354 0 Kommentare Bragg Gaming Group Achieves 44 Per Cent Revenue Growth in the First Quarter

Global Gaming Group Continues Strong Upward Revenue and Adjusted EBITDA Trajectory into 2020

TORONTO, June 30, 2020 (GLOBE NEWSWIRE) -- Bragg Gaming Group Inc. (TSXV: BRAG, OTC: BRGGF) (“Bragg”, the “Group” or the “Company”) today released its financial results for the three-months ended March 31, 2020. Bragg is pleased to announce that the Company continued its strong upward revenue and Adjusted EBITDA^* growth trajectory over the quarter, achieving 44 per cent revenue growth year-over-year and 100 per cent Adjusted EBITDA growth year-over-year.

Continued focus on revenue diversification contributed to Bragg’s robust results, including the signing of new agreements with nine leading industry companies, including Gamesys Group, SkillOnNet, Leon, CasinoSecret and Hub88. The Company is also in advanced discussions with an additional 20 potential new customers in licensed jurisdictions in Europe and Latin America.

“We’re very pleased that we’ve been able to build on the strong trajectory that we achieved in 2019,” said Dominic Mansour, CEO of Bragg. “We’ve continued to emphasize revenue diversification and have delivered strong growth across our operators, with the introduction of new features and functionality on our platforms. We have continually improved our content pipeline and have signed multiple new customers globally.”

While acknowledging the widespread adverse impact of the global COVID-19 pandemic on people and businesses globally, Bragg’s business has experienced a significant increase in revenue, as people chose to seek safe entertainment alternatives they can enjoy in their own homes.

“We’ve also focused on expanding our presence in the burgeoning U.S. gaming market,” Mr. Mansour noted. “We established a foothold there last year with our Kambi and Seneca partnership and are now evaluating opportunities to expand further.”

First Quarter 2020 Highlights and Business Advancements

Group revenue of €8.8m (C$13.6 million^†) vs €6.1m (C$9.4 million) in Q1 of 2019, representing 44 per cent growth year on year
Group Adjusted EBITDA of €0.8m (C$1.2 million), representing 100 per cent growth over Q1 of 2019
Successful launch of multiple new operators including Croatian-based Admiral Group, Betcris, SkillOnNet, and LottoLand
Decreased dependence on revenue from German-facing operators with Schleswig-Holstein licenses; this revenue decreased to 30 per cent of total revenues vs 46 per cent in Q1 of 2019, demonstrating the underlying success of the Group’s diversification efforts and international growth initiatives.