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Bragg Gaming Group posts 44% revenue boost on the strength of new contracts with industry heavyweights

The online gaming solution provider posted group revenue of C$13.6 million and successfully launched multiple new operators on its platform in its first quarter

Bragg Gaming Group -
The company told shareholders that a continued focus on diversifying its revenue sources contributed to the results

Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) has reported a 44% revenue boost in its first-quarter 2020, driven by new contracts with nine gaming industry leaders.

The online gaming solution provider posted group revenue of C$13.6 million for the three-month period ended March 31, 2020, compared to C$9.4 million in the same quarter of 2019.

The company said it had a strong pipeline of potential contracts, with an additional 20 potential new customers in Europe and Latin America currently in discussions.

READ: Bragg Gaming Group delivers 41% year-over-year revenue growth in 2019 driven by business-to-business platform

During the quarter, Bragg successfully launched multiple new operators on its platform, including Croatian-based Admiral Group, Betcris, SkillOnNet, and LottoLand. It also signed agreements with industry-leading companies like Gamesys Group, SkillOnNet, Leon, Casino Secret and Hub88.

The company told shareholders that its continued focus on diversifying its revenue sources contributed to its results.

“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 in the results statement.

“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.”

The company said that its business had grown during the coronavirus (COVID-19) pandemic as people around the globe turned to at-home activities.

Mansour noted that the firm is expanding its presence in the US gaming market after having established a presence there with its Kambi and Seneca partnership. The CEO told investors that the company is evaluating opportunities to further expand its business in the 50 states.

Bragg’s first-quarter net loss came in at C$7.7 million compared to C$3 million in the year-ago quarter.

2020 forecast

The company also said that its financial outperformance continued into 2Q 2020 with revenue expected to be up by around 30% from the previous quarter. Its financial guidance for 2020 remains unchanged, with revenue for 2020 forecasted to be in the range of C$53.9 million to C$58.5 million versus actual 2019 revenue C$41.0 million, an increase of up to 43% versus 2019.

Adjusted EBITDA for 2020 is expected to be in the range of C$ 8.0 million to $8.6 million versus actual 2019 Adjusted EBITDA of C$1.8 million, which would represent a larger increase due to increased margins as the company continues to scale.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Bragg Gaming Group

Price: 2.18 CAD

Market: TSX-V
Market Cap: $257.17 m

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