Press Releases
GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS

Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.
Financial Highlights
Q1 2024 vs. Q1 2023
- Revenue (net) increased 8% to $8,001K, a record
- Revenue (gross) increased 18% to $9,660K, a record
- Net income increased 89% to $209K
- EBITDA increased 7% to $3,009K
- Adjusted EBITDA increased 3% to $3,171K
Balance Sheet Changes (vs. December 31, 2023)
- Cash increased 5% to $17,487K
- Total long-term debt1Â (gross) decreased to $58,187K from $58,431K
- Stockholdersâ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
âThe first quarter of 2024 showed continued growth at the top and bottom lines,â said Matt Reback, President and CEO. âBoth gross and net revenue were records, and by significant margins.  And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.
âIn the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ BaccaratÂź, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.
âWe have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.â concluded Reback. âThis has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.â
âWe were cash flow positive in the quarter and ended with $17.5 million in cash,â added CFO Harry Hagerty. âOur loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.
âOur Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.â
Latest News
Atlaslive Introduces Practical Roadmap for iGaming Operators in Brazil

Atlaslive, a reliable provider of technology solutions for the iGaming sector, has introduced its latest guide titled “How to Start an iGaming Business in Brazil: The Successful Roadmap.” Created for operators looking to enter or grow within Brazilâs fast-expanding online gambling scene, the guide delivers vital insights for navigating the countryâs evolving regulatory environment.
With Brazil now at the forefront of the iGaming landscape in Latin America â thanks to the legalization of sports betting through Law No. 13.756/2018 and subsequent developments â the country is poised for remarkable growth. The Atlaslive guide underscores significant opportunities, emphasizing critical market insights, legal frameworks, licensing requirements, and strategies for successful operations. Key highlights of the guide include:
- Market Overview: A breakdown of Brazilâs vast potential, including forecasts of gross gaming revenue reaching $7.18 billion by the close of 2025.
- Legal Landscape: An overview of the changing regulatory environment and the licensing system governed by Brazilâs Secretariat of Prizes and Bets (SPA).
- Compliance & Taxation: Clear explanations of licensing conditions, compliance protocols, and taxation duties relevant to operators.
- Payment Solutions: A look at preferred local payment options, particularly the widespread use of PIX for instant transactions.
- Marketing Strategies: Approaches to acquiring and retaining players while staying within the bounds of advertising laws.
“As Brazil’s iGaming market matures, operators must be equipped with the right knowledge and tools to navigate its complexities,” said Anastasiia Poltavets, CMO at Atlaslive. “Our guide offers a roadmap that empowers businesses to seize opportunities and ensure compliance in this dynamic landscape.”
With 218.8 million residents and an internet penetration rate surpassing 86%, Brazil represents a lucrative audience for iGaming operators. Atlaslive’s guide serves as a fundamental resource for anyone seeking to thrive in this evolving sector. Gain a strategic edge in Brazilâs iGaming market â download “How to Start an iGaming Business in Brazil: The Successful Roadmap” today.
Latest News
Aviatrix launches with Rei do Pitaco in Brazil

Aviatrix, the award-winning crash game, has gone live with leading brand Rei do Pitaco in Brazil.
The partnership significantly expands Aviatrixâs reach in one of the worldâs most exciting new regulated markets.
Rei do Pitaco is known for its loyal audiences and innovative approach, making it an ideal match for Aviatrixâs unique gameplay.
Anastasia Rimskaya, Chief Account Officer at Aviatrix, said:Â âWe are absolutely delighted to see Rei do Pitaco players in Brazil enjoying Aviatrix. This is a world-class brand with a huge following. A special mention to our dedicated LatAm team, which is on-the-ground ensuring integrations with the best operators across the region.â
JoĂŁo Cordani, Head of Product at Rei do Pitaco, said:Â âAviatrix is a game that has a unique style and energy that really stands out, and weâre confident it will quickly become a hit with our players. Weâll be working closely with their team going forward.â
In April, Aviatrix announced it had received full Federal Certification to offer its games to licensed operators in Brazil, as well as acquiring a dedicated certification for the state of ParanĂĄ.
Latest News
Luka Pataky Joins Bragg Gaming Group as EVP of AI and Innovation to Spearhead Growth and Usage of New Technologies Across Business

Bragg Gaming Group, a global leader in next-generation iGaming content and content delivery, engagement and player management technology, today proudly announces the appointment of Luka Pataky as Executive Vice President (EVP) of AI and Innovation.
In his new role, Pataky will work closely with Braggâs technology teams to develop a 360à„° AI strategy, integrating AI into product development and design, user experience, external communications, safer gambling initiatives and internal processes to drive growth and efficiency.
This strategic leadership addition comes as part of Braggâs commitment to the leveraging of data, advanced analytics and powerful AI to enhance user experience, player engagement, maximize revenue potential, and drive smarter, more efficient iGaming operations.
Luka Pataky boasts a strong pedigree in AI and technology, with over a decade of experience at Sportradar, a company at the forefront of sports data and content. His tenure at Sportradar culminated in his role as Senior Vice President for Automated Content, where he spearheaded an initiative from its inception to a production-ready, scalable system that ended up powering over 300,000 sports events per year with a team of over 70.
In this leadership position, he was instrumental in revolutionizing sports content creation through AI, Computer Vision, and Deep Learning, successfully bringing real-time data collection solutions to production, being the driving force behind integrating acquired tech businesses, thereby turning advanced technology into significant business value through the optimization of operating costs and business efficiencies.
Prior to his SVP role, Pataky played a key role in establishing Sportradarâs innovation unit, a hub for pioneering new ideas, implementing processes that enabled faster experimentation and fostering a culture of rapid prototyping and testing.
As part of this, he also led the team responsible for scaling Sportradarâs startup program and forging strategic innovation partnerships with universities and innovation labs. In his multiple innovation-based roles, he demonstrated a consistent focus on leveraging AI and data analysis to identify and develop new product opportunities and strategic initiatives.
His extensive experience across these leadership roles highlights his proven ability to lead large, cross-functional teams, manage complex technological advancements, and strategically integrate new ventures, underscoring his expertise in driving growth and innovation within the technology sector.
Known globally for its award-winning iGaming content and technology solutions, Bragg has consistently championed the integration of artificial intelligence technology across its business model, as typified by the introduction of an AI-powered Games Recommendation System into its Fuze âą marketing and promotional toolset.
The Company has also utilised AI extensively across its responsible gambling work, using these new technologies and extensive data collection to more effectively identify at-risk gamblers.
âLuka Pataky is the ideal hire for Bragg, as we look to supercharge our AI and innovation ambitions,â said MatevĆŸ Mazij, Chief Executive Officer at Bragg. âHis extensive experience of being at the forefront of this gamechanging technology and innovation will help springboard Bragg into the next iteration of our growth. With the increased adoption of AI across the iGaming industry, Bragg has once again shown its commitment to staying ahead of the competition.â
âBragg has always struck me as a company where technology and innovation are key drivers,â said Luka Pataky. âThis is a company which is always pushing the boundaries, using its extensive knowledge and the skills of its teams to create and set new trends. It sits on vast amounts of user data and insight, which we can turn into intelligence that will power next generation player engagement. Introducing AI at all levels of product and operations will make it perfectly positioned for future growth.â
âI am looking forward to playing a role in accelerating Braggâs journey to becoming an AI-first company. I have no doubt weâll be able to compliment and elevate Braggâs already amazing next generation player experiences for its operator partners and drive value for the business.â
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