Bragg Gaming Reports Slight Revenue Increase for Q2

New Quarterly Record

Bragg Gaming reported its financial results for the second quarter of 2024, showcasing a slight increase in revenues but a decline in gross profit. With a revenue of €24.9 million, representing a 0.5% increase compared to the same quarter last year, gross profit decreased by 10.3% year-over-year to €12.4 million.

“In the second quarter, we delivered revenues of €24.9 million, 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,” said Matevž Mazij, Chief Executive Officer for Bragg.

For the six months ending June 30, 2024, Bragg reported cash flow from operations of €2.1 million, a decrease from the €5.2 million reported in the same period of 2023.

The company’s cash and cash equivalents stood at €10.9 million as of June 30, 2024, with a net working capital of €10.5 million.

To support its strategic initiatives, Bragg secured a €6.5 million investment through a promissory note, providing additional financial flexibility.

Key Business Developments

In recent months Bragg has made several moves to bolster its market position. The company appointed new executives, including an interim Chief Financial Officer, a Chief Commercial Officer, and a Chief Legal & Compliance Officer.

In addition, Bragg continued its global expansion by securing a deal with Kingsbet.cz to provide a full iGaming solution, enhancing its presence in the Czech Republic.

The company also expanded in the U.S. market, launching content with BetMGM in Pennsylvania and partnering with market leader FanDuel, as well as Golden Nugget in New Jersey. These launches keep Bragg on track to cover approximately 90% of the U.S. total addressable market by the end of the year.