Bragg Gaming Group, which is leading the delivery and accumulation of online casino content for the global gambling industry, released its fiscal first quarter 2023 figures. It was another three months long for the company, with sales up 18.1%. In addition, the provider provided growth targets beyond 2023 sales.
Based in Ontario, the company provides iGaming technology to both online and land-based game operators. Exclusive and exclusive content through Bragg Studios and Powered by Bragg titles. Our omnichannel player account management platform is supported by professional in-house managed operations and marketing services. Bragg is licensed and operated in the multi-regulated iCasino market worldwide.
In its report, the iGaming leader disclosed $25.2 million in revenue, a significant improvement to $21.3 million from the same period in 2022. Meanwhile, user-generated betting sales reached $5.7 billion, a significant increase from $4.2 billion a year earlier. Gross profit reached $13.4 million from $11 million in the first quarter.
The report also showed a better first-quarter net loss of US$500 million, compared with US$0.8 million in 2022. Adjusted EBITDA rose 28.1% to US$4.3 million from US$3.3 million in the first quarter of 2022. Meanwhile, cash flows from operations were US$7 million or US$2.7 million more than in the second quarter of last year.
Yaniv Sherman, the company’s chief executive, shared that the success of its initiative to diversify its business toward content-based iGaming solutions continued the supplier’s momentum in the first quarter of 2023. He described the first quarter of 2023 as a record performance in terms of revenue, and said the results included the benefits of increased contributions from highly profitable proprietary and proprietary third-party games.
In a recent announcement, the company re-incorporated operational highlights from Q1 2023. Some of the highlights include the integration of new technologies through DraftKings, Caesars Entertainment, Resort World and the Mohigan Line and remote gaming servers in New Jersey. The company also debuted under the iGaming brand in Belgium with Naplun Sports and Casino in February.
But that’s not all because providers continued to expand in Switzerland by integrating content with local iGaming providers. The provider continued its busy schedule in the second quarter of 2023. The highlight of April 2023 was the launch in Mexico’s regulated online casino market with market leader brand Caliente Interactive.
It also incorporated a range of iGaming content in Italy, the continent’s second-largest online market, in April. The domestic launch was facilitated by Microgame, a leading betting operator. Italy is set to generate US$2.4 billion in iGaming revenue in 2023, according to estimates from H2 Gaming Capital.
BY: 홀짜게임