Bragg Gaming Group has released its Q2 2023 financial results. During the second quarter, revenue hit an all-time high and reached $27.2m, reflecting an 18.9% increase year-over-year.
Gross profit in Q2 rose by 18.9% to reach $15.2m. The company posted an adjusted EBITDA of $5.2m, reflecting a 51.3% boost when compared to the previous year’s corresponding quarter.
CEO Yaniv Sherman commented, “Bragg’s initiatives to focus the business to be a leading content-driven iGaming B2B provider combined with disciplined expense management, resulted in record second quarter operating results.
“These results reflect, in part, our continued shift towards a revenue mix of higher-margin products including in-house created proprietary and exclusive third-party content, turn-key Player Account Management (“PAM”) and managed services partnerships.”
Sherman also elaborated on the company’s North American expansion plan during the quarter.
He said in closing, “During the second quarter we further advanced our efforts to scale the global distribution of our proprietary and exclusive third-party content.
“We continue to grow our distribution in North America as in the first six months of this year we launched our proprietary and exclusive third-party content across seven operators in three North American markets.”
The company’s latest North American launch involved its current partnership with FanDuel. Bragg recently released its new remote games server (RMS) technology and new proprietary content in Michigan and Connecticut with FanDuel.
The duo recently rolled out continent from Bragg Studios last month to players in the Canadian province of Ontario. Bragg’s Spin Games portfolio is currently live both in Ontario and in New Jersey through FanDuel.
