Canada

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

Published

3 years ago

August 9, 2022

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

New Customers, Rollout of New Proprietary Games and Market Expansion in Europe and North America Driving Consistent Revenue Growth

Gross Profit Rises 65.5% to Quarterly Record €11.6 Million (USD $11.9 Million); Gross Profit Margin Increases 1,060 Basis Points Year-over-Year and by 410 Basis Points from Q1 2022 to Quarterly Record 55.9%

Adjusted EBITDA Improves 62.9% Year-over-Year to €3.1 Million (USD $3.2 Million)

Raises Full Year 2022 Guidance for Revenue of €76-80 million (USD $78-82 Million) and Adjusted EBITDA of €10-11 million (USD $10-11 Million)

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

Summary of Q2 2022 Financial and Operational Highlights

Euros (millions)⁽¹⁾	2Q22	2Q21	Change
Revenue	€20.8	€15.5	34.2%
Gross profit	€11.6	€7.0	65.5%
Gross profit margin	55.9%	45.3%	1060bps
Adjusted EBITDA⁽²⁾	€3.1	€1.9	62.9%
Adjusted EBITDA margin	14.9%	12.3%	260bps
Wagering revenue	€4.2B	€3.8B	9.0%

Bragg’s reporting currency is Euros. The exchange rate provided for U.S. dollars is 1.023. Due to fluctuating currency exchange, this rate is provided for convenience only.
Adjusted EBITDA is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

Chief Executive Officer Commentary

“Our strong second quarter results include significant year-over-year growth, as well as quarterly-sequential improvements for revenue, gross profit, gross profit margin and Adjusted EBITDA,” said Yaniv Sherman, Chief Executive Officer for Bragg Gaming Group. “In the 2022 second quarter, we generated quarterly records for revenue of EUR €20.8 million (USD $21.3 million), gross profit of EUR €11.6 million (USD $11.9 million), gross profit margin of 55.9%, and Adjusted EBITDA of EUR €3.1 million (USD $3.2 million). Our operating momentum highlights our continued success in serving a growing base of customers in an expanding number of regulated global iGaming markets, with turnkey iGaming solutions that power their businesses, including proprietary and exclusive third-party content.

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“Following the completion in June of our acquisition of Spin Games, Bragg possesses the product development capabilities, industry expertise and licensed footprint across Europe and North America to achieve further and consistent progress on our content and market expansion growth initiatives. Our content development and distribution efforts, led by our four in-house game studios, are focused on leveraging proprietary design, game mechanics and math capabilities to develop games that address local player preferences across European and North American markets. We expect to release approximately 22 proprietary games this year representing a 120% increase from 2021, with our game development roadmap poised to accelerate our new game releases next year and beyond. In addition, we will supplement our internal game development efforts with agreements for Bragg to exclusively distribute games from established popular third-party studios. We expect our execution against our content development and distribution strategy will result in a higher level of desirable ‘real estate’ allocation on leading iGaming operators’ sites, leading to higher player engagement that drives further top-line growth and margin improvement.

“The North American iGaming market continues to grow. We expect to leverage our expertise and differentiated product and technology advantages to drive consistent growth with leading operators in these markets. This includes content localization and customization that addresses popular online and land-based themes.”

Mr. Sherman concluded, “Reflecting our strong performance through the first half of the year and our ongoing business momentum, we are raising our guidance for 2022 full year revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. As demonstrated by our operating results to-date in 2022, our success with these efforts is driving strong top-line growth and margin improvement, highlighting our ability to deliver near- and long-term shareholder value.”

Second Quarter 2022 Financial Results and other Key Metrics Highlights

Revenue increased by 34.2% to EUR €20.8 million (USD $21.3 million) compared to EUR €15.5 million (USD $15.9 million) in 2Q21.
Wagering revenue generated by customers of €EUR 4.2 billion (USD $4.3 billion) increased from EUR €3.8 billion (USD $3.9 billion) in 2Q21. Wagering revenue in 2Q22 reflects a change in product mix towards PAM, managed services and proprietary content, resulting in improved gross profit and Adjusted EBITDA.
Gross profit increased 65.5% to EUR €11.6 million (USD $11.9 million) from EUR €7.0 million (USD $7.2 million) in 2Q21, reflecting higher revenue and a 1,060 basis point year-over-year margin improvement to a quarterly record 55.9%.
- 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. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales.
Net income for the period was EUR €0.1 million (USD $0.1 million), an improvement from net loss of EUR €2.3 million (USD $2.4 million) in 2Q21, primarily due to higher gross profit and lower professional fees and transactional costs, partially offset by an incremental increase in employee costs, sales and marketing expense, and higher depreciation and amortization.
Adjusted EBITDA was EUR €3.1 million (USD $3.2 million), an increase of 62.9% compared to EUR €1.9 million (USD $1.9 million) in 2Q21. Adjusted EBITDA margin increased by 260 basis points to 14.9%, reflecting the Company’s increased scale and an improvement in the product mix of iGaming and turnkey services. Adjusted EBITDA margin decreased by 40 basis points on a quarterly sequential basis.
Cash and cash equivalents as of June 30, 2022 was EUR €11.0 million (USD $11.3 million) which reflects the EUR €9.0 million (USD $9.2 million) paid in the quarter for the acquisition of Spin Games.

Raises Full Year 2022 Revenue and Adjusted EBITDA Guidance

Bragg today raised its outlook for 2022 full year expected revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 34% and 46%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. The higher 2022 Adjusted EBITDA outlook includes the impact of continued investments in the business focused on driving further top-line growth. Bragg’s prior guidance for the 2022 full year was for revenue of EUR €68-72 million (USD $70-74 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $9.7-10.7 million).

Canada

ROGA Launches National College Education Campaign

Published

2 days ago

February 20, 2025

Niji Narayan

The Responsible Online Gaming Association (ROGA) has launched the “Know Your Play” campaign in partnership with EPIC Global Solutions, Kindbridge Behavioral Health, and the Responsible Gambling Council (RGC). This is a major initiative designed to provide college-aged students with detailed content focused on responsible gaming, mental health and well-being, and financial literacy.

“College students are learning to navigate newfound financial independence and equipping this age group with resources to make informed decisions that can build good financial habits will serve them throughout their lives, whether they engage in gaming or not. While previous programs have focused on student-athletes, our campaign intends to educate the broader student population about responsible gaming concepts that can help this age group set realistic expectations and see gaming as a form of entertainment, not as a way of making money,” ROGA Executive Director Dr. Jennifer Shatley said.

The campaign utilizes digital learning tools, resources, and videos available to all college-aged students at knowyourplay.org, even if they are not enrolled in a university. These resources will educate students on key responsible gaming concepts, including randomness, impulsiveness, and limit setting, while addressing myths like the illusion of control in sports betting. It will also focus on the role stress and mental health play in overall student wellbeing and provide practical tips for management. Additionally, extended resources will be piloted with select universities.

“EPIC has vast expertise and experience in creating programs that resonate with college-aged audiences and are delighted to partner with ROGA on a campaign that will provide critical education to college students across the country. By combining expert knowledge with personal stories, our program aims to foster a well-rounded understanding of financial literacy, decision-making, and risk-taking,” Teresa Fiore, SVP of Partnerships at EPIC Global Solutions, said.

The campaign will begin rolling out at college campuses over the next several weeks with in-person learning sessions and workshops in tandem with digital delivery tools for greater accessibility and reach, ensuring that the program effectively engages students across diverse campuses and demographics.

“College life presents unique pressures, from financial independence to academic performance, all of which can impact mental health. By fostering decision-making skills that bridge these areas, we’re helping students build resilience, manage stress, and develop healthy habits that will serve them well beyond their college years,” Kindbridge Group CEO Daniel Umfleet, said.

“College students face an increased risk of harm from gambling, making prevention education essential in protecting this important audience. RGC has a long history of creating prevention programs for young adults, and we are proud to partner with ROGA on this crucial initiative. This campaign will equip students with the knowledge and skills needed to make informed decisions should they choose to gamble. By providing valuable information, digital tools, and resources, we are empowering young adults to approach gambling with a lower-risk mindset and reduce potential harm,” RGC CEO Sarah McCarthy said.

Canada

Siyata Mobile Announces New Order from Leading Canadian Gaming and Entertainment Company

Published

4 days ago

February 18, 2025

Niji Narayan

Siyata Mobile Inc, a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced a new order for SD7 handsets and related accessories for a new customer, a leading gaming and entertainment company located in Canada.

This order marks one of Siyata’s first entries into the gaming and casino industry, a sector with significant growth potential for the Company. The customer operates dozens of gaming, entertainment, and hospitality venues across Canada and will deploy the SD7 handsets for Push-to-Talk (PTT) communications among its security and maintenance teams.

“This new order is an exciting milestone for Siyata as we expand further into the gaming and casino market. There is a growing industry trend toward modern, cellular-based communication solutions. Casinos require reliable, cost-effective, and easy-to-use communication tools with exceptional audio clarity, and our SD7 handsets and accessories are an ideal fit for those demands. This casino is replacing traditional Land Mobile Radio (LMR) two-way radios with advanced PoC technology for its security and maintenance personnel. The SD7’s robust capabilities, including instant push-to-talk functionality and superior coverage, make it an attractive choice for businesses prioritizing security and operational efficiency,” Marc Seelenfreund, CEO of Siyata Mobile, said.

Canada

CasinoCanada Started a New Partnership With Ocean Spin by LaLa Stars

Published

2 weeks ago

February 6, 2025

Adrienn Sarkany

CasinoCanada, the number one gambling guide for players in Canada, is thrilled to announce its new partnership with Ocean Spin a brand under the umbrella of LaLa Stars.

This collaboration marks an exciting step in CasinoCanada’s mission to provide its audience with the most comprehensive and up-to-date information on top gaming experiences.

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Ocean Spin Casino, a brand of LaLa Stars company, despite being quite new on the iGaming market, is a huge online gambling platform where all casino newcomers are greeted with a welcome bonus of 100% for up to €500, and 200 free spins plus one Bonus Crab. It comes as a first deposit bonus for a minimum deposit amount of €20. Sports-betting enthusiasts can also claim a welcome bonus of 100% for up to €100.

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“We are excited to meet our new partner Ocean Spin Casino, and hope to bring maximum use and value to our community,” said Aleksandra Drigo, Sales Director at CasinoCanada. “This partnership perfectly reflects our dedication to highlighting the best in the gaming industry while offering our audience valuable insights and chances to experience top-notch gaming. We hope for a productive and long-term partnership!”

The partnership is now live, featuring LaLa Stars reviews and exclusive offers on the CasinoCanada website. This collaboration is set to deliver even more thrilling updates, exclusive content, and personalized promotions for the Canadian gambling community.