Bragg Gaming reports 234% jump in adjusted EBITDA in Q1

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Company saw 54% increase in unique players using its content.

B2B gaming technology and content provider Bragg Gaming Group on Thursday said revenue and adjusted EBITDA were up sharply in the first quarter, a three-month period ending March 31.

The company said its Q1 2021 revenue was €14.2m, or $17.1m, up 62% from €8.8m during Q1 2020.

Bragg said its revenue has grown each quarter since Q1 2019.Quarter-over-quarter revenue increased by 3%, from €13.8m in Q4 2020.

Adjusted EBITDA was €2.3m in Q1 2021, up 234% from €0.7m in Q1 2020.

The company said its net loss for the period was €1.1m, a decrease of €4.6m from Q1 2020.

Richard Carter, CEO of Bragg Gaming, said in a statement: “We have continued to build on the strong momentum of 2020 with an excellent first quarter. We saw a 54% increase in the number of unique players using Bragg content, have launched nine new operators, and our customer pipeline for the remainder of 2021 is expected to continue to grow and expand globally, underpinning future company growth in 2021.”

Carter said the Toronto-based company has continued to invest in its employees, technology and its product offerings. “This has allowed us to commercialize our in-house casino content studio, with our first game recently launched across our network. With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier-one, vertically-integrated online gaming business in the US, Bragg Gaming has never been better positioned for long-term success.”

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