Late in March, the global provider of iGaming technology and solutions, Bragg Gaming Group, released its 2023 results, pointing to strong growth. At the time, the company also updated its guidance and targets for 2024.
At the same time, the company reiterated its intention to review strategic alternatives. With the review, Bragg seeks to identify potential growth opportunities, including but not limited to potential mergers, sale of assets, financing acquisitions or other strategic objectives.
Now, the company has released its first quarter results, pointing to an increase in revenue. In addition to financial details for the first quarter of 2024, Bragg provided an update on its strategic review process, while also highlighting other important recent and future plans.
Matevž Mazij, Bragg’s chief executive officer (CEO), revealed that the company was able to retain the strong momentum accumulated throughout last year into the first quarter of this year. He added: “delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets.”
Additionally, Mazij spoke about the 4.2% year-over-year increase in company revenue, which was the result of organic growth of the company’s existing client base in addition to the acquisition of new customers from different jurisdictions. He spoke about Bragg’s in-house Wild Streak Gaming casino games studio, explaining that it was able to deliver exceptional results throughout Q1 2024.
Strategic Review of Alternative Opportunities Continues
Focusing on adjusted gross profit and adjusted EBITDA, Mazij said that “modest decreases” were observed during the latest trading period. He said that the decreases were the result of “the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025.” Despite this minor setback, Mazij said that Bragg remains confident in its ability to deliver profitability and long-term growth.
When it comes to the ongoing review of strategic alternatives, Mazij said that it is currently ongoing. He explained that through this review, Bragg anticipates identifying new growth opportunities but refrained from disclosing what approach can be taken to accomplish them.
“Additionally, as we continue to make encouraging progress on our strategic alternatives review process, it’s important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities.“
Matevž Mazij, CEO at Bragg
In Q1 2024, Bragg posted €23.8 million ($25.7 million) in revenue. The result, compared to the €22.9 million ($24.7 million) figure reported for the corresponding period in 2023, marked an increase of 4.2%.
In contrast to the growth in revenue, Bragg’s gross profit decreased by 2.8% to €11.9 million ($12.8 million) for the first quarter of this year. On the other hand, adjusted EBITDA marked a more notable decrease of 12.4% to €3.4 million ($3.7 million), judging by the latest unaudited financial update released by the company.
