Bragg Gaming Determined to Speed Up Its Expansion in the U.S. and Canada
Bragg Gaming has set ambitious goals for the company, and it will double down on working towards reaching them in 2021. In a corporate update dated January 27, Bragg Gaming’s leadership announced the company will “accelerate” its expansion into two high-priority markets: the U.S. and Canada.
The next-gen B2B iGaming provider has plenty of reasons to be so bold: it has recently acquired ORYX Gaming (a turnkey software development company specializing in online gambling solutions), turned liabilities of around C$50 million into C$40 of cash, and graduated to the Toronto Stock Exchange. All of these were “strategic objectives” for the company’s leadership that “have created a strong foundation for the company to accelerate its expansion into the burgeoning U.S. and Canadian markets.”
Bragg Gaming is determined to launch its B2B online gambling tech platform and casino content aggregator in each and every U.S. state where it’s possible, all to corner the market. For now, the company is on its way to apply for a gambling license in New Jersey and New York states.
Once it’s done, Bragg will continue their quest for obtaining licenses in other U.S. states that have made online gambling legal. The company will also file an application for a license in Canada once the Canadian law gets amended to allow single-event sports betting.
Apart from being laser-focused on the North American markets, Bragg Gaming is also not losing any time in the EU. ORYX Gaming has already partnered up with Synot Interactive to enter the Czech and Slovakian markets and stricken a deal with Paf, an international online casino operator, to launch in Sweden, Estonia, Spain, Latvia, and Norway. It has also gained access to the Swiss market via a partnership deal with Mycasino.ch. Now, the company is in the process of applying for a gambling license in several jurisdictions throughout the European Union, including in the United Kingdom.
Bragg is also focusing on building scale and growing market share in worldwide casino markets, particularly in its stronghold E.U., through an augmented and diversified product offering.
Bragg Gaming can certainly afford such an ambitious expansion: the company’s revenue skyrocketed by 72% in the third quarter of 2020 (year-on-year comparison). Adjusted EBITDA amounted to €1.8 million – an impressive increase as opposed to just €0.2 million in 3Q2019. In November 2020, Bragg Gaming also disclosed that the company expects its annual revenues to be between €47 and €51 million in 2021, with the total adjusted EBITDA rising to €6.3-6.7 million.
As for the annual financial performance results, Bragg Gaming finished the fiscal year 2020 with revenues “ahead of management expectations,” while the adjusted EBITDA is estimated to settle in the higher end of the predicted range. The final figures, however, will be available only in March 2021.
“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, Interim Chief Executive Officer of Bragg. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
On the same day as this corporate update, Bragg Gaming started trading its shares on the Toronto Stock Exchange under the “BRAG” symbol. Richard Carter, Board Chair at Bragg Gaming, had this to say about the company’s launch on the stock exchange: “As international regulations continue to evolve and the online gaming market expands, investors and analysts are looking to companies with the cutting-edge technologies and market-leading content that Bragg is known for.”