Bragg Gaming reports $26.6m in Q2 revenue
Its revenue for the period reached an all-time quarterly high.
Bragg Gaming has posted its Q2 financial results. The company posted an all-time high in quarterly revenue, reaching $26.6m.
Gross profit totaled $13.5m during the second quarter, while the gross profit margin in Q2 reached nearly 50%.
Bragg’s adjusted EBITDA margin reached 14.5%, down nearly five percentage points year-over-year. The company reported that its adjusted EBITDA totaled $3.9m, down 23.8% when compared to its 2023 Q2 results.
Company CEO Matevž Mazij briefly elaborated on Bragg’s achievements during the second quarter.
He said, “In the second quarter, we delivered revenues of $26.6m, a new quarterly record and increase of 0.5% year-over-year, reflecting a robust business performance diversified over several growing iGaming markets and in-demand product verticals.
“However, I am encouraged by recent momentum for our higher margin products including for our proprietary iGaming content in North America, and from launches of new customers powered by Bragg’s Player Account Management (PAM) and turnkey solutions.
Bragg Gaming currently offers more than 9,000 games through the Bragg HUB content delivery platform. Its remote gaming server (RGS) is authorized to deliver casino games to more than 25 global regulated gaming markets.
Mazij discussed the company’s ongoing expansion plans for the global and US markets by saying, “We have taken decisive steps to bolster our leadership team, expand our presence in key markets worldwide and make significant inroads in the US market. With Bragg’s overall share of the US iGaming content supplier market still estimated at below 1%, our expanding distribution in the United States along with our extensive distribution reach in regulated markets globally, represents a huge upside opportunity for the company, which is now licensed, certified or otherwise compliant with relevant local regulations in more than 30 jurisdictions.
“In the US, we are pleased to be on track to more than double our wagering volume this year compared to 2023 and we look forward to continuing the trend into future years. Looking ahead, I am confident that the seeds we are planting today – in the US, in content and in our technology platform – will yield a robust harvest in the future.”
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