Bragg Gaming Group Provides Update on Strong Q2 2021 Performance, and Operational and Strategic Development Progress

Bragg Gaming Group, a global B2B gaming technology and content provider, today provided an update on several aspects of its business including preliminary revenue estimates for the three month period ended June 30, 2021.  

“Our financial growth as well as the operational and strategic development momentum we demonstrated in 2020, and in the first quarter of this year, continued in the second quarter,” said Richard Carter, CEO of Bragg. “We are making consistent progress with our growth initiatives including the introduction of new proprietary online games with better economics while expanding our footprint into new iGaming markets. The integration and performance of Wild Streak Gaming and the anticipated closing of the Spin Games acquisition later this year will position Bragg to leverage our existing technology platform, which includes in-demand player engagement tools, with new proprietary content and customer relationships positioning Bragg to address the large U.S. iGaming market opportunity. Our ongoing progress and success across the business has further established Bragg’s foundation to achieve long-term growth.”

Preliminary Q2 2021 Revenue

Bragg expects to report 2021 Q2 total revenues of approximately EUR €15.0 million (USD $17.7 million) pre-acquisition, representing a year-over-year increase of 23.5% compared to the 2020 second quarter period, and a 5.7% quarterly sequential increase. Reflecting this expectation, total revenues for the first half of 2021 are expected to be approximately EUR €29.2 million (USD $34.5 million). The Company’s revenue guidance for 2021 remains unchanged at EUR €47 million (USD $55.5 million) with adjusted EBITDA of EUR €4 million (USD $4.7 million) pre-acquisition.

This updated financial outlook is based on information available to the Company as of the date of this release and is subject to the completion of quarterly closing procedures.

The Company is pleased with its overall operational progress and performance, and in particular, the performance of two new proprietary games that were launched in Q2 on its Oryx Gaming (“Oryx“) network from its in-house Oryx studio. In addition, the Company successfully launched a series of exclusive licenced casino games from third-party studios supported by the Oryx player engagement and data analytics tools.

The Company anticipates releasing its 2021 second quarter results on August 11, 2021, and will provide a more detailed update on the second quarter’s performance during its Q2 earnings call.

Updates on Wild Steak Games Acquisition and Closing of Spin Gaming Acquisition

Following the Company’s acquisition of Wild Streak in early June, Wild Streak has continued the revenue growth it demonstrated in FY 2020 and in Q1 2021 across both land-based and online casinos, with online revenue growth outpacing the growth in land-based revenue.

In Q2 2021, Wild Streak launched two online casino games: Amazing Money Machine and Lucky Lightning. These games, together with Congo Cash and Temujin Treasures (launched in Q1 2021), have demonstrated solid performance (e.g., wagering, gross gaming revenue and unique players).

As of June 30, 2021, Wild Streak had seven online casino games live in key iGaming markets including in New Jersey, the UK and other regulated jurisdictions in Europe.

The Company continues to make progress with the U.S. and Canadian licencing process in connection with its previously announced acquisition of Spin Games LLC (“Spin“), and continues to expect to complete this acquisition in Q4 2021 pending approval from state gaming commissions. The Company has already been granted licensing approval from GPEB, the British Columbia regulator, subject to the closing of the Spin transaction. Further, the Company has submitted its licensing application to the New Jersey Gaming Commission and expects to submit its remaining two U.S. licensing applications, in Pennsylvania and Michigan, in Q3 2021.

The technical integration between Spin and the Company’s Oryx Hub distribution platform has been completed. The combined offering will deliver the benefits of Oryx’s advanced player engagement, data tools and platform technology alongside Spin’s U.S. market content and operator relationships and is expected to provide a differentiated and widely distributed iGaming product offering.

German Facing Market Regulatory Regime Update

The anticipated new iGaming regulatory regime in Germany, the country where the Company derived the largest portion of its revenue in 2020, became effective on July 1, 2021. All operators in Germany are now required to comply with the new regulations.

The Company will continue to monitor how the German facing market adjusts to the new regulatory framework and is closely working with its German customers to help navigate the changing regulatory landscape.

NASDAQ Listing

The Company has filed an application for the direct listing of its shares on the Nasdaq Stock Exchange. The Company remains committed to this goal and expects to complete the direct listing of its shares on the NASDAQ exchange in Q3 2021.

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