Throughout the second quarter of the year, Bragg Gaming Group praised a strong growth trajectory, a pattern that has continued into a Q3 where sales are projected to be in line with management expectations.
Company sales rose 107 percent in the second quarter of 2020 from €5.9 million to €12.1 million year-on-year, with the number also marking a 38 percent leap from €8.8 million in Q1.
Adjusted €1.8 m EBITDA reflects considerable development from a loss of €0.3 m in the prior year and a gain of €0.7 m in the first quarter of the year.
While recognising the widespread adverse effect of the COVID-19 pandemic on people and companies globally, Bragg notes that as the online casino gaming market continues to grow, its company has experienced a major upturn in customer interest and revenue.
Paul Pathak, chair of the board of directors at Bragg said: “We’re extremely pleased with the substantial progress we’ve achieved so far in 2020. We’ve delivered strong revenue and EBITDA growth and have made great strides in diversifying our revenues and reaching new audiences.”
Bragg ‘s management has also revised its sales outlook for 2020 by diversifying its global reach with the signing of 11 new customers during the period, including MaxEnt, SuperBet and Candlebets.
The organisation anticipates sales in the range of €38 m to €40 m for the year, an improvement of up to 50 percent from sales of €26.6 m in 2019.
The adjusted EBITDA for 2020 is predicted to decrease from €5.2 million to €5.6 million (2019: €1 million), reflecting a greater rise due to higher margins as the business continues to expand, and a ‘exceptional improvement in top-line sales’ resulting from a combination of existing customer growth and new contributions.
Mr Pathak continued: “As we expand globally, we’ve also continued to invest in our people, platforms and products.
“Our entry earlier this year into the burgeoning US gaming market has given us a foundation from which to build our presence, and we’re looking at a number of promising opportunities for growth. We’re also building our presence in new markets, including eastern Europe and Latin America.”