Bragg Gaming Group has issued its financial report for the second quarter of 2023, which concluded on June 30, 2023. For Q2, the leading iGaming provider of content saw an 18.9% increase in revenue over the same quarter in 2022. The company has also set up new earnings and Adjusted EBITDA growth targets for the calendar 2023.
The company is focused on delivering online gambling technology, which provides its services, such as tech and content to online and brick-and-mortar gambling operators. Its portfolio of offerings includes titles from in-house brands such as Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic and ORYX Gaming, as well as from studios part of the Powered by Bragg program.
Q2 in Numbers
For Q2, the gambling supplier reported that revenue spiked by 18.9% to US$27.2 million which was a solid upgrade over the US$22.9 million from Q2 of 2022. Meanwhile, wagering proceeds produced by the company’s games and content increased to US$6.1 billion or 31.2% more than the US$4.6 billion recorded in Q2 of 2022.
Additionally, the gaming provider saw an increase in gross profits by 18.9% of US$15.2 million from US$12.8 million in the same quarter of last year. This translated to gross profit margin of 55.9%. Also, net income for the quarter was US$0.4 million, which was also an improvement from US$0.1 million over the same quarter but from the last calendar year.
In the meantime, the company also disclosed that adjusted EBITDA increased by 51.3% to US$5.2 million from US$3.4 million in 2022. Also, for Q2 of 2023, the company saw a total cash flow from operations of US$5.7 million, while cash and cash equivalents as of June 30, 2023, was US$11.8 million and net working capital reached US$9.1 million.
After reviewing the business momentum from the first half of 2023 and the ongoing talks to optimize key customer partnerships for the future. The company also updated its 2023 full-year revenue guidance with a range of US$104.5 million to US$106.7 million. Meanwhile, it also updated its full-year Adjusted EBITDA to US$17.1-18.2 million.
Business Highlights
Also worth mentioning is that recently Bragg Gaming Group inked some important business collaborations to expand its operations across markets. One of those included a global content distribution agreement with 888 Holdings. The latter is the parent company of popular gambling brands such as William Hill, 888, Mr Green, and SI Sportsbook.
However, that is not all, as the iGaming provider of games and technology also agreed to supply its content to FanDuel Group in Michigan and Connecticut. Players of the operator from the two states can also expect a launch of games from Bluberi, Incredible Technologies, Galaxy Gaming, Sega Sammy Creation and King Show Games. According to H2 Gambling Capital, the markets will generate gross proceeds of over US$2 billion in 2023.
Source: “Bragg Gaming Group Second Quarter Revenue Rises 18.9% to Record €24.7 Million (USD $27.2 Million)” BusinessWire, August 10, 2023
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