- Established to identify online gaming opportunities
- Focus on both B2B and B2C gaming companies
- Owns content aggregator Oryx Gaming, sports media firm GiveMeSport, and UK-focused sportsbook GiveMeBet
What Bragg Gaming does:
Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) was established in December 2018 to identify online gaming opportunities with a focus on both B2B and B2C gaming companies. It was the reincarnation of a gambling company called Breaking Data.
It has three core businesses: ORYX, an online casino technology group; GiveMeSport, a sports-focused media company and Facebook’s largest sports publisher; as well as GiveMeBet, a UK-focused online sports betting brand and casino site that aims to draw viewers from GiveMeSport.
Boasting clients ranging from Jackpotjoy to GVC Holdings, which owns Ladbrokes Coral Group, ORYX is licensed to provide its services in Malta, Spain, Romania, Colombia, Croatia, Serbia, Gibraltar, the UK and Slovenia.
ORYX also offers consulting services and assists clients with hosting and security as well as payments and transactions as well as risk and fraud management.
The GiveMeSport website carries exclusive player and manager interviews, providing fans with up-to-date features, match previews and match reviews. It covers football, boxing, cricket, Formula 1, golf, tennis, rugby, athletics and has a GMSWomen newsroom.
GiveMeSport has Facebook’s most popular sports page with over 25 million likes, a million ahead of US sports broadcaster ESPN, according to the company.
How is it doing:
Bragg Gaming saw its revenue grow by 72% year-over-year to C$18.1 million (€11.7 million) in 3Q 2020 after expanding its online gaming business through Europe and Latin America.
In its quarterly results posted on November 23, 2020, Bragg posted adjusted EBITDA of C$2.8 million in the quarter compared to $0.3 million in the comparable period a year ago, with significantly higher margins of 15.7% as a result of improved cost control and higher scale.
The group onboarded 14 new customers in the quarter, which also saw it advancing discussions with new clients in Europe and Latin America and entering Denmark and Latvia for the first time.
Oryx, Bragg’s gaming subsidiary, launched 11 new games to strengthen its portfolio in the quarter.
Total bets were up 95% to C$5.1 billion compared to the same period in 2019, when C$2.6 billion in bets were placed. The number of unique players also rose 89 % to 1.8 million, an increase Bragg attributed to additions to its content offering and platform improvements.
Bragg also strengthened its leadership team during the three-month period to end September 30, 2020, by bringing onboard Richard Carter, who led SBTech to its merger with online gaming behemoth DraftKings.
Bragg is forecasting 4Q revenue to be circa C$67 million with adjusted EBITDA for 2020 in the range of C$8.1 million to C$8.7 million.
The company recently closed a bought deal financing worth C$20 million.
- Further additions to the ORYX Hub gaming platform
- Outcome of strategic review for GiveMeSport and UK-focused sportsbook GiveMeBet.
What the boss says:
Commenting on Bragg's 3Q results, interim CEO Adam Arviv said in a statement: "We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered. We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
The CEO added: “We’re particularly pleased with the confidence that investors have demonstrated in our 2021 strategy and enhanced leadership team. Richard Carter and I have taken active leadership roles within Bragg to ensure the future success of the company. Our partnership represents alignment to move our global strategy forward and our extensive networks and personal reputations within the US gaming market will add tremendous value for Bragg shareholders.”
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