Bragg Gaming celebrated 2020’s strong momentum in setting the groundwork for the company to have a “excellent” first quarter of the year, with sales up 62 percent to €14.2 million from €8.8 million the previous year.
Quarterly sales rose 3 percent from €13.8 million in Q4 2020 to €14.2 million in the three months ended March 31, 2021, with the number of unique players using Bragg games and content increasing 54 percent to 2.4 million from 1.6 million in the previous quarter.
Gross profit grew by 68 percent to €6.6 million (2020: €4.0 million), with margins increasing from 45 percent to 47 percent, owing to a change in sales from games and content to igaming and turnkey services, according to the company.
Due to a complete settlement of the Oryx earn-out on January 18, 2020, the net loss for the period was reduced to €1.1 million, and adjusted EBITDA increased by 234 percent to €2.3 million (2020: €700,000).
Continuation of strong momentum
Richard Carter, CEO of Bragg Gaming said: “We’ve continued to build on the strong momentum of 2020 with an excellent first quarter. Revenue is up by 62 per cent year-over-year and adjusted EBITDA increased by 234 per cent.
“We’ve also seen a 54 per cent increase in the number of unique players using Bragg content, have launched nine new operators and our customer pipeline for the remainder of 2021 is expected to continue to grow and expand globally, underpinning future company growth in 2021.”
Before getting into the future plans, including the imminent $30 million purchase of Spin Games: “We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialise our in-house casino content studio, with our first game recently launched across our network,” continued Carter.
“With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games laying the foundation for our strategy of building a tier one vertically integrated igaming business in the US, Bragg Gaming has never been better positioned for long-term success.”