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The boom of virtual gaming tournaments
The global gaming industry is undergoing rapid change and is seeing significant growth year on year. It is currently worth around £116 billion, and it is expected to grow by a Compound Annual Growth Rate percentage of 12.9% between now and the year 2027.
There are a number of key factors that are driving this, including the availability and advancement of technology. Both the hardware and software of games consoles, computers and gaming accessories are improving greatly in terms of efficiency, innovation and usability.
Increased access to internet services with decent connection and speed has also influenced this, as well as the relatively new development of influencer marketing through streaming platforms. Of course, it is also undeniable that recent global events have meant that people have had to spend more time at home social distancing and have found themselves playing more games. Gaming has provided entertainment and social engagement to people who may have been too busy to play regularly before. There are game types to suit everybody, from action and adventure games to strategy and puzzle games. All gaming sectors have seen an increase of gameplay during this period and one in particular is the casino industry. In the last several months, many people have signed up to one of many casino sites to play their favourite games like blackjack and poker. The increase of players has been forced by the closure of land-based casinos meaning people had to move online to access casino games. And it was not just normal casino games that had to take place online, many large gambling events like the World Series of Poker tournament also had to move online due to the recent pandemic. Many events and competitions were already taking place virtually, however this year has seen more events than ever make the transition online, is this phenomenon going to stay?
Virtual Competitions
There has also been a boom in virtual gaming tournaments, or esports tournaments, during this time. The number of tournaments has skyrocketed in comparison to previous years, so too has the audience numbers on streaming sites such as Twitch and YouTube. As conventional tournaments across the sports and entertainment industries have faced cancellations or postponements, virtual competitions have acted as their replacements.
There are three main types of esports that are run as virtual gaming competitions. One is first person shooters (FPSs), these can be player v player or team games, with popular examples including Call of Duty, Doom and Counter-Strike. There are also fighter gaming competitions, such as those held for Super Smash Bros or Street Fighter. However, some of the most anticipated tournaments are those in the Multiplayer online battle arena (MOBA) category, with League of Legends and DOTA 2 being the big names in this area.
Many players participate in these events due to their financial incentives. Large corporations sponsoring these events draw in professional players with the promise of huge cash prizes. Pros train for these events all year round, gaming to them is a career choice as they fund their passion through prize winning and sponsorship deals scored through their streaming channels. DOTA 2 is by far one of the biggest tournaments in terms of the amount of prize money it gives out. Since the game was released in 2013, there have been 54 tournaments and the average prize has been a hefty sum of $111,111 US dollars. This year’s prize money hase totalled $6 million.
Replacing Sporting Events
Virtual gaming tournaments this year have acted as a good replacement for some of the major sporting events.
After F1 was forced to postpone earlier this year, Torque Esports’ All-Star Esport Battle took over in March. Racers from a variety of motorsports joined in on the action, including the legendary Max Verstappen. Verstappen found victory at the Redline’s Real Racers Never Quit competition series when he won the first qualifier, however the final saw Rudy Van Buren take home the top prize after he dropped out. Van Buren actually holds the title of ‘World’s Fastest Gamer’ in 2017.
There was also the virtual Formula One Grand Prix which attracted both pro gamers and champion F1 stars. This was the second time the event ran and this year it was based on Albert Park circuit in Melbourne. Competitors included Ben Stokes, an England cricketer, and racing driver Alex Albon. The trophy was won by two time Grand Prix winner Charles Leclerc.
Another high-profile esports tournament was the Fortnite World Cup. In the summer of 2019, the Fortnite finals were streamed across Twitch, Youtube, Twitter, Facebook and within the game itself. Weekly online tournaments started in April, with players from each region competing to qualify for the finals and be in for a chance of winning a cut of the $1,000,000 prize pool. The overall winner was 16 year old Kyle “Bugha” Giersdorf, who lifted the trophy at Arthur Ashe Stadium in New York. This year however, Epic Games have had to put a stop to the World Cup this year due to the cross-region nature of the event. They instead moved all over competitions exclusively online this year, including the Fortnite Champion Series and the Fortnite Cash Cups.
Virtual Gaming Industry is Growing
At the rate that the virtual gaming industry is growing, in the future we may see the same kind of media coverage and attention for these tournaments as we do some of the major traditional sports competitions. Huge audiences already enjoy watching these events via live streams, and many also place bets too. As stadium events around the world continue to be cancelled and postponed, virtual gaming tournaments are continuing to become a more mainstream form of entertainment for fans of competitive sports.
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Bragg
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
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