Bragg Gaming Group experienced a robust second quarter of 2023, as revenue surged by 19% compared to the previous year, reaching €24.7 million (equivalent to $27.2 million). The firm attributes this expansion to its penetration into fresh markets and heightened player activity.

Key takeaways include:

* Total revenue attained €24.7 million.
* The aggregate sum wagered by players amounted to €5.5 billion.
* Entry was secured into multiple newly regulated iGaming markets.
* Content distribution partnerships were established with prominent entities such as 888 Holdings and Flutter.

Bragg handled a substantial €5.5 billion in bets during this quarter, marking a considerable rise from the €4.2 billion recorded in the corresponding period last year. Their gross earnings exhibited a comparable upward trend, hitting €13.8 million, signifying a 19% year-on-year growth.

Significantly, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) witnessed a remarkable leap to €4.7 million, translating to a 51% increase relative to Q2 2022.

Yaniv Sherman, Chief Executive Officer of Bragg Gaming, emphasized the strategic initiatives underpinning these outcomes: “Our emphasis on transitioning towards a revenue composition characterized by higher margins, encompassing internally generated proprietary and exclusive external content, coupled with our turnkey player account management (“PAM”) and managed services collaborations, played a pivotal role in these accomplishments.”

He further remarked, “This transition yielded a 410 basis point enhancement in our Adjusted EBITDA margin, which ascended to an unprecedented 19.2%.”

Throughout the second quarter, Bragg Gaming also broadened its presence within the United States, introducing its offerings in Pennsylvania, New Jersey, Michigan, and Connecticut through alliances with Rush Street Interactive, WynnBet, and FanDuel.

Pragmatic Play is experiencing a surge of success, broadening its footprint throughout Europe and generating excitement in nations such as Georgia, Switzerland, and Spain. Their expansion doesn’t end there – significant collaborations with industry leaders like 888 Holdings and PokerStars (a subsidiary of Flutter Entertainment) are cementing their status as a formidable player in the market.

Adding to their achievements, Sherman emphasized their remarkable European progress, “We’ve joined forces with 10 operators across five European markets during this timeframe, encompassing nearly every operator in Switzerland, and have secured a dominant position in the Netherlands for PAM.”

Maintaining a dedication to innovation, they are continuously introducing fresh games. Sherman elaborated, “Building on this triumph, we’ve sustained the acceleration of our new game releases, with 30 new proprietary or third-party exclusive titles launched worldwide in the first half of the year and up to 40 more projected by years end.”