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Bragg Gaming Group Reports First Quarter Results

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Achieves positive EBITDA for the first time in company history as revenue soars by 203 per cent

 

Bragg Gaming Group has reported that its revenue more than tripled in its first full Q1 results.

Bragg has set a strong pace for the first quarter of 2019, achieving CDN $10.4M in revenue, the top of the expected range, and an increase of 203 per cent over the comparable period last year.

Gross profit increased by 181 per cent year-on-year to CDN $5.2M compared to CDN $1.8M in Q1 2018.

Overall, Bragg reported an EBITDA of CDN $63k and a net loss of CDN $1.9M, including a stock-based compensation charge of CDN $1.1M and depreciation and amortisation of CDN $0.8M.

Dominic Mansour, CEO of Bragg, said: “We’re very pleased with our results. It’s our first full quarter, and we’ve been focused on building a solid foundation for future growth. We delivered on our initial goals, including closing a number of divisions within the old Breaking Data organisation and completing a substantial restructure of the GiveMeSport (GMS) business.

“We aggressively cost-managed GMS and pivoted the direction of the sports media site. Bragg was also able to break even at the EBITDA level by quarter-end, the first time in the company’s history and sooner than we expected.”

ORYX Gaming, Bragg’s flagship property, was a key contributor to the strong Q1 results, achieving CDN $9.2M in revenue during the quarter.

Mansour added: “ORYX had an exceptional Q1. Revenue is up 83 per cent over the same period in 2018, and we secured a number of key clients, signing 22 agreements over the quarter.

“We were also successful in our goal of diversifying our customer base. 49 per cent of ORYX’s revenue now comes from our top five customers; a very positive trend when compared to the first quarter of 2018, when over 75 per cent of revenue came from just two customers.”

GiveMeSport, Bragg’s sport media outlet, is also performing ahead of internal expectations. Following the first quarter restructure, the business is already seeing positive results in both its cost structure and key performance metrics. The number of unique Facebook users reached was 65.7M in Q1 with significant growth into Q2, while Facebook video views increased by 52 per cent year-to-date. The site also saw a 123 per cent jump in Facebook video interactions. The GiveMeSport business is currently planning a significant re-launch in the third quarter (August 2019) of the year.

Bragg also made notable changes in its board of directors in the first quarter, adding gaming industry veteran Jim Ryan, M&A expert Paul Pathak and Bragg CFO Akshay Kumar to the board. The company also changed its reporting currency to Canadian dollars and moved its fiscal year to calendar year.

Bragg recently announced it has appointed award-winning journalist Benny Bonsu to lead GiveMeSport’s new women’s sport division.

She will be tasked with building GiveMeSport Women, a global editorial brand dedicated to coverage of women’s sport.

Bonsu has held prior roles at the London 2012 Olympics, the National Basketball Association (NBA), BBC World Service, Sky Sports, MTG Africa, BT Sport and Matchroom Sport.

Bragg’s Annual General Meeting (AGM) will take place on June 27, 2019.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Bragg Gaming Group Reports First Quarter Results

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Adventure Awaits in Boat Bonanza CrocoNile!

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Play’n GO takes players on an unforgettable expedition to Egypt’s legendary Nile in Boat Bonanza CrocoNile!, filled with thrills, spills, and crocodile chills!

Captain Jim and Jane Bonanza are here, sailing into the exotic and mysterious waters of the Nile. Legend speaks of untold treasures hidden beneath its waters, guarded fiercely by crocodiles and the ominous Curse of Sobek. Fans of the Bonanza series and Egyptian adventures will find plenty to love in this latest journey packed with intriguing gameplay and captivating storytelling.

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The post Adventure Awaits in Boat Bonanza CrocoNile! appeared first on European Gaming Industry News.

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WinSpirit Casino Earns AskGamblers Certificate of Trust

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WinSpirit is proud to announce that it has officially received the Certificate of Trust from AskGamblers—one of the most respected accolades an online casino can achieve. This certificate is awarded only to platforms that demonstrate exceptional standards in key areas such as fast payouts, high player ratings, and a strong commitment to responsible gambling. It reflects WinSpirit’s dedication to player satisfaction and further strengthens the brand’s reputation as a trustworthy, high-performing casino.

With this recognition, WinSpirit reaffirms its promise to players: that their funds and personal data are protected, their rights are upheld, and their experience is both fair and rewarding.

“Receiving the Certificate of Trust is not just a badge of honour – it reflects the daily effort we put into building a casino that players and partners can rely on” — says Kate Van Engelen, PR Manager at WinSpirit.

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The post WinSpirit Casino Earns AskGamblers Certificate of Trust appeared first on European Gaming Industry News.

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Mindway AI partners with BetComply to scale safer gambling support

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Mindway AI, the award-winning safer gambling software company, has enlisted the skill set of BetComply, iGaming’s most trusted technical and regulatory compliance firm, as it looks to further develop its product offering and support more operators.

The partnership will see BetComply’s Safer Gambling & Sustainability Specialist Jez White and his team advising Mindway AI on how its solutions can be best incorporated into operators’ safer gambling functions.

BetComply will also provide support on Mindway AI’s product roadmap and new business opportunities, with a focus on GameScanner, an advanced software solution that helps gambling operators boost player protection and intervene early to prevent at-risk gambling behaviour.

BetComply’s Safer Gambling & Sustainability Specialist Jez White said: “Mindway AI is at the cutting edge of safer gambling technology, and we’re excited to support their mission to raise the industry standard. Our goal is to help bridge the gap between innovation and implementation, ensuring operators can fully harness tools like GameScanner to deliver more effective, proactive player protection.”

Mindway AI’s CEO Rasmus Kjaergaard added: “We’re thrilled to be working with BetComply, where Jez and his team’s vast operational experience will be a huge asset as we continue delivering our award-winning software to more clients. We’re excited about what we can achieve together.”

In March, White joined BetComply as the firm’s first Safer Gambling & Sustainability Specialist, following more than eight years at Entain, where he served as Director of Player Protection Systems and Analytics.

The post Mindway AI partners with BetComply to scale safer gambling support appeared first on European Gaming Industry News.

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