@      Bragg Gaming Group Q3 2023: Adjusted EBITDA up 71%

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Bragg Gaming Group Q3 2023: Adjusted EBITDA up 71%

Supplier Bragg Gaming Group has published its Q3 financial results and business highlights.

When compared year-on-year, revenue at the company increased 8% to €22.6m ($24.1m).

As for specific wagering revenue generated by customers, this increased by 24.6% to a total of €6.57bn.

Gross profit increased by 13.5% to €11.9m year-on-year, while the gross profit margin gained 250bps to 52.5%.

Adjusted EBITDA was the star of the show, though, with this metric increasing by 70.5% to €3.8m and the adjusted EBITDA margin growing by 620bps up to 16.9%.

Matevž Mazij, recently appointed Bragg CEO, said: “The global availability of our proprietary and exclusive third-party content is accelerating, particularly with a growing number of Tier 1 operators, and we expect our global market penetration for these games to accelerate further in the fourth quarter and throughout 2024.

“During the quarter we launched 12 new proprietary and exclusive third-party games in the largest four regulated online casino markets in the United States and we expect to continue to release games at this cadence or higher over the next 12 months.

A bar chart detailing the financial changes within Bragg Gaming Group when compared to last year's Q3 results.

“We are also expanding our presence in Europe where we have introduced 15 proprietary and exclusive third-party games during the third quarter, including with several new customers in the region.”

Bragg had several business highlights from the quarter, too, starting out with Mazij being appointed the new CEO of the company on 28 August.

The provider also made several major content distribution agreements, firstly with 888 Holdings, which would launch Bragg content across its brands,Online Casino Games including William Hill, 888, Mr Green and SI Sportsbook.

In Europe, Bragg made a similar agreement with Flutter, going live on Pokerstars in the UK, Italy, Portugal, Spain, Denmark, and Sweden.

PokerStars also supported Bragg content in New Jersey, Michigan and Pennsylvania, while FanDuel pushed content and RGS technology live in Michigan and Connecticut.

Mazij continued: “We continue to have the leading PAM in the Netherlands which is live with operators that we estimate account for approximately 30% of the gross gaming revenue generated in the market.

“As we continue to introduce more higher-margin proprietary and exclusive third-party games to more new partners at a faster pace, we expect to generate further top-line, gross profit and adjusted EBITDA growth as well as higher operating margins.”