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Bragg Gaming reports strong Q2 performance ahead of Wild Streak addition


Bragg Gaming said it expects to report double-digit growth in its Q2 results even ahead of the input from recent acquisition Wild Streak Gaming.

The B2B gaming technology and content provider, which is scheduled to debut on the Nasdaq Stock Exchange later this year, has issued preliminary revenue estimates for the three month period ended 30 June ahead of the formal update in August.

Toronto-based Bragg expects to report 2021 Q2 total revenues of approximately €15.0m 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 €29.2m.

Following its $30.0m (£21.2m/€24.6m) acquisition of Wild Streak in early June, the Las Vegas-based content creation studio 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.

Bragg’s revenue guidance for 2021 remains unchanged at €47m with adjusted EBITDA of €4m pre-acquisition.

“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, chief executive 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 US iGaming market opportunity.

“Our ongoing progress and success across the business has further established Bragg’s foundation to achieve long-term growth.”

Bragg also said it continues to make progress with the US and Canadian licencing process in connection with its acquisition of Spin Games, and continues to expect to complete this acquisition in Q4 2021 pending approval from state gaming commissions.

The group has already been granted licensing approval from GPEB, the British Columbia regulator, subject to the closing of the Spin transaction. Further, Bragg has submitted its licensing application to the New Jersey Gaming Commission and expects to submit its remaining two US licensing applications, in Pennsylvania and Michigan, in Q3 2021.