Bragg Gaming Group delivered revenues of CA$10m (£5.88m) in Q3 2019, a 13 per cent increase over the previous quarter, following on from its partnership with Kambi in the US market.
Gross profit for the quarter stood at $4.3m, EBITDA $0.2m and net loss from continuing operations $0.2m. Over the first nine months of 2019, revenue was $28.m, gross profit $12.6m, EBITDA $0.6m and net loss from continuing operations of $7.6m.
Bragg’s partnership with Kambi sees the firm provide its casino services and unique player account management along with Kambi’s sports betting services to operators worldwide, with an initial focus on the burgeoning US market.
This partnership recently signed a deal with New York’s Seneca Gaming Corporation, which operates all of the Seneca Nation’s Class III gaming operations in western New York. The Bragg and Kambi teams will collaborate to provide SGC with a combination of their services and products across SGC’s three New York casinos.
Dominic Mansour, Bragg’s CEO, said: “We’ve made significant progress this quarter, with our focus on B2B with Oryx driving 30 per cent revenue growth compared to Q3 2018. This resulted in a significant improvement in Oryx’s gross profit and in-turn drove Oryx EBITDA to grow by over 300 per cent to CDN $1.2m.
“I am extremely pleased with the company’s progression over the past quarter. We’ve proven that, with our modern technology and seamless integration process, we are able to expand our operator base at a significantly faster rate than the competition.
“I am particularly pleased that the strong momentum of operator launches experienced in the first half of the year continued into Q3 with the successful launch of 10 new operators. We expect this momentum to further accelerate throughout Q4 with more than 14 launches in the pipeline.”
Meanwhile, Bragg’s CFO, Akshay Kumar, has stepped down as chief financial officer for personal reasons. Former PartyGaming group finance director Steven Prowse has assumed the role.
