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Bragg Gaming Group, a provider of gaming technology and content, released a trading update this week that included early revenue expectations for the three months ending June 30, 2021.
The company told investors that it expects total sales in the second quarter of 2021 to be around $17.7 million pre-acquisition (Wild Streak Gaming), up 23.5 percent year over year and 5.7 percent quarterly sequentially from the second quarter of 2020.
Total revenues for the first half of 2021 are expected to be around $34.5 million, reflecting this forecast. However, the company’s revenue projection for 2021 remains intact at $55.5 million, with adjusted EBITDA of $4.7 million before the acquisition.
Continued growth and momentum
Richard Carter, the CEO, explained: “Our financial growth as well as the operational and strategic development momentum we demonstrated in 2020, and in the first quarter of this year, continued in the second quarter.
“We are making consistent progress with our growth initiatives including the introduction of new proprietary online games with better economics while expanding our footprint into new igaming markets.
“The integration and performance of Wild Streak Gaming and the anticipated closing of the Spin Games acquisition later this year will position Bragg to leverage our existing technology platform, which includes in-demand player engagement tools, with new proprietary content and customer relationships positioning Bragg to address the large US igaming market opportunity.”
Overall operational success and performance
The company expressed its satisfaction with its overall operational success and performance, particularly the performance of two new proprietary games introduced in Q2 on its Oryx Gaming network from its in-house Oryx studio, according to the update.
Furthermore, the company successfully released a series of exclusive licenced casino games from third-party studios, which were backed up by Oryx’s player interaction and data analytics capabilities.
Wild Streak had seven online casino games live in important igaming markets as of June 30, 2021, including New Jersey.
In terms of North American activity, the company noted continued progress with the licencing process in the United States and Canada in connection with its previously announced acquisition of Spin Games LLC, and it remains on track to close the transaction in Q4 2021, pending approval from state gaming commissions.
GPEB, the British Columbia regulator, has already awarded the company licence clearance, subject to the completion of the Spin transaction. Furthermore, it has applied for a licence with the New Jersey Gaming Commission and plans to apply for the remaining two US licences, in Pennsylvania and Michigan, in Q3 2021.
The company also stated that it has submitted an application to the Nasdaq Stock Exchange for direct listing of its shares. It concluded: “The company remains committed to this goal and expects to complete the direct listing of its shares on the NASDAQ exchange in Q3 2021.”