Bragg Gaming Reports Solid Q2 Revenue, Continuing Success from Q1

B2B gaming technology company Bragg Gaming is having a good year. It reported a strong first quarter and, following the release of its latest financial health report, saw another significant improvement in the second quarter.

Bragg Gaming representatives participating in the iGaming Next expo in New York City in May. The gaming company has provided its latest financials, showing strong results for Q2. (Image: Bragg Gaming)

Gross profit for the company increased by 65.5% in the quarter, reaching $11.9 million. This comes as its gross profit margin jumped, as well, gaining 1,060 base points from Q2 of last year. Compared to Q1, it’s also a 55.9% increase.

The improvement comes from the introduction of new proprietary games and market expansion in Europe and North America. As a result, for the second time this year, it has raised its full-year guidance for 2022.

The 2021 Rebound

Bragg has shown considerable improvement over the past 12 months. In Q2 of last year, its revenue was $15.84 million, but jumped to $21.25 million in the most recent quarter. That marks a 34.2% year-on-year change.

In addition, its wagering revenue saw a huge jump. For the period last year, it recorded revenue of $3.88 billion. Now, however, this increased to $4.29 billion.

Net income improved, as well, but still needs a boost. A reduction in the cost of sales activity allowed Bragg to record positive income of $100,000. A year ago, it took a $2.4-million hit.

At the end of the most recent quarter, the company was holding cash and cash equivalents with a value of $11.3 million. This takes into account the $9.2 million it spent on the acquisition of Spin Games. Bragg announced that purchase a year ago and finalized it during Q2 of this year.  

New content is on its way that should continue to solidify the company’s position in the market. Bragg has stated that it will introduce around 22 proprietary games this year, 120% more than it did last year.

In addition to the proprietary content, Bragg has in place a number of agreements for exclusive distribution of games from third-party studios. This, it asserts, will lead to a “higher level of desirable real estate allocation” on several iGaming platforms.

The North American market is going to continue to be a focal point of the company’s operations. Bragg expects to dedicate a number of resources to the market as it continues to expand, leveraging its position in both the online and land-based gaming sectors.

Sherman Enters at the Right Time

Now leading Bragg, only since June, is Yaniv Sherman, a former 888 Holdings executive and its head of US operations. With him at the helm, the company expects to continue to strengthen its position. It’s already on track, raising its 2022 full-year outlook considerably.

The North American iGaming market continues to grow. We expect to leverage our expertise and differentiated product and technology advantages to drive consistent growth with leading operators in these markets. This includes content localization and customization that addresses popular online and land-based themes,” said new Bragg Gaming CEO Yaniv Sherman.

Before the latest results, Bragg anticipated revenue of between $70 and $74 million for the year. However, it now pushed the guidance up to $78 to $82 million. It raised its adjusted EBITDA (earnings before interest, tax, depreciation and amortization), as well. This went from $9.7 to $10.7 million to $10 to $11 million.

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