Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) (FRA:SL4A) 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 Monday, Bragg touted 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.
“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, interim CEO of Bragg in a statement. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
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, by bringing on Richard Carter, who led SBTech to its merger with online gaming behemoth DraftKings.
“We’re particularly pleased with the confidence that investors have demonstrated in our 2021 strategy and enhanced leadership team,” Arviv told shareholders. “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.”
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.
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