In late March, Bragg Gaming Group, a global provider of iGaming technology and solutions, announced its 2023 results, showcasing significant growth. The company also updated its guidance and targets for 2024 and reiterated its intention to review strategic alternatives. This review aims to identify potential growth opportunities, including mergers, asset sales, acquisitions, or other strategic objectives.
Recently, Bragg released its first-quarter results for 2024, indicating an increase in revenue. Alongside the financial details for Q1 2024, Bragg provided an update on its strategic review process and highlighted other important recent and future plans.
Matevž Mazij, Bragg’s CEO, stated that the company maintained the strong momentum from the previous year into the first quarter of this year. He said, “delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets.”
Mazij also noted a 4.2% year-over-year increase in company revenue, attributed to organic growth of the existing client base and the acquisition of new customers from various jurisdictions. He highlighted the performance of Bragg’s in-house Wild Streak Gaming casino games studio, which delivered exceptional results throughout Q1 2024.
Strategic review of alternative opportunities continues
Despite modest decreases in adjusted gross profit and adjusted EBITDA during the latest trading period, Mazij explained that these were due to “the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025.” He emphasized that Bragg remains confident in its ability to achieve profitability and long-term growth.
Regarding the ongoing strategic review, Mazij stated that it is progressing well, with the aim of identifying new growth opportunities. He refrained from disclosing specific approaches but stressed that Bragg is operating as usual and focused on capitalizing on growth opportunities.
“In addition, as we continue to make encouraging progress on our strategic alternatives review process, it’s important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities,” said Matevž Mazij, CEO at Bragg.
In Q1 2024, Bragg reported revenue of €23.8 million ($25.7 million), marking a 4.2% increase from €22.9 million ($24.7 million) in the corresponding period in 2023.
However, Bragg’s gross profit decreased by 2.8% to €11.9 million ($12.8 million) in the first quarter of this year. Adjusted EBITDA saw a more significant decrease of 12.4% to €3.4 million ($3.7 million), according to the latest unaudited financial update released by the company.
