On August 11, 2021, prominent B2B gaming technology and content provider revealed its financial record and highlights for the second quarter of 2021 that concluded on June 30, 2021. During the three-month period, the gaming aggregator has reported improving fiscal numbers as it documented a 28% increase of revenue to US$18.3 million.
Bragg Gaming Group is an uprising international gaming technology and content-oriented company and owner of leading B2B companies in the iGaming industry. Since the company’s inception in 2018, it has managed to expand its radius of operations across Europe, North America, and Latin America. The firm also continues its growth in the iGaming scene.
Improving Results
For the second quarter of 2021, the gaming company reported a revenue increase of 27.6% to US$18.3 million. In comparison in 2020 Q2, those stats stood at US$14.3. Wagering revenue generated by players by 15.9% to US$4.5 billion compared to last year’s quarter of US$3.9 billion. Unique players’ number on the Oryx Hub platform has also increased by 21% to 2,300,000.
During the quarter that finished on June 30, 2021, the company reports an increase of gross profit by 37.5% to US$8.3 million from US$6.0 million in Q2 2020, thus also recording higher revenue and a 3.3% margin improvement to 45.4%. The margin expansion is mainly due to the continued revenue shift towards a higher proportion of revenues from iGaming and turnkey service.
For the said quarter the gaming provider reported a net loss of US$2.8 million, which is a decrease from US$2.3 million for the same quarter but in 2020. This is due to the incremental increase in employee costs, exceptional professional fees as a result of the NASDAQ listing attempts, and offset by increased gross profit and reduction of cost to deferred consideration payable.
The company recorded adjusted EBITDA of US$2.2 million, which is an 8.5% increase to last year’s same quarter with US$2.1 million. Adjusted EBITDA margin has decreased by 2.1% to 12.3%, this is due to the increased salary and subcontractors’ costs as part of the Company’s investment in the expansion of its software development, product, and management functions.
Acquisition Details
During Q2 in June, the B2B provider also announced that it has completed the acquisition of the Las Vegas-based Wild Streak Gaming. The latter is a gaming content developer with 39 premium slot titles in its catalog of titles. The deal was concluded for around US$30 million, and the content developer will receive around US$10 million in cash and US$20 million worth of the B2B company’s common share in the course of the next three years.
Q1 Results
In May, Bragg Gaming Group released its financial statistics for the first quarter of the current year. For this Q1 the company has reported a 62% increase of revenue over Q1 in 2020. Adjusted EBITDA has also drastically increased by 234%. For this year’s first quarter the firm has also reported a 54% increase of unique players in comparison to last year’s quarter.
Source: “Bragg Gaming Group Announces Second Quarter 2021 Results”, Bragg Gaming Group, August 11, 2021
