Bragg Gaming Group Announces Strong Revenue for Q1 2024
Bragg Gaming, the global B2B iGaming technology provider, has announced strong financial results for Q1 2024, with revenue for the period at €23.8 million a rise of 4% year on year.
Bragg Gaming Q1 2024 revenue of €23.8 million.
LISTEN TO THIS ARTICLE:However, the trading statement showed that other key performance indicators had flatlined with a Gross Profit of €11.9 million and Adjusted EBITDA of €3.4 million both showing a slight decrease. One of the reasons behind these decreased figures was given as the restructuring of the deal with Entain Plc to use the Bragg PAM platform.
One of the highlights in the first quarter of 2024 was the rise of partnerships with several top-tier operators globally, and the provider boasts it has increased its portfolio with an additional fourteen titles introduced during the period.
We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets. Year-over-year revenue increased by 4.2% to EUR 23.8 million, largely propelled by organic growth from our current client base, the addition of new customers in multiple jurisdictions, and impressive results from our in-house Wild Streak Gaming casino games studio.
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Bragg Planning for Expansion
In recent months Bragg has undergone a restructuring of its senior management team and has a strategy that it hopes will lead to growth this year. One of the changes was the appointment of Neill Whyte as the new Chief Commercial Officer, following the departure of Lara Falzon from Bragg Gaming.
The company has implemented a strategic review and the early findings show there is room for growth In emerging markets, such as Brazil and Peru.
In the statement, the provider outlined it envisaged long-term growth for the business and believed it is still on target to reach its projected 2024 revenue and Adjusted EBITDA guidance.
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