Bragg Gaming Group reports $24.2m in Q3 revenue

November 9, 2023
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The company posted significant growth in adjusted EBITDA during the quarter.

Bragg Gaming Group has published its financial results for the third quarter of 2023. The company posted an 8% boost in overall revenue year-over-year.

Third-quarter company revenue reached $24.2m. Bragg posted a net profit of $12.7m during Q3, reflecting a 13.5% increase when compared to figures during the previous year’s corresponding quarter. The company’s gross profit margin during the third quarter was 52.5%.

Adjusted EBITDA in Q3 grew by more than 70% to reach $4.1m. The company reported an adjusted EBITDA margin during the quarter of 16.9%.

Company CEO Matevž Mazij commented on Bragg’s latest report by saying, “These results reflect, in part, a revenue mix shift to higher-margin products including in-house created proprietary content, exclusive third-party content, and turn-key player account management (“PAM”) and managed services partnerships, alongside our ongoing cost control actions.”

Mazij went on to discuss Bragg’s plans for further US expansion.

He said, “The global availability of our proprietary and exclusive third-party content is accelerating, particularly with a growing number of Tier 1 operators, and we expect our global market penetration for these games to accelerate further in the fourth quarter and throughout 2024.

“During the quarter we launched 12 new proprietary and exclusive third-party games in the largest four regulated online casino markets in the United States and we expect to continue to release games at this cadence or higher over the next 12 months.

“As we continue to introduce more higher-margin proprietary and exclusive third-party games to more new partners at a faster pace, we expect to generate further top-line, gross profit and Adjusted EBITDA growth as well as higher operating margins.”

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Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
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