The Prague Gaming Group unveiled its financial report for the third quarter of 2021, concluding on September 30th, revealing earnings of €12.8 million (£11 million/$15.2 million).
Earnings for the quarter climbed by 9.9% in comparison to the same period in the previous year, which witnessed earnings of €11.7 million.
The Maltese operation contributed €6.1 million, a decrease of 19.2% year-over-year, while the Curacao operation contributed €4.4 million, more than twice the total in 2020.
The overall cost of earnings was €6.2 million, primarily driven by the cost of third-party content, which experienced a slight reduction of 5.5% compared to the same period in 2020.
Furthermore, sales, general, and administrative costs generated €8.9 million in expenses, more than double the €4.2 million in the third quarter of 2020.
Taking into account other costs that rose by $36,000, the quarter resulted in a total operating deficit of €2.2 million, which was in line with the deficit reported in the same period last year.
Net interest expense was €40,000, income tax was €161,000, and the total net deficit for the third quarter was €2.4 million, an increase of €679,000 compared to the third quarter of 2020.
Wagering revenue increased by 4.8% year-over-year, rising from €3 billion in 2020 to €3.2 billion.
The number of unique players increased by 14.4% from 1.9 million in the third quarter of 2020 to 2.1 million this quarter.
Bragg has modified its 2022 income projections to a range of €59 million to €61 million, following a prosperous first quarter. This is an increase from the previous forecast of €54 million to €56 million for 2022 income declared in August.
Richard Carter, Chief Executive Officer of Bragg Gaming, stated that the company’s total addressable market will also expand due to market expansion.
“In general, our market expansion strategies are anticipated to increase our total addressable market sixfold in 2022, to over $18 billion,” Carter stated.
He went on to explain the growth in this quarter’s figures, further attributing the success to marketing and mergers and acquisitions.
“Bragg’s robust Q3 2021 financial performance and our elevated expectations reflect the contribution of our comprehensive growth strategy, including our ongoing progress in diversifying into new markets, and our capability to deliver more high-performing proprietary and exclusive third-party online content,” Carter stated.
In the third quarter, Bragg also expanded its reach by obtaining licenses in the Netherlands and Greece.
In August, Bragg commenced trading on the Nasdaq stock exchange after receiving approval.
Earlier today, Bragg confirmed a five-year content licensing agreement with casino game content provider Blueberi.
As part of the agreement, Bluberi’s slot game portfolio will be adapted for online gaming. Bluberi’s content will also be distributed in Europe and North America.
Blueberry boasts a catalog of over one hundred games crafted for Class II, Class III, and tribal lottery system operators.
Carter stated that converting well-liked land-based games to online distribution has been a significant triumph for the games they have created through Wild Streak Studios.
“Blueberry’s slot content collection is increasingly favored by land-based players, and we are thrilled to now be able to add their games to our quickly expanding omnichannel offering.”
Last week, Bragg declared the launch of its Oryx platform in the Czech Republic through gaming operator Merkur.
The arrangement will see Oryx provide Merkur with a variety of products, including its player account management and fraud detection platform.
As a consequence, Merkur’s online patrons will be able to play Gamomat, Peter & Sons, and Oryx’s original games from the Oryx Hub.
“ORYX is dedicated to providing market-leading turnkey online gaming solutions, and combining its market-leading in-house and third-party casino content and services perfectly aligns with our desire to take our brand online to Czech players,” said Stefan Burns, Chief Executive Officer of Merkur.
“It gives us the ideal blend of adaptability and distinction, which will help us continue to expand our leading position in the area.”
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