customers in the region. G2E provides the perfect platform to demonstrate how we are not just keeping pace with the industry but actively shaping its future. Our team are looking forward to discussing how our new solutions can directly address business challenges and drive growth.”

To secure your free pass and to learn more, please visit please visit tcsjohnhxuley.com and be sure to visit Booth #4439 where the TCSJOHNHUXLEY team look forward to welcoming you.

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International News

EveryMatrix signs largest ever content aggregation deal with bet365

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EveryMatrix signs largest ever content aggregation deal with bet365

 

EveryMatrix has agreed its largest ever global casino aggregation deal supplying bet365 with both its own exclusive content and titles from more than 40 premium games providers.

SlotMatrix, part of the EveryMatrix Group, is the largest aggregation platform in the world with more than 37,000 games from 350+ global suppliers including the Group’s own, Armadillo and Fantasma Studios.

It will offer bet365 more than 40 vendors across multiple regulated markets including the UK, Germany, the Netherlands and Mexico with further territories slated for future release.

The business unit was further bolstered in 2024 by the acquisition of Fantasma Games and, earlier this year, by a new management team focused on accelerating aggregation and content services expansion across both existing and new regulated markets.

This includes Mark Hothersall, Head of Business Development and Carl Gatt Baldacchino, Head of Account Management, both previously from Evolution Gaming.

They are responsible for driving forward the commercial success of SlotMatrix by accelerating the unit’s in-house games development, continually strengthening its third-party content offering and ensuring SlotMatrix provides exceptional customer service.

Ebbe Groes, Group CEO & Co-Founder EveryMatrix, said: “Today is very significant for the Group highlighting both just how much of a ‘must-have’ product SlotMatrix is for tier-1 brands across multiple markets and how far ahead it is compared to its rivals.

“We’re thrilled such a world-renowned brand such as bet365 has put their faith in us to drive their content strategy. SlotMatrix has truly come of age and, with an increased focus on ramping up our own games development and attracting even more premium vendors to the platform there really is no ceiling as to how far it can go.”

A bet365 spokesperson, added: “We are thrilled to partner with EveryMatrix. This collaboration represents a significant step forward in our commitment to providing exceptional products to our customers.”

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Latest News

Slot Games Unveils Daily Wheel Feature Offering a Daily Free Spin

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Slot Games has unveiled its latest promotion, the Daily Wheel, a feature that gives players one daily free spin every 24 hours. Each spin provides the chance to win free spins on well-known slot titles, adding an extra layer of entertainment to the daily player experience.

The Daily Wheel is available to all registered users and resets every 24 hours. To participate, players simply log in, head to the promotions section, and take their single spin for the day. Outcomes from the wheel may award free spins on leading titles.

The management team at Slot Games explained:
“This launch demonstrates our ongoing commitment to building features that enhance everyday gameplay. A single free spin each day might sound simple, but it creates anticipation and gives players something consistent to enjoy. The Daily Wheel is a retention tool as well as a reward system, and we believe it will quickly become a favourite.”

All free spins awarded are credited as bonus funds. Wagering requirements of 65x apply, and winnings are capped at a conversion equal to a player’s lifetime deposits up to a maximum of £250. Full details are outlined within the terms and conditions.

Daily rewards like the Daily Wheel represent an important trend in digital gaming. Features that encourage regular logins are proven to improve engagement, creating a steady connection between players and platforms. Slot Games has recognised this and designed the Daily Wheel as a clear, easy-to-use feature that requires no deposit.

The platform itself remains focused on balancing player enjoyment with regulatory compliance. Operating under the UK Gambling Commission, Slot Games ensures that all bonuses, promotions, and mechanics align with industry standards. By combining compliance with innovation, the team aims to set Slot Games apart in a competitive market.

Alongside the Daily Wheel, Slot Games continues to expand its offering of slot titles and casino classics, partnering with top developers to deliver fresh content. The launch of this feature adds to the promotional mix, strengthening Slot Games’ appeal among both new sign-ups and long-time users.

The management team added:
“We see features like the Daily Wheel as part of a bigger picture. They contribute to retention, give players something enjoyable to return for, and showcase some of the slot titles we’re proud to offer. We’re excited to see how players respond.”

The Daily Wheel is now live at SlotGames.co.uk, with one free spin available per player each day.

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