In a January 26 announcement, Bragg Gaming Group presented their objective plan which will help them accelerate the expansion process to the United States and Canada. The company is looking forward to broadening its reach due to the strong final of 2020 in which they managed to complete series of strategic tasks such as the acquisition of ORYX Gaming, strengthening the board of directors, and the approval to graduate in the Toronto Stock Exchange program.
The recent success of the Bragg Gaming Group has laid the groundwork for expanding its influence on the iGaming sector. They have also increased their investments in technology and business development in order to ensure that the company will lead the digital gaming industry into new horizons. That is why Bragg Gaming Group turned its attention towards big markets such as U.S. and Canada.
Cutting-edge Technology
Bragg Gaming Group’s plan is to launch their ambitious B2B iGaming technology in all states that permit to do so, the company has already applied for B2B supplier licenses in New York and New Jersey, next on the list will be all other states that allow iGaming, and of course in Canada which is still waiting on the permit.
According to Adam Arviv, who is the current CEO of Bragg Gaming Group, the quick completion of their set tasks in 2020, allowed them to speed up the expansion process to other foreign markets. In addition to that, he commented that their attention is currently set on taking over the U.S. B2B gaming market and build on their current success in Europe and South America, by diversifying their products.
Bragg Gaming Group is currently working on acquiring B2B supplier licenses in many European countries, with the U.K being the biggest one among them. The company is strengthening in key areas such as improving Sportsbook and Lottery products, and trying out new instant-games and always working on their iGaming platform.
The latest trading reports on January 26, 2021, showed that revenue for the 2020 fiscal year was exceeding expectations. The estimated outlook revenue for the 2021 fiscal year remains unchanged with a total of CA$73.5 million, with adjusted EBITDA of CA$6.4 million, which change is due to the company’s investments and focus to expand to U.S. and Canadian markets.
Board of Directors
Bragg Gaming Group was more than pleased to announce their latest addition to their board of directors, in the face of the experienced Paul Godfrey. Mr. Godfrey was Chair of Ontario Lottery and Gaming Corporation, starting January 12, he took his place among the ambitious developer’s board of directors. Bragg Gaming Group is expecting to profit greatly with Godfrey’s signature.
Q1 2020
Back at the start of 2020, Bragg Gaming Group has published their financial reports for the first quarter of 2020, which showed a 44 percent increase in their revenue. For the first three months of 2020, statistics show a 44% improvement over the last year’s Q1. To put this into perspective in Q1 2020 the company recorded CA$13.6 million for the three months period, while in 2019 the numbers were around CA$9.4 million.
Source: “Bragg Gaming Provides Corporate Update in Advance of Graduation to Toronto Stock Exchange”, GlobeNewswire, January 26. 2021
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