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Bragg Gaming Group Reports Continued Growth and Strategic Initiatives in Early 2024

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At the end of March 2023, Bragg Gaming Group, a leading global provider of iGaming technology solutions, reported its annual results, which highlighted substantial growth. Furthermore, the company updated its financial forecasts and targets for the upcoming year, setting a positive outlook for 2024.

In tandem with these announcements, Bragg Gaming reiterated its commitment to exploring strategic alternatives. The company’s review aims to pinpoint new opportunities for growth, which could include mergers, asset sales, strategic acquisitions, or other significant financial strategies to enhance their market position.

Our robust growth in the first quarter is a testament to our successful transformation into a content-focused provider of iGaming solutions across key markets in North America and Europe.

Moving into the first quarter of 2024, Bragg Gaming Group announced a notable increase in revenue, demonstrating continued financial health. Detailed financial results for this quarter were released alongside an update on their ongoing strategic review. The company took this opportunity to outline several key initiatives that are expected to shape its operations moving forward.

Matevž Mazij, CEO of Bragg, expressed enthusiasm about the company’s ability to maintain the strong momentum gained in the previous year. He noted, “Our robust growth in the first quarter is a testament to our successful transformation into a content-focused provider of iGaming solutions across key markets in North America and Europe.” Mazij further discussed a 4.2% year-over-year increase in revenue, highlighting organic growth from existing clients and the acquisition of new customers in various jurisdictions.

Additionally, Mazij touched on the performance of Bragg’s Wild Streak Gaming casino games studio, which has been producing outstanding results in the first quarter of 2024.

Despite these positive trends, Bragg’s financials also reflected some challenges. Adjusted gross profit and EBITDA saw slight declines during this period. The CEO explained that these were primarily due to the renegotiation and extension of their agreement with Entain Plc, which now includes providing their PAM platform to through 2025. Despite these setbacks, the company remains optimistic about its profitability and prospects for sustained growth.

Regarding the strategic review of alternatives, Mazij confirmed that it is progressing. He emphasized that while exploring potential strategies for growth, the company continues to operate as usual, focusing on maximizing existing opportunities.

As of the first quarter of 2024, Bragg Gaming Group recorded revenues of €23.8 million ($25.7 million), marking a growth from €22.9 million ($24.7 million) in the same period last year. On the contrary, there was a 2.8% decrease in gross profit to €11.9 million ($12.8 million) and a 12.4% reduction in adjusted EBITDA to €3.4 million ($3.7 million).

About Bragg Gaming Group

Bragg Gaming Group Inc. operates as a global provider of B2B online gaming solutions and a casino content aggregator. The company offers a diverse array of gaming options that include slots, table games, card games, video bingo, scratch cards, virtual sports, and live dealer games. Its offerings are enhanced by a player account management platform, which is a multi-channel and cross-product system allowing operators to manage various gaming products such as casino, lottery, and sportsbook under one unified account.

Bragg also introduces Fuze, an integrated platform designed to streamline the delivery of third-party gaming content. Additionally, the company provides comprehensive turnkey and managed services, and holds content distribution agreements with a selection of third-party studios. Its product lineup is marketed under several brands, including Wild Streak, Spin, Atomic Slot Lab, Indigo Magic, Oryx Gaming, iCasino, and its sportsbook brand. Initially established as Rockies Financial Corporation, the company rebranded to Bragg Gaming Group Inc. in 2018. Founded in 2004, Bragg Gaming Group is headquartered in Toronto, Canada.

Bragg Gaming Group remains steadfast in its journey to evolve into a premier content-centric iGaming solutions provider, steadily broadening its influence across North America and Europe, buoyed by strategic reviews and robust operational performance.

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