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Bragg Gaming Group Reports Third Quarter 2019 Results

George Miller

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Bragg Gaming Group Reports Third Quarter 2019 Results
Reading Time: 3 minutes

 

Enters the lucrative U.S. gaming market through recently announced partnership with Kambi Group and Seneca Gaming Corporation

Bragg Gaming Group has released its results for the third quarter ended September 30, 2019, achieving strong sequential revenue growth of 13 per cent over Q2 2019.

Third Quarter 2019 Results

In the third quarter, the Company delivered continued growth with revenue of CDN $10.0M, gross profit of CDN $4.3M, EBITDA of CDN $0.2M, and net loss from continuing operations of CDN $0.2M. These results culminated in strong performance for the first nine months of 2019 with revenue of CDN $28.0M, gross profit of CDN $12.6M, EBITDA of CDN $0.6M and net loss from continuing operations of CDN $7.6M.

Dominic Mansour, Bragg’s CEO, said: “We’ve made significant progress this quarter, with our focus on B2B with ORYX driving 30 per cent revenue growth compared to Q3 2018. This resulted in a significant improvement in ORYX’s gross profit and in-turn drove ORYX EBITDA to grow by over 300 per cent to CDN $1.2M.

“I am extremely pleased with the Company’s progression over the past quarter. We’ve proven that, with our modern technology and seamless integration process, we are able to expand our operator base at a significantly faster rate than the competition. I am particularly pleased that the strong momentum of operator launches experienced in the first half of the year continued into Q3 with the successful launch of 10 new operators. We expect this momentum to further accelerate throughout Q4 with more than 14 launches in the pipeline.”

US Market Entry

Bragg recently entered into a partnership with Kambi Group, a well-established provider of premium sports betting services with an extensive client base. Bragg will provide their casino services and unique player account management (PAM) along with Kambi’s sports betting services to operators worldwide, with an initial focus on the burgeoning US market.

This newly created partnership recently signed a deal with New York’s Seneca Gaming Corporation (SGC), which operates all of the Seneca Nation’s Class III gaming operations in western New York. The Bragg and Kambi teams will collaborate to provide SGC with a combination of their services and products across SGC’s three New York casinos.

“Our partnership with Kambi and the initial deal with Seneca are both huge stepping stones for Bragg as we commence operations in the U.S. and continue to expand our global reach,” noted Mansour.  “Our strategic focus in the U.S. is to partner with tier-1 casinos and operators. I believe that this Seneca deal will be the first of many in the coming years, particularly as the legal landscape continues to mature.”

Strategic Review of Online Media Division

The strategic review of the online media divisions consisting of the GiveMeSport asset has continued through the second half of 2019, and the Board expects this to be completed in Q1 2020.

In the interim, Bragg continues to enhance the GMS platform in order to drive more volume. The relaunch of the GMS website was completed in July, and the site is now quicker, slicker, more intuitive, and has a lighter ad load. These improvements culminated in peak site traffic in October 2019, which were 46 per cent greater than October 2018, growing from 15.9M visitors to 23.3M organic visitors.

Directorate Changes

Bragg’s CFO, Akshay Kumar, has announced his intent to step down as Chief Financial Officer of the Company for personal reasons. Effective November 13, 2019, Steven Prowse will assume the role of Chief Financial Officer. Mr. Kumar will assist Mr. Prowse, ensuring a seamless transition.

Prowse is an industry veteran with over 10 years’ experience in the betting and gaming sector. He served as Group Finance Director for PartyGaming plc (later bwin.party), a gaming business listed on the London Stock Exchange, and was instrumental in M&A, including the acquisition of Foxy Bingo and the €2.1bn merger with bwin in 2011 where he continued as Group Finance Director.

Dominic Mansour said: “I would like to thank Akshay for his hard work and contributions to Bragg. Our team wishes him all the best for the future. We also look forward to welcoming Steven to the Bragg team and believe his expertise with M&A in the sector will be extremely valuable during this pivotal time for the Company.”

Steven Prowse said: “I am delighted to join Bragg at such an early and exciting point in its growth trajectory.  Bragg has market-leading technology, products and people.  As such, I see enormous potential for this business and am very much looking forward to being a part of that growth.”

 

 

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Fantasma Games Launches Riviera Star

Niji Narayan

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Fantasma Games Launches Riviera Star
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Fantasma Games has released its latest online slot game Riviera Star. The glamorous slot delivers plenty of big-win potential with thrilling features including Respins, Free Spins, Sticky Wilds and Multipliers.

Any line win activates the Respin feature and sees all winning symbols locked in their position while the rest of the reels spin. Any new line win during the Respin feature is locked and the rest of the reels spin again. When no new line wins occur, the Respin feature ends.

The unique Superstar feature can be randomly activated at the start of any base game spin and sees the Superstar symbol, which acts as a Sticky Wild, placed randomly at a position on reels two to four. It also boasts an increasing all-win multiplier.

Riviera Star also features a Free Spin bonus game triggered when three Scatter Symbols land during the base game. The player receives ten Free Spins and the Superstar feature and all-wins multiplier are also activated.

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WorldMatch Renovates its Website

Niji Narayan

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WorldMatch Renovates its Website
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Online gaming company WorldMatch has renovated its website to emphasise its 160 slot machines with 70 game engines, 30 table games and all types of video poker, in HTML5 for both desktop and mobile devices. The new site includes a section dedicated to the individual games and the explanation of their technical characteristics.

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The graphic restyling is aimed at pointing out WorldMatch’s mission: to offer a wide range of games that will meet every player’s taste.

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France’s Française des Jeux Secures New Jackpot Insurance

Niji Narayan

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France’s Française des Jeux Secures New Jackpot Insurance
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Française des Jeux (FDJ), the operator of France’s national lottery games, has announced the implementation of a comprehensive insurance policy to cover its counterparty risk from January 1, 2020.

One of the changes involved in the tax and regulatory reform carried out as part of the privatisation of FDJ was the discontinuation of the “counterparty fund” system.

This reform is part of a broader process of clarifying the relations between the state and the company, which is now responsible for covering counterparty risk through an insurance policy, at its own expense.

FDJ has taken out a comprehensive insurance policy with a number of top-tier French and international insurers and reinsurers to cover its counterparty risk, which will take effect from January 1, 2020.

This contract, drawn up with insurance broker Marsh, provides a guarantee for the gains falling within its scope on an aggregate basis. It provides annual coverage of up to €150 million. All costs related to this insurance policy are in line with expectations and are covered by the planned budget.

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