Bragg Gaming Group Hits Record Q3 2024 Revenue 

Gross profit was up 18% to €14.0m ($15.7m) and adjusted EBITDA up 7% to €4.1m ($4.6m). This is as Bragg grows its presence in the US and focuses on distributing its own online gaming content.

“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevz Mazij, Chairman and CEO of Bragg.

Key drivers of record revenue growth

Bragg’s proprietary content revenue was up 40% year on year as its distribution network in the US expanded. The company is still seeing strong growth in the US and content distribution is a big part of that. This shows Bragg can take advantage of regulated markets and position itself as a content provider in online gaming.

The results come as Bragg is under new leadership and is keeping the momentum going while refining its strategy. After a thorough review the board decided unanimously to execute the current strategy rather than explore alternative paths. This is a vote of confidence in the company’s ability to deliver long term value to shareholders through the current plan.

Strategic partnerships and market expansion

Bragg achieved several big things in the quarter:

1. US Expansion: Launched latest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario, FanDuel in New Jersey and bet365 in New Jersey.
2. European Growth: Launched advanced Player Account Management (PAM) software with HardRockCasino.nl and integrated Kambi’s sportsbook with 711.nl for this important client.
3. Leadership Development: Appointed Robbie Bressler as Chief Financial Officer to support the next phase of growth.

Bragg is now commercialising and growing profitably, no more big product investment required. Expect double digit revenue growth in 2025 and improving margins and operational efficiency. This will further cement Bragg’s position in the online gaming space.

Bragg maintained its 2024 full year guidance of €102.0m to €109.0m ($114.2m to $122.1m) and €15.2m to €18.5m ($17.0m to $20.7m) adjusted EBITDA but is tracking towards the lower end of that range.