Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the
"Company"), a global B2B gaming technology and content
provider, today provided an update on several aspects of its
business including preliminary revenue estimates for the three
month period ended June 30, 2021.
“Our financial growth as well as the operational and strategic
development momentum we demonstrated in 2020, and in the first
quarter of this year, continued in the second quarter,” said
Richard Carter, CEO of Bragg. “We are making consistent progress
with our growth initiatives including the introduction of new
proprietary online games with better economics while expanding our
footprint into new iGaming markets. The integration and performance
of Wild Streak Gaming and the anticipated closing of the Spin Games
acquisition later this year will position Bragg to leverage our
existing technology platform, which includes in-demand player
engagement tools, with new proprietary content and customer
relationships positioning Bragg to address the large U.S. iGaming
market opportunity. Our ongoing progress and success across the
business has further established Bragg’s foundation to achieve
long-term growth.”
Preliminary Q2 2021 Revenue
Bragg expects to report 2021 Q2 total revenues of approximately
EUR €15.0 million (USD $17.71 million) pre-acquisition,
representing a year-over-year increase of 23.5% compared to the
2020 second quarter period, and a 5.7% quarterly sequential
increase. Reflecting this expectation, total revenues for the first
half of 2021 are expected to be approximately EUR €29.2 million
(USD $34.5 million). The Company’s revenue guidance for 2021
remains unchanged at EUR €47 million (USD $55.5 million) with
adjusted EBITDA of EUR €4 million (USD $4.7 million)
pre-acquisition.
This updated financial outlook is based on information available
to the Company as of the date of this release and is subject to the
completion of quarterly closing procedures.
The Company is pleased with its overall operational progress and
performance, and in particular, the performance of two new
proprietary games that were launched in Q2 on its Oryx Gaming
(“Oryx”) network from its in-house Oryx studio. In addition,
the Company successfully launched a series of exclusive licenced
casino games from third-party studios supported by the Oryx player
engagement and data analytics tools.
The Company anticipates releasing its 2021 second quarter
results on August 11, 2021 and will provide a more detailed update
on the second quarter’s performance during its Q2 earnings
call.
Updates on Wild Steak Games Acquisition and Closing of Spin
Gaming Acquisition
Following the Company's acquisition of Wild Streak in early
June, Wild Streak has continued the revenue growth it demonstrated
in FY 2020 and in Q1 2021 across both land-based and online
casinos, with online revenue growth outpacing the growth in
land-based revenue.
In Q2 2021, Wild Streak launched two online casino games:
Amazing Money Machine and Lucky Lightning. These games, together
with Congo Cash and Temujin Treasures (launched in Q1 2021), have
demonstrated solid performance (e.g., wagering, gross gaming
revenue and unique players).
As of June 30, 2021, Wild Streak had seven online casino games
live in key iGaming markets including in New Jersey, the UK and
other regulated jurisdictions in Europe.
The Company continues to make progress with the U.S. and
Canadian licencing process in connection with its previously
announced acquisition of Spin Games LLC (“Spin”), and
continues to expect to complete this acquisition in Q4 2021 pending
approval from state gaming commissions. The Company has already
been granted licensing approval from GPEB, the British Columbia
regulator, subject to the closing of the Spin transaction. Further,
the Company has submitted its licensing application to the New
Jersey Gaming Commission and expects to submit its remaining two
U.S. licensing applications, in Pennsylvania and Michigan, in Q3
2021.
The technical integration between Spin and the Company’s Oryx
Hub distribution platform has been completed. The combined offering
will deliver the benefits of Oryx’s advanced player engagement,
data tools and platform technology alongside Spin’s U.S. market
content and operator relationships and is expected to provide a
differentiated and widely distributed iGaming product offering.
German Facing Market Regulatory Regime Update
The anticipated new iGaming regulatory regime in Germany, the
country where the Company derived the largest portion of its
revenue in 2020, became effective on July 1, 2021. All operators in
Germany are now required to comply with the new regulations.
The Company will continue to monitor how the German facing
market adjusts to the new regulatory framework and is closely
working with its German customers to help navigate the changing
regulatory landscape.
NASDAQ Listing
The Company has filed an application for the direct listing of
its shares on the Nasdaq Stock Exchange. The Company remains
committed to this goal and expects to complete the direct listing
of its shares on the NASDAQ exchange in Q3 2021.
Cautionary Statement Regarding Forward-Looking
Information
This news release may contain forward-looking statements or
"forward-looking information" within the meaning of applicable
Canadian securities laws ("forward-looking statements"), including,
without limitation, statements regarding the Company's preliminary
estimates for revenue for the three months ended June 30, 2021.
Forward-looking statements are provided for the purpose of
presenting information about management’s current expectations and
plans relating to the future and allowing readers to get a better
understanding of the Company's anticipated financial position,
results of operations, and operating environment. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements. The key assumptions that have been made
in connection with the forward-looking statements include the
following: the impact of COVID-19 on the business of the Company;
the countercyclical growth of the business of the Company; the
regulatory regime governing the business of the Company; the
operations of the Company; the products and services of the
Company; the Company's customers; the growth of Company's business,
the meeting minimum listing requirements of Nasdaq; which may not
be achieved or realized within the time frames stated or at all;
the integration of technology; and the anticipated size and/or
revenue associated with the gaming market globally.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors that may
cause actual results, performance or achievements to be materially
different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
following: risks related to the Company’s business and financial
position; risks related to changes and adjustments to these
preliminary estimates resulting from the Company's management and
Audit Committee reviews and/or regular financial closing and review
procedures and audit procedures; that the Company may not be able
to accurately predict its rate of growth and profitability; the
risks associated with the completion of the acquisition of Spin;
risks associated with general economic conditions; adverse industry
events; future legislative and regulatory developments; the
inability to access sufficient capital from internal and external
sources; the inability to access sufficient capital on favorable
terms; realization of growth estimates, income tax and regulatory
matters; the increased costs associated with meeting the minimum
listing requirements on Nasdaq; the ability of the Company to
implement its business strategies; competition; economic and
financial conditions, including volatility in interest and exchange
rates, commodity and equity prices; changes in customer demand;
disruptions to our technology network including computer systems
and software; natural events such as severe weather, fires, floods
and earthquakes; and risks related to health pandemics and the
outbreak of communicable diseases, such as the current outbreak of
COVID-19. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events, or otherwise, except in accordance with
applicable securities laws.
About Bragg Gaming Group
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg") is a growing
global gaming technology and content group and owner of leading B2B
companies in the iGaming industry. Since its inception in 2018,
Bragg has grown to include operations across Europe, North America
and Latin America and is expanding into an international force
within the global online gaming market.
Through its wholly owned subsidiary ORYX Gaming, Bragg delivers
proprietary, exclusive and aggregated casino content via its
in-house remote games server (RGS) and ORYX Hub distribution
platform. ORYX offers a full turnkey iGaming solution, including
its Player Account Management (PAM) platform, as well as managed
operational and marketing services.
Nevada-based Wild Streak Gaming is Bragg's wholly owned premium
U.S. gaming content studio. Wild Streak has a popular portfolio of
casino games that are offered across land-based, online and social
casino operators in global markets including the U.S. and UK.
In May 2021, Bragg announced its planned acquisition of
Nevada-based Spin Games, B2B gaming technology and content provider
currently servicing the U.S. market. Spin holds licenses in key
iGaming-regulated U.S. states and supplies Tier 1 operators in the
region.
Find out more.
1 Bragg’s reporting currency is Euros. The exchange rate
provided for US dollars is 1.18. Due to fluctuating currency
exchange, this rate is provided for convenience only.
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version on businesswire.com: https://www.businesswire.com/news/home/20210714005525/en/
Yaniv Spielberg Chief Strategy Officer Bragg Gaming Group
info@bragg.games
Joseph Jaffoni, Richard Land, James Leahy JCIR 212-835-8500 or
bragg@jcir.com
Bragg Gaming (TSX:BRAG)
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