Bragg Gaming Group Inc. has announced an impressive record revenue for Q2 2024 of EUR 24.9 million. This underscores its robust performance across numerous iGaming markets and product verticals. From the last year, the milestone represents a marginal increase. This is suggestive of the sustained growth and strategic expansions of the company.
A record in terms of revenue and push forward with no-table operational successes have seen achieved by Bragg in the quarter. Despite a slight decline in gross profit by 10.3% and a 23.8% year-over-year decrease in adjusted EBITDA, the company has demonstrated resilience and adaptability in its business model. From 19.2%, the adjusted EBITDA margin fell to 14.5%. According to company press release, this reflects strategic investments and shifts in product mix focusing on higher margin offerings.
The commitment of Bragg to expand its market presence is evidence from its strategic moves in the United States, as well as other global markets. Matevž Mazij, the CEO of the company, highlighted the promising course in North America, especially with proprietary iGaming content. This is anticipated to drive future revenue and profit margins.
Bragg launched 17 new titles globally in the past quarter. This demonstrates its commitment to innovation and market expansion. A significant inroads in the United States market is included. This is where it has notably increased its wagering volume and extended its content reach with major players. It includes BetMGM in Pennsylvania and FanDuel. Furthermore, the company managed to strike a deal with Kings Entertainment for the Czech market.
The strategic focus on higher margin. Bragg’s recent collaboration with Kero Sports is further exemplified by its proprietary solutions. This partnership will integrate micro betting products of Kero Sports into sportsbook aggregation platform of Bragg. It will enhance the in-play betting experience including features like live chat and streaming. This move is in line with Bragg’s goal to become the chosen turnkey solutions provider for the global iGaming and sports betting industry.
