Bragg Gaming Group has revealed record second-quarter operating results, with revenue up 18.9 per cent year-on-year to €24.7m.
Adjusted EBITDA of €4.7m was up from €3.1m in Q2 2022, a rise of 51 per cent, while gross profit improved 18.9 per cent to €13.8m.
Wagering revenue generated through games and content offered by the company increased by 31.2 per cent to €5.5bn, compared with €4.2bn in Q2 2022.
Bragg has therefore updated its FY23 revenue guidance to between €95m and €97m, with estimated adjusted EBITDA now up to between €15.5m and €16.5m.
Yaniv Sherman, Bragg Gaming Group’s CEO, said: “These results reflect, in part, our continued shift towards a revenue mix of higher-margin products including in-house created proprietary and exclusive third-party content, turnkey player account management and managed services partnerships.
“The mix shift helped drive a 410-basis point improvement in our Adjusted EBITDA margin to 19.2 per cent, an all-time quarterly record.
“With significant and ongoing progress on our key strategic initiatives Bragg is positioned to deliver further year over year revenue and cash flow growth in the second half of 2023 and beyond.”
