Bragg Gaming Group has lauded “significant progress” made during 2019’s third quarter, with the firm’s latest financial report quickly following US market entry being secured alongside Kambi Group and Seneca Gaming Corporation.
Driven by a B2B focus, with its Oryx Gaming entity again gaining praise, revenue for the period came to CDN $10m (£5.8m) with gross profit finishing at CDN $4.3m (£2.5m). For the first nine months of the year these amounted to CDN $28m (£16.4m) and CDN $12.6m (£7.4m), respectively.
Dominic Mansour, Bragg’s CEO, said of the firm’s performance: “We’ve made significant progress this quarter, with our focus on B2B with Oryx driving 30 per cent revenue growth compared to Q3 2018. This resulted in a significant improvement in Oryx’s gross profit and in-turn drove Oryx EBITDA to grow by over 300 per cent to CDN $1.2m.
“I am extremely pleased with the company’s progression over the past quarter. We’ve proven that, with our modern technology and seamless integration process, we are able to expand our operator base at a significantly faster rate than the competition.
“I am particularly pleased that the strong momentum of operator launches experienced in the first half of the year continued into Q3 with the successful launch of 10 new operators. We expect this momentum to further accelerate throughout Q4 with more than 14 launches in the pipeline.”
Hailing its partnership with Kambi and deal with Seneca as “huge stepping stones” as the company entered the US, Bragg stipulates that it’s the first of a number of agreements to come as the firm targets “to partner with tier one casinos and operators”.
Coinciding with its Q3 report, the firm has also revealed that Akshay Kumar is to depart his role of CFO from November 13, 2019, and will subsequently be replaced by Steven Prowse.
“I would like to thank Akshay for his hard work and contributions to Bragg. Our team wishes him all the best for the future. We also look forward to welcoming Steven to the Bragg team and believe his expertise with M&A in the sector will be extremely valuable during this pivotal time for the company,” added Mansour.
Furthermore, Bragg is also continuing with a strategic review of its GiveMeSport asset, with the board expecting completion to occur during the first quarter of 2020.
