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 Bragg Gaming Reports 62% Revenue Increase During First Quarter 2021

 
Bragg Gaming has published its financial results for the first quarter of 2021 and highlights that its revenues increased by 62% compared to 2020. More specifically, revenues were 14.2 million euros, compared to 8.8 million euros for first quarter of 2020. In addition, adjusted EBITDA was 2.3 million euros, 234% more compared to 0.7 million euros in the first quarter of 2020.
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Richard Carter, CEO of Bragg Gaming, also highlighted the “54% increase in the number of unique players using Bragg content, have launched nine new operators and our customer pipeline for the remainder of 2021 is expected to continue to grow and expand globally, underpinning future company growth in 2021”.

Regarding the future, Carter emphasizes the expansion of the company and says: “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier one vertically integrated iGaming business in the US, Bragg Gaming has never been better positioned for long-term success".

Here are other Bragg Gaming Q1 2021 financial highlights:
  • 3% quarter-over-quarter revenue increase, from € 13.8 million in the fourth quarter of 2020 to € 14.2 million in the first quarter of 2021.
  • Customer generated gambling revenue increased 52% to € 3.5 billion compared to € 2.3 billion in the first quarter of 2020.
  • The number of unique players using Bragg games and content increased by 54% to 2.4 million, from 1.6 million during the comparable period in Q1 2020.
  • Gross profit increased 68% to € 6.6 million, compared to € 4.0 million with an increase in margins from 45% to 47%
  • Net loss for the period was € 1.1M, a decrease of € 4.6M from the first quarter of 2020, mainly due to the full liquidation of the ORYX profit on January 18, 2020, which resulted in zero expense for the new measurement of deferred and contingent consideration and accumulation of liabilities in the current quarter (first quarter of 2020: 5.0 million euros)
  • Cash and cash equivalents as of March 31, 2021 increased to € 30.1M compared to € 26.1M as of December 31, 2020

On the other hand, the company publishes the following business highlights:
  • Successful launch of nine new B2C operators during the period in various jurisdictions, including PAF (Finland), iGaming platform Senator (Croatia), Swiss market leader Casino Luzern and Maxbet (Romania)
  • Better diversification of customer revenue, with 62% of revenue for the first quarter of 2021 derived from the top 10 customers, compared to 65% of the first quarter of 2020.
  • Launch of 11 new fully certified casino games successfully distributed throughout the network.
  • Agreement signed to be the exclusive distributor of Sakuragate slot studio outside of Japan.
18+ | Juegoseguro.es – Jugarbien.es
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