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Bragg Gaming Group Reports Third Quarter 2019 Results

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Bragg Gaming Group Reports Third Quarter 2019 ResultsReading Time: 3 minutes

 

Enters the lucrative U.S. gaming market through recently announced partnership with Kambi Group and Seneca Gaming Corporation

Bragg Gaming Group has released its results for the third quarter ended September 30, 2019, achieving strong sequential revenue growth of 13 per cent over Q2 2019.

Third Quarter 2019 Results

In the third quarter, the Company delivered continued growth with revenue of CDN $10.0M, gross profit of CDN $4.3M, EBITDA of CDN $0.2M, and net loss from continuing operations of CDN $0.2M. These results culminated in strong performance for the first nine months of 2019 with revenue of CDN $28.0M, gross profit of CDN $12.6M, EBITDA of CDN $0.6M and net loss from continuing operations of CDN $7.6M.

Dominic Mansour, Bragg’s CEO, said: “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.”

US Market Entry

Bragg recently entered into a partnership with Kambi Group, a well-established provider of premium sports betting services with an extensive client base. Bragg will provide their casino services and unique player account management (PAM) along with Kambi’s sports betting services to operators worldwide, with an initial focus on the burgeoning US market.

This newly created partnership recently signed a deal with New York’s Seneca Gaming Corporation (SGC), which operates all of the Seneca Nation’s Class III gaming operations in western New York. The Bragg and Kambi teams will collaborate to provide SGC with a combination of their services and products across SGC’s three New York casinos.

“Our partnership with Kambi and the initial deal with Seneca are both huge stepping stones for Bragg as we commence operations in the U.S. and continue to expand our global reach,” noted Mansour.  “Our strategic focus in the U.S. is to partner with tier-1 casinos and operators. I believe that this Seneca deal will be the first of many in the coming years, particularly as the legal landscape continues to mature.”

Strategic Review of Online Media Division

The strategic review of the online media divisions consisting of the GiveMeSport asset has continued through the second half of 2019, and the Board expects this to be completed in Q1 2020.

In the interim, Bragg continues to enhance the GMS platform in order to drive more volume. The relaunch of the GMS website was completed in July, and the site is now quicker, slicker, more intuitive, and has a lighter ad load. These improvements culminated in peak site traffic in October 2019, which were 46 per cent greater than October 2018, growing from 15.9M visitors to 23.3M organic visitors.

Directorate Changes

Bragg’s CFO, Akshay Kumar, has announced his intent to step down as Chief Financial Officer of the Company for personal reasons. Effective November 13, 2019, Steven Prowse will assume the role of Chief Financial Officer. Mr. Kumar will assist Mr. Prowse, ensuring a seamless transition.

Prowse is an industry veteran with over 10 years’ experience in the betting and gaming sector. He served as Group Finance Director for PartyGaming plc (later bwin.party), a gaming business listed on the London Stock Exchange, and was instrumental in M&A, including the acquisition of Foxy Bingo and the €2.1bn merger with bwin in 2011 where he continued as Group Finance Director.

Dominic Mansour said: “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.”

Steven Prowse said: “I am delighted to join Bragg at such an early and exciting point in its growth trajectory.  Bragg has market-leading technology, products and people.  As such, I see enormous potential for this business and am very much looking forward to being a part of that growth.”

 

 


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 Third Quarter 2019 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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The post CryptoSlots Unveils “The 24 Spins of Christmas” – A Digital Advent Calendar Packed with Daily Bonuses and Chances to Win $1M Jackpot appeared first on European Gaming Industry News.

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SPOTLIGHT SPORTS GROUP RELEASES WORLD CUP 2026 BETTING OUTLOOK AS INDUSTRY PREPARES FOR SURGE IN FIRST TIME BETTORS

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New research reveals high intent to bet, major entry of first time bettors and rising demand for personalised, trusted content ahead of the biggest World Cup in history.

Spotlight has released its World Cup 2026 Betting Outlook, presenting new insights into how fans will watch, bet and engage across the expanded 48 team, 39 day tournament.

Key findings show major shifts in fan betting behaviour:

  • 66% of planned bettors will be betting on the World Cup for the first time
  • In the US this rises sharply to 90%, signalling significant entry of new bettors into the market
  • 70% plan to place a bet, but only 7% feel confident doing so
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  • Social media is the least trusted source of betting insight

The research also highlights strong enthusiasm for the expanded tournament format itself, with 93% feeling positive about the 48 team structure and 86% planning to stay engaged throughout the full 39 day schedule.

Mark Langdon, Group Sports Director at Spotlight Sports Group, said: “The data shows that the 2026 World Cup will bring a huge wave of new and inexperienced bettors into the market. Operators that deliver simple onboarding, strong pre-match insight and personalised content will be best positioned to capture and engage this audience.”

The findings will be discussed in detail during Spotlight Sports Group’s SBC webinar Engaging Audiences During the 2026 World Cup on Thursday 4 December at 2pm GMT.

 

About the research

The survey gathered responses from 600 sports fans across the UK, US and LATAM.

The post SPOTLIGHT SPORTS GROUP RELEASES WORLD CUP 2026 BETTING OUTLOOK AS INDUSTRY PREPARES FOR SURGE IN FIRST TIME BETTORS appeared first on European Gaming Industry News.

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Playson debuts dynamic new feature in Tornado Power: Hold and Win

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Tornado Feature and dynamic Thunder Bonus Feature enrich both Main Game and Bonus play

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The post Playson debuts dynamic new feature in Tornado Power: Hold and Win appeared first on European Gaming Industry News.

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