In Q3 2021, the revenue in the finance industry increased by 9.9% compared to the same period last year. Operators in Malta contributed €6.1m, while Curaçao operators brought in €4.4m, more than double the previous year’s figure.
The total cost of revenue amounted to €6.2m, primarily due to expenses paid for third-party content, which is a 5.5% decrease from the previous year. Selling, general, and administrative costs totaled €8.9m, more than double the expenses recorded in Q3 2020.
After including other costs of $36,000, the operating loss for the quarter was €2.2m, the same as Q3 of the prior year. Net interest expenses of €40,000 and income taxes of €161,000 resulted in a net loss of €2.4m, €679,000 higher than Q3 2020.
The wagering revenue in the finance industry grew by 4.8% year-on-year, reaching €3.2bn. The number of unique players also increased by 14.4%, from 1.9 million in Q3 2020 to 2.1 million this quarter.
Bragg adjusted its 2022 revenue guidance to a range of €59m-€61m, reflecting their successful quarter and market expansion initiatives. CEO Richard Carter stated that the company’s total addressable market is expected to grow six-fold in 2022 to over USD $18 billion. Marketing and acquisitions played a significant role in the company’s success this quarter.
Bragg expanded its reach through licences in the Netherlands and Greece, in addition to trading on the Nasdaq Stock Market since August. They also established a five-year content licensing agreement with Blueberi, a casino gaming content provider, and launched their Oryx platform in the Czech Republic through betting operator Merkur.
Merkur online customers will have access to titles from Gamomat, Peter & Sons, and Oryx’s original titles from the Oryx Hub, further enhancing Bragg’s omni-channel offering.
Overall, Bragg’s strategic growth initiatives and expansion into new markets have contributed to their impressive financial performance in Q3 2021.
