Bragg Gaming Group has financial results for the second quarter

Bragg Gaming Group has financial results for the second quarter

Bragg Gaming Group, a prominent supplier and Aggregator of iGaming content, published its financial records for the second quarter of 2022, this week. The corporation made a gross profit of US $11.9 million for the period from April 1, 2022, to June 30, 2022, The company gave an update on it’s growth initiatives.

Bragg Gaming Group became a key player in the gambling industry in less than a year after it was established. The company has expanded into numerous regulated markets in Europe, and North and Latin America, where it is able to distribute content through its subsidiaries.

An impressive performance in the second quarter

The gaming leader reported a revenue of US$21.3 million in the second quarter of the year, which is an increase of 34.2% compared to the same quarter in the previous year. TheWagering revenue recorded by customers hit US$ 4.3 billion, which was an increase on the previous quarter with US$ 3.9 billion. The revenue shows a change in the mix of products and services.

In the second quarter of the year, gross profit was boosted by 65.5% to US $11.9 million. The margin improved to a quarterly record of 55.9%, reflecting higher revenue and 1 1,060 basis point year-over-year margin improvement. The net income for the quarter was US$ 0.1 million, which is an improvement over the net loss of US$2.4 million from the previous year.

The adjusted earnings were worth US$ 3.2 million. The one from the first quarter of the year with US$ 1.9 million was an improvement of 62.9%. The company’s increased scale and an improvement in the product mix of online gaming and turnkey services resulted in a 260 basis point increase in the company’s adjusted earnings before interest, taxes, depreciation and amortization margin.

The full-year outlook for revenue and adjusted earnings was published with the company’s Q2 report. Revenue is projected to hit US$78-82 million, while the corporation expects adjusted earnings to reach around US$10-11 million. A year-on-year increase of 34% and 46% would be provided by the two predicted ranges.

The gaming leader made its long-awaited debut on home turf in the second quarter of 2022, as it launched operations in Ontario. The Alcohol and Gaming Commission of Ontario oversees the province’s new and regulated iGaming market. It is now possible to sell its products to other operators in the jurisdiction.

A new appointment has been made

Mark Clayton was appointed to the Board of Directors of Bragg Gaming Group at the end of July. He has 32 years of experience in the industry and will bring it to the stage. In addition to that, the gaming conglomerate revealed that a member of the Board of Directors resigned immediately.

Bragg Gaming Group reports record second quarter results as revenue rises 34.2% to 20.8 million (USD $21.3 million).

Summary:

Bragg Gaming Group reported a 34.2% year-on-year increase in revenue to $21.3 million in the second quarter of the year. The company reported a 65.5% year-on-year increase in gross profit to $11.9 million, from $7.2 million in the year-ago period. The company’s adjusted earnings before interest, taxes, depreciation and amortization was $3.2 million, an improvement of 62.9% over the previous year.