The Prague Gaming Group unveiled its financial performance for the third quarter of 2021, concluding on September 30th. Their earnings reached 12.8 million euros (11 million pounds/15.2 million dollars).
Earnings for the third quarter climbed by 9.9% compared to the same period in 2020, which saw 11.7 million euros in revenue.
The Malta-based operator contributed 6.1 million euros, a decline of 19.2% year-over-year, while the Curacao operator contributed 4.4 million euros, more than double the 2020 total.
The overall cost of revenue was 6.2 million euros, primarily for third-party content fees, slightly down 5.5% compared to the same period in 2020.
Sales, general, and administrative expenses further rose to 8.9 million euros, more than double the 4.2 million euros in the third quarter of 2020.
Taking into account other expenses of 36,000 dollars, the total operating loss for the quarter was 2.2 million euros, unchanged compared to the same period last year.
Net interest expense was 40,000 euros, income tax was 161,000 euros, and the total net loss for the third quarter was 2.4 million euros, an increase of 679,000 euros compared to the third quarter of 2020.
Wagering revenue was 3.2 billion euros, up 4.8% year-over-year, from 3 billion euros to 3.2 billion euros.
The number of unique participants 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, driven by the strong performance of the initial quarter. This revised estimate surpasses the prior forecast of €54 million to €56 million for 2022 revenue, disclosed in August.
Richard Carter, the chief executive of Bragg Gaming, stated that the company’s overall accessible market will also expand due to market expansion.
“In general, we anticipate our market expansion strategies to amplify our total addressable market sixfold in 2022, reaching over $18 billion,” Carter remarked.
He further elaborated on the surge in this quarter’s figures, attributing its success to marketing and acquisitions.
“Bragg’s robust third-quarter 2021 financial outcomes and our enhanced outlook mirror the contributions of our comprehensive growth strategy, encompassing our ongoing progress in diversifying into new markets and our capacity to deliver more high-performing proprietary and exclusive third-party online content,” Carter stated.
In the third quarter, Bragg also broadened its reach by obtaining licenses in the Netherlands and Greece.
In August, Bragg commenced trading on the Nasdaq Stock Market following 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 disseminated throughout 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 remarked that adapting well-liked land-based games to online distribution was crucial to their triumph with games developed through Wild Streak Studios.
“Blueberry’s slot content collection is gaining popularity among land-based players, and we are thrilled to now be able to add their games to our swiftly expanding omnichannel offering.”
Last week, Bragg declared the launch of its Oryx platform in the Czech Republic through gambling operator Merkur.
The arrangement will see Oryx provide Merkur with a variety of products, including its player account management and fraud detection platform.
In return, Merkur’s online patrons will be able to play original games from Gamomat, Peter & Sons, and Oryx, all from the Oryx Hub.
“ORYX is dedicated to supplying market-leading turnkey online gaming solutions, and the combination of 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 Merkur CEO Stefan Burns.
“It provides us with the ideal blend of adaptability and distinction, which will aid us as we continue to broaden our leading position in the area.”
Sign up for the iGaming newsletter.