Bragg Gaming Group Releases Q2 2019 Results

Bragg Gaming Group has released its Q2 2019 results. The company achieved record revenue growth year-over-year.

The company demonstrated continued growth with CDN $8.8M in revenue, gross profit of CDN $3.8M, EBITDA loss of CDN $0.3M and net loss from continuing operations of CDN $6.4M.

“I am very pleased with Bragg’s progress this quarter. During the six months since Bragg’s inception, we have acted on several strategic initiatives that have helped us transform into a global gaming company. This quarter, we focused on investing in the business in order to expand our footprint and accelerate future growth. We launched ORYX Hub, a new platform that is a one-stop-shop for quality casino content, sportsbook, and lottery products. The strategic rationale behind this and other investments demonstrates our dedication to market and platform expansion. I am confident that we are taking the right steps to diversify and grow our business and that our recent activities will strengthen our position in the rapidly growing gaming market,” Dominic Mansour, CEO of Bragg said.

The year-on-year strong revenue growth that ORYX achieved in Q1 2019 extended into Q2, leading to an aggregate 48% revenue growth in the H1 of 2019 compared to H1 2018.

“ORYX had another strong quarter. In addition to the record number of operators integrated in the first half, we signed agreements with Red Tiger, Stakelogic, Betsson, and Casumo whose extensive portfolio of games are now fully integrated into the ORYX Hub platform. We continue to engage with highly innovative and best-of-breed partners to supplement our broad content base and further improve our user-experience,” Mansour said.

“Performance since the end of June has been ahead of our expectations, with monthly operator GGR on the casino aggregator platform 6% ahead of the 3-month daily average, despite the typical slow-down during the summer months,” Mansour added.

Bragg has made extensive progress implementing key changes to its Online Media Division, which were the legacy businesses of Breaking Data acquired as a part of the acquisition in December 2018. Having received expressions of interest from various parties, the Board has determined that its GiveMeSport (GMS) and GiveMeBet (GMB) assets are in a strong position for a strategic review. Bragg has enlisted Sequence Advisers LLP to provide guidance as the Company undergoes the review process.

“This review of strategic alternatives for GMS and GMB is a prime example of how we are exploring all available options to position Bragg for long-term success. Demonstrated by the impressive user statistics, we’ve taken bold actions and made fundamental changes that have resulted in a far stronger, more capable GMS and GMB,” Mansour said.

“Looking ahead, we are laser focused on growing our B2B gaming solutions and plan to extend ORYX’s reach both organically and through future acquisitions and strategic partnerships. We have been strategically investing in our platform and services and expect increased adoption in existing markets as well as penetration into new markets, particularly the US,” Mansour concluded.