Bragg Gaming experiences slight decline in gross profit for Q1
Revenue did, however, grow.
Bragg Gaming Group has reported on its financial results for the first quarter of 2024, which it called “record financial results.”
Q1 2024
Revenue increased 4.2% during the quarter to a figure of €23.8m ($25.7m). This has been attributed to organic growth from the supplier’s current client base, the addition of new customers in a variety of jurisdictions and positive results from its in-house Wild Streak Gaming casino games studio.
Gross profit, however, declined 2.8% to €11.9m, resulting in a gross profit margin of 49.9% compared with the 53.5% seen in the same period last year. The drop in gross profit margin has been put down to increased revenue performance in all content products categories, at the same time recording slightly lower PAM and managed services revenue.
Likewise, adjusted EBITDA decreased 12.4% to be valued at €3.4m, while adjusted EBITDA margin was 14.3% when it was 17% in Q1 2023.
Recent business highlights
Bragg has secured a license within the iGaming market in Peru and a global content distribution agreement with Light & Wonder.
The supplier also launched new exclusive online content with Golden Nugget in Michigan, while most recently, Neill Whyte was appointed to the role of Chief Commercial Officer (CCO).
Comments
Bragg CEO Matevž Mazij commented on the company’s results saying: “We carried our strong momentum in 2023 into the first quarter, 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.
“Although gross profit and Adjusted EBITDA saw modest decreases in the first quarter stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability.
“Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.”
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