Bragg Gaming Group provides update on ‘strong’ Q2 performance
Company expects to be listed on Nasdaq in third quarter.
Bragg Gaming Group, a global B2B gaming technology and content provider, on Wednesday provided an update on several aspects of its business, including preliminary revenue estimates for the three month period ending June 30.
The Toronto-based company said it expects to report Q22021 total revenue of approximately €15m ($17.7m) pre-acquisition, representing a year-over-year increase of 23.5% compared to Q2 2020, and a 5.7% quarterly sequential increase.
Bragg said total revenue for the first half of 2021 is expected to be approximately €29.2m. The company’s revenue guidance for 2021 remains unchanged at €47m, with adjusted EBITDA of €4m pre-acquisition.
The company noted its updated financial outlook is based on information available as of Wednesday and is subject to the completion of quarterly closing procedures.
The company said it is pleased with its overall operational progress and performance, and in particular, the performance of two new proprietary games that were launched in Q2 on its Oryx Gaming network from its in-house Oryx studio.
In addition, Bragg said it successfully launched a series of exclusive licensed casino games from third-party studios supported by the Oryx player engagement and data analytics tools.
The company anticipates releasing its Q2 2021 results on August 11, and will provide a more detailed update on the second quarter’s performance during its Q2 earnings call.
Acquisition updates
Following Bragg’s acquisition of Wild Streak in early June, Wild Streak has continued the revenue growth it demonstrated in FY 2020 and in Q1 2021 across both land-based and online casinos, with online revenue growth outpacing the growth in land-based revenue.
In Q2 2021, Wild Streak launched two online casino games: Amazing Money Machine and Lucky Lightning. Bragg said these games, together with Congo Cash and Temujin Treasures (launched in Q1 2021), have demonstrated solid performance (e.g., wagering, gross gaming revenue and unique players).
As of June 30, 2021, Wild Streak had seven online casino games live in key online gaming markets, including in New Jersey, the UK and other regulated jurisdictions in Europe.
Bragg said it continues to make progress with the US and Canadian licensing process in connection with its previously announced acquisition of Spin Games LLC, and continues to expect to complete this acquisition in Q4 2021, pending approval from state gaming commissions.
The company already has been granted licensing approval from GPEB, the British Columbia regulator, subject to the closing of the Spin transaction. Further, the company has submitted its licensing application to the New Jersey Gaming Commission and expects to submit its remaining two US licensing applications, in Pennsylvania and Michigan, in Q3 2021.
Bragg has filed an application for the direct listing of its shares on the Nasdaq Stock Exchange. The company said it remains committed to this goal and expects to complete the direct listing of its shares on the NASDAQ exchange in Q3 2021.
“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,” Richard Carter (pictured), CEO of Bragg, said in a statement. “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 online gaming 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 online gaming market opportunity. Our ongoing progress and success across the business has further established Bragg’s foundation to achieve long-term growth.”
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