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Bragg Gaming has released its financial ps for the second quarter of 2024, showing a record quarterly revenue total for the company of €24.9m ($26.6m).
While revenue was up 0.5% year-on-year, gross profit was down 10.3% to €12.4m, while adjusted EBITDA dropped 23.8% to €3.6m. This decrease in gross profit and adjusted EBITDA, though, was expected by the company in light of its changed product mix.
As a result, Bragg has reiterated its 2024 full-year guidance for revenue at a range of €102m to €109m and adjusted EBITDA at a range of €15.2m to €18.5m.
With regards to its strategic review process related to alternatives for maximising shareholder value announced back in March, Bragg has stated that it is pleased with the progress that has been made so far, but has said it won’t be providing any comments on the status of the process just yet.
Bragg CEO Matevž Mazij said: “As expected, gross profit and adjusted EBITDA were down 10.3% and 23.8% year-on-year respectively, as our product mix has changed. However, I am encouraged by recent momentum for our higher margin products including for our proprietary iGaming content in North America and from launches of new customers powered by Bragg’s Player Account Management (“PAM”) and turnkey solutions.
“We have taken decisive steps to bolster our leadership team, expand our presence in key markets worldwide and make significant inroads in the U.S. market. With Bragg’s overall share of the US iGaming content supplier market still estimated at below 1%, our expanding distribution in the United States along with our extensive distribution reach in regulated markets globally, represents a huge upside opportunity for the company, which is now licensed, certified or otherwise compliant with relevant local regulations in more than 30 jurisdictions.
“Looking ahead, I am confident that the seeds we are planting today – in the US, in content and in our technology platform – will yield a robust harvest in the future. We are building a stronger, more agile Bragg that, along with our US distribution and global reach, is poised to capitalise on the immense opportunities that lie ahead in the worldwide iGaming market.”
On top of this, Penn Entertainment has also released its second quarter revenue, which showed a slight dip in revenue of 0.7% to $1.66bn.
