Bragg Gaming Group
Bragg Gaming Nominates Kent Young, Don Robertson, and Ron Baryoseph to the Board of Directors
Bragg Gaming Group announced that it has filed a notice of meeting and management information circular (Circular) in respect of its upcoming annual meeting of shareholders (Meeting) to be held on Thursday, June 22, 2023 at 10:00 am (Toronto Time).
In addition, the Company also announced that there will be three new nominees for election to its board of directors (the Board). The new nominees will replace three existing directors, Paul Godfrey (Chair), Paul Pathak, and Rob Godfrey, who have each opted not to stand for re-election to the Board at the Meeting. Paul Godfrey has entered into a 24-month consulting agreement under which he will provide the Company with advisory services.
Including the new nominees, there will be seven individuals nominated for election to the Board. The election of the three new directors will add significant gaming and financial industry experience to the Board and demonstrates Bragg’s ongoing commitment toward initiatives to further establish the Company as a leading global provider of innovative online gaming content. Set out below are the new nominees together with brief background information on each.
Kent Young
Kent Young is an innovator, entrepreneur, and longtime leader in the global gaming industry. In a career spanning more than 30 years, he has held senior executive positions with Bragg and other prominent companies, including Aristocrat Technologies in Australia and America; and Aruze Gaming America. While at Aristocrat, Mr. Young held several roles including Vice President of Research and Development and Global General Manager of Marketing. In this role, Mr. Young helped spearhead the successful effort to introduce and popularize “penny slots” in the industry and significantly contributed to Aristocrats North American market entry. He has served on multiple industry boards including the Gaming Standards Association. An entrepreneur, Kent successfully founded, built, and sold two gaming technology companies – True Blue Gaming and Spin Games. Kent holds a Bachelor of Commerce degree from James Cook University of North Queensland. He and his wife, Christina, are based in Reno, Nevada, where they are deeply involved in supporting nonprofit organizations with their time, skills, and assets.
Don Robertson (Independent)
Don Robertson has more than 25 years of corporate finance, risk management, and governance experience and is currently serving on the Board of Directors of Orillia Power Generation Corporation. He served as Managing Director and Head of Global M&A at Scotiabank from 2017 to 2022 and as Chief Executive Officer, Canada and Head of Corporate Finance, Americas at Standard Chartered Bank from 2012 to 2016 as well as Managing Director and Head of Canadian M&A at Credit Suisse from 2006 to 2012. Earlier in his career, Mr. Robertson served as a Director at RBC Capital Markets from 1997 to 2006 and Articled at Blake, Cassels & Graydon LLP from 1996 to 1997. He holds a Bachelor of Commerce from Laurentian University, an MBA from the Schulich School of Business at York University, and a JD from the Osgoode Hall Law School at York University. He was called to the Bar of Ontario in 1998.
Ron Baryoseph (Independent)
Ron Baryoseph is a gaming industry veteran with over 30 years of experience in the North American regulated land based and online gaming sectors. Ron is president of RBY Gaming which has provided distribution, sales, and consulting services to companies including Cammegh, Playtech, Inspired Gaming, Suzo Happ, Softweave, e Connect, Tangiamo, Apt Pay, and others. Prior to opening RBY Gaming, Ron served as SVP of Amaya Gaming. During his tenure, Amaya acquired The Stars Group as well as Cadillac Jack which was subsequently sold to AGS. Ron has also held senior positions with Aristocrat Technologies, IGT, TCS John Huxley, and Paulson Gaming Supplies (now GPI). His strategic planning and collaborative style have led to numerous successes.
Yaniv Sherman, Director and Chief Executive Officer of Bragg, said: “We are delighted to welcome Kent Young, Don Robertson, and Ron Baryoseph to the Board. We believe their collective gaming industry experience, relationships and expertise will provide a significant boost to our continued execution on our many B2B iGaming growth opportunities as we seek to deliver profitable revenue growth and increasing cash flow which will ultimately drive enhanced value for our shareholders. We are confident that the changes to the Board announced today will help take our Company to the next level.
“Paul Godfrey has served as the Chair of the Board since January 2021, and Paul Pathak and Rob Godfrey have dutifully served on the Board and various committees of the Board since 2019. The Company sincerely thanks Messrs. Godfrey, Pathak, and Godfrey for their significant contributions and guidance to the Company. During their time on the Board, Bragg has transformed itself and become a global organization with a diverse platform of game development studios and leading technology. As directors, they played an important role in helping to expand our iGaming capabilities including through the acquisitions of Spin Games and Wild Streak Gaming, which have significantly enhanced our game development efforts and provided an important foundation for our North American expansion which is successfully diversifying our business. More recently, they have helped foster our successful content-led focus which has seen Bragg begin to deliver proprietary and exclusive third-party content to a growing roster of iGaming operators around the globe.”
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Bragg Gaming Group
Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch
Bragg Gaming Group has announced the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania.
Fanatics Casino is America’s fastest growing online casino and is available in Michigan, New Jersey, Pennsylvania, and West Virginia on iOS, Android, and desktop. Players are invited to dive into a world of thrills as Fanatics Casino brings the casino floor directly to a customer’s fingertips, whether on-the-go or in front of a computer. Players can explore a wide array of classic and modern casino games, including slots, blackjack, roulette, progressive jackpots and video poker. Each game is crafted to deliver authentic casino action, ensuring endless entertainment.
Players in these states will benefit from access to Bragg’s full catalog, including titles from Bragg’s in-house proprietary content development studios, a roster which includes Atomic Slot Lab and Indigo Magic and Wild Streak Gaming, all through Bragg Gaming’s Remote Games Server (RGS) technology, delivered via the Bragg HUB platform.
In addition, titles from Bragg’s multiple studio partners, including Incredible Technologies, Bluberi, King Show Games, and Sega Sammy Creation will also be available to players in all three regulated markets along with top-performing titles like “Cai Fu Emperor Ways” and “Queenie” and a host of other elevated content from Bragg’s Atomic Slot Lab studio.
This roster of studio partners, which is constantly being updated, now also includes Boomerang Studios, Four Leaf Gaming and Reflex Gaming, who will all launch titles on the Bragg RGS later this year.
This expansion is the latest step in Bragg’s drive to deliver engaging and game-changing content to players across the North American market.
The launch supports Bragg Gaming’s strategic goals by accelerating the growth of utilization of Bragg’s exclusive and proprietary content, and the diversification of revenue through expansion into North American markets.
Matevz Mazij, CEO Bragg Gaming Group commented: “With its history of connecting sports fans with merchandise they love and with sports betting and the strong cross sell between sports betting and iGaming, this launch represents a great opportunity to showcase Bragg’s amazing titles across the three biggest iGaming markets in the US.”
“We look forward to developing our relationship as a key partner of Fanatics Betting and Gaming in the North American market as we continue the roll-out with regular new game releases planned.”
Kieron Shaw, Manager of Fanatics Casino Games Content, said: “We’re thrilled to partner with Bragg Gaming Group to bring their diverse and engaging iGaming content to our players in New Jersey, Michigan, and Pennsylvania.”
“This collaboration is a significant step in our strategy to expand our iGaming offerings and capitalize on the substantial growth projected for these key markets. Bragg’s impressive catalogue, including titles from Wild Streak Gaming and their third-party studio partners, along with their innovative promotional tools, will undoubtedly enhance the gaming experience for our users and help us springboard our presence across these important states.”
The post Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group, a global B2B iGaming content and technology solutions provider, announced it has signed an agreement with Hard Rock Digital to develop a series of exclusive online casino games titles for its top-rated Hard Rock Bet Casino.
This deal further deepens Bragg’s existing partnership with the leading operator, which currently offers Bragg’s proprietary content from Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, alongside titles from a diverse selection of Bragg’s partner studios on Hard Rock Bet.
The partnership is set to drive the Company’s expansion in the key market, accelerate growth and position the US as Bragg’s fastest-growing market this year. The exclusive titles will first launch in New Jersey, with potential to offer the games on Hard Rock Bet in any future market expansion.
Garrick Morris, Bragg’s SVP of Commercial in US and Canada, said: “We are delighted to announce this new content development agreement with Hard Rock Digital, which reinforces our commitment to this partnership and offers us a new opportunity to showcase our game development expertise while bringing new, game changing, exclusive experiences to Hard Rock Bet Casino’s customers. This enhanced partnership highlights our focus on growing our footprint as a key online casino supplier in the US.”
Rich Criado, VP of Casino at Hard Rock Digital, said: “We’re excited to strengthen our partnership with Bragg and collaborate with their talented team to create exclusive new experiences for our players. These upcoming games are designed to stand out among the over 2900 titles already available on Hard Rock Bet Casino, and we can’t wait to bring them to our players.”
The post Bragg Signs Content Development Agreement with Hard Rock Digital appeared first on Gaming and Gambling Industry in the Americas.
Bragg
Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands
Triple-digit revenue growth in the U.S.; significant increase in profitability through improved product mix
- 27%1 Revenue Growth Excluding the Netherlands, Driven by U.S. Revenue Growth of 150%
- Gross Profit Margin Jumps to 56.0%, Driven by Proprietary Content Growth
- Adjusted EBITDA Rises 19.7%, Reflecting Strong Operational Leverage
- Robust 63.5% YoY Growth in Cash from Operations, to EUR 4.5 Million (USD 5.0 Million)
- 62% YoY Proprietary Content Revenue Growth, Reaching a Record 15.5% of Total Revenue
Bragg Gaming Group announced its financial results for the first quarter of 2025. The Company delivered diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets.
Summary of Financial and Operational Highlights
| Euros (millions)(1) | 1Q25 | 1Q24 | Change |
| Revenue | € 25.5 | € 23.8 | 7.1 % |
| Gross profit | € 14.3 | € 11.9 | 20.3 % |
| Gross profit margin | 56.0 % | 49.9 % | 612 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.4 | 19.7 % |
| Adjusted EBITDA margin | 16.0 % | 14.3 % | 169 bps |
| Operating Income (Loss) | € (1.7) | € (1.3) | 32.5 % |
(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.
“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg commented: “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.
“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%1, driven in part by triple-digit growth in the U.S.”
127% YoY revenue growth excluding revenue derived from Bragg’s customers licensed and operating in the Netherlands jurisdiction
Key Highlights:
- Improved Margins and Cash generation: Adjusted EBITDA margins increased 169bps year over year; excluding non-recurring exceptional costs and FX impacts, EUR 0.9 million of free cash generated.
- Improved Revenue Diversification: Continued decreasing reliance on the Netherlands and lower-margin BetCity, replaced by growth in margin-accretive revenue in new markets.
- US Market Growth: Bragg experienced triple-digit growth in U.S. revenue derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth; U.S. expected to contribute up to 15% of revenue this year.
- Brazil Launch: Successfully launched content in the newly regulated Brazilian iGaming market, a key strategic territory expected to contribute up to 10% of revenue this year.
- Strategic Partnerships: Announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio.
- Key milestone: first game launched, Caesars Palace Signature Multihand Blackjack Surrender, under recently announced games development and technology partnership with Caesars Digital.
- Leadership Appointments: Appointed Holly Gagnon as Chair of the Board.
- Debt Reduction: Repaid USD 5 million of its secured credit note and is on track to finalize a new credit facility with improved terms.
2025 Outlook
Bragg remains focused on expanding its presence in regulated markets, enhancing its proprietary and exclusive content offerings, and leveraging its technology to drive continued growth and profitability in 2025 and beyond. The Company is actively advancing a robust pipeline of opportunities to drive strong momentum in the business.
The Company anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025, with revenue guidance projected at between EUR 117.5 million and EUR 123.0 million, and Adjusted EBITDA in the range of between EUR 19.0 million and EUR 21.5 million, driven by a strategic focus on proprietary and exclusive content, and continued momentum in growth markets such as the U.S. and Latam.
The post Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands appeared first on Gaming and Gambling Industry in the Americas.
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