Bragg Gaming has published its financials for the second quarter of 2023, which ended on June 30, 2023. The report highlights that Bragg Gaming has been able to achieve an increase of 18.9% in its revenue to touch the mark of €24.7 million. This is significant since the figure for the same period in the last year was €20.8 million.
The Gross Profit margin remained as it was in the second quarter of 2022. This comes to dance around the figure of 55.9%. Meaning there was a change of 0 bps in the recent quarter. Gross Profit is up by 18.9% to reflect the return that Bragg Gaming has earned for its efforts in the period of 1 year. It stands at €13.8 million over €11.6 million. Wagering revenue has a minor shift in the numbers, yet it amounts to a change of 31.2% for the upward trend achieving €5.5 billion. This means that it was €4.2 billion in Q2-2022.
Adjusted EBITDA went up massively by 51.3% for the reporting of €4.7 million. Q2-2022 was around €3.1 million.
Having said that, Bragg Gaming is now in the process of revising its targets for the complete year. This showcases its confidence following the numbers being made public in August. Bragg Gaming Group specializes in supplying B2B content-driven iGaming technology to its partners. Since it has upped the estimates for the coming days, partners of the venture can expect that the benefit will be transferred in the form of a stronger expansion after more developments.
According to the casino news, Yaniv Sherman, the Chief Executive Officer of the venture, has acknowledged the numbers of the reports. Yaniv has further stated that the business will continue to focus on becoming a leader in the segment of B2B providers through its disciplined expense management.
They have shed some light on the efforts to boost their global distribution of proprietary and third-party content. With six months of 2023 over, Bragg Gaming has said that it will look to expand in the European markets. The venture has, so far, been able to deliver quality in North American markets. This has strengthened the confidence in further entering the markets of Switzerland and the Netherlands.
Bragg Gaming is backing its distribution mechanism, which has seen new partners demonstrate engagement with the content and derive significant value from the same.
Yaniv has expressed confidence that the ongoing efforts are in line with delivering year-over-year revenue along with the growth in cash flow in the second half of 2023. The venture will capitalize on a strong balance sheet to execute the growth strategies. Simply put, Bragg Gaming aims to fortify its position in the industry as a B2B supplier of iGaming technology.
The second quarter of 2023 saw Bragg Gaming launch in the Eurasian territory of Georgia for the first time. It was in collaboration with Adjarabet.