Canada
Nuvei Reports Third Quarter 2020 Financial Results
Nuvei Corporation, the global payment technology partner of thriving brands, today reported financial results for its third quarter of 2020.
“I am incredibly proud of all that we accomplished in the third quarter, as we embarked on our journey as a publicly-traded company. We believe our performance, which included total volume* of $11.5 billion along with strong revenue growth, is a testament to the strength of our technology, business model and focus on high growth verticals,” said Philip Fayer, Nuvei’s chairman and CEO. “Furthermore, we made significant progress executing our growth strategy, broadening our capabilities and footprint, as well as winning many notable clients. We earned regulatory approval in the states of Indiana and Colorado for sports betting, and launched local acquiring in Hong Kong, Singapore, Russia, Brazil, and Columbia, meaningfully expanding our total addressable market. Lastly, we were thrilled last week to announce the closing of the Smart2Pay acquisition, which not only strengthens our global presence in high-growth markets including digital gaming, but allows us to offer a more complete, robust alternative payment solution. Looking ahead, we are well positioned to continue to scale the business and drive shareholder value.”
Financial Highlights for the Three Months Ended September 30, 2020
- Total volume was $11.5 billion, an increase of 62% as compared to $7.1 billion in the third quarter of 2019
- Revenue was $93.6 million, an increase of 32% as compared to $70.8 million in the third quarter of 2019
- Net loss in the quarter was $77.9 million, as compared to $65.7 million in the third quarter of 2019
- Net loss included $83.4 million in non-cash finance costs resulting from the Company’s initial public offering (“IPO”) and associated valuation
- Adjusted EBITDA** was $41.0 million, an increase of 59% as compared to $25.8 million in the third quarter of 2019
- Adjusted net income** was $16.5 million, as compared to $2.2 million in the third quarter of 2019
- Following Nuvei’s successful IPO in September, the Company used the net proceeds for the repayment of debt. The Company ended the quarter with $99.4 million in usage of its credit facilities (net of unamortized transaction costs), down from $717.8 million (net of unamortized transaction costs) as at December 31, 2019. In addition, unsecured convertible debentures and liability classified common and preferred shares were fully converted or repaid as a result of the IPO.
Recent Operational Highlights
- The Company made significant progress on its strategic plan to support the fast-growing U.S. sports betting industry launching its first pilot merchant, Carousel, in Colorado. In August, Nuvei was awarded a certificate of registration for sports wagering from the Indiana Gaming Commission, and in September, the Company received its sports betting vendor license from Colorado’s Division of Gaming. In addition, the Company is in the process of applying for approval in all other states that permit online sports betting and gaming.
- Nuvei has accelerated its new client wins by signing many notable merchants in the quarter including Kwiff, Maxbet, Superbet, Wargaming, Oanda, Pepperstone, and Rinascente, across the gaming, financial services, and marketplace verticals. This provides strong momentum into the fourth quarter and 2021.
- Nuvei continued to execute on its strategic plan by expanding its footprint geographically, launching local processing solutions in Hong Kong, Singapore, Russia, Brazil, and Colombia. These new markets enlarge the Company’s total addressable market, providing extended reach for existing merchants and enabling Nuvei to win new merchants in those countries.
- The Company expanded its support for cryptocurrency exchanges, onboarding two exchanges during the quarter.
- The Company continues to enhance its offering including foreign exchange services, PSD2 mandate support, early warning dispute management solutions and payout capabilities that includes the launch of Mastercard MoneySend.
Initial Public Offering
On September 22, 2020, Nuvei announced the successful closing of its IPO. The IPO, along with a concurrent private placement, raised $833 million in aggregate proceeds resulting in $758 million of proceeds to the Company.
Subsequent Event
On November 2, 2020, the Company announced the completion of its previously disclosed acquisition of Smart2Pay Global Services B.V. (“Smart2Pay”), demonstrating the Company’s commitment to growth through strategic acquisitions. The total consideration was settled with $82.9 million in cash, and the balance with 6,711,923 shares issued by the Company. The Smart2Pay acquisition strengthens Nuvei’s presence in the high-growth digital gaming space and further expands the Company’s geographic footprint in additional regions including Russia, Brazil, as well as adding UnionPay processing. Furthermore, the transaction creates one of the largest and most complete alternative payment method (“APM”) solution providers in the world, with 450 APMs supporting global commerce, all through a single integration.
Outlook
Total volume in the fourth quarter of 2020 to date continues to be strong with year-over-year growth in line with the third quarter of 2020. The following should also be considered for the fourth quarter of 2020:
- The results of Smart2Pay will be included in the Company’s results as of the date of closing, November 2, 2020.
- The fourth quarter of 2020 will represent the Company’s first full quarter as a public company. As a result, incremental costs pertaining to being a public company will be incurred in the quarter.
- The Company continues to invest in its direct sales force.
*Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by merchants under contractual agreement with the Company. Total volume is explained in further detail in the Company’s MD&A.
**Adjusted EBITDA and Adjusted net income are non-IFRS measures. Reconciliations of these non-IFRS measures to the most directly comparable IFRS financial measures are included in the tables at the end of this press release. An explanation of these measures and how they are calculated are also included under the heading “Non-IFRS Financial Measures”.
The conference call will be webcast live from the Company’s investor relations website at https://investors.nuvei.com/ under the “Events & Presentations” section. The conference call can also be accessed live over the phone by dialing 877-425-9470 (US/Canada Toll-Free), or 201-389-0878 (International). A replay will be available approximately two hours after the call, and can be accessed by dialing 844-512-2921 (US/Canada Toll-Free), or 412-317-6671 (International); the conference ID is 13711347. The replay will be available until Wednesday, November 25, 2020. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.
The complete financial results are available at Sedar (www.sedar.com), as well as at Nuvei’s investor relations website.
About Nuvei:
We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports 450 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace. For more information, visit www.nuvei.com.
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Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.
Fourth Quarter 2025 Financial Highlights:
• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:
• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;
• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;
• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and
• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and
• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.
• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.
Full Year 2025 Financial Highlights:
• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.
• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.
• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.
Fourth Quarter 2025 and Recent Business Highlights:
• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.
• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.
• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.
• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.
• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.
• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).
Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”
Board Changes
The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.
Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.
“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.
2026 Outlook
The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).
The post Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues appeared first on Americas iGaming & Sports Betting News.
Media Troopers is positioning itself for entry into Alberta’s soon-to-launch regulated online gambling market through a strategic partnership with Canadian law firm Segev LLP.
The collaboration will see the affiliate marketing and customer acquisition specialist work closely with legal experts Ron Segev and Alon Segev to navigate the province’s evolving regulatory framework. The firm will advise on compliance, licensing readiness, and market entry strategy as Alberta finalises its iGaming model.
Alberta is set to become only the second Canadian province to regulate commercial online gambling, following the launch of Ontario’s market in 2022. The province took a major step forward with the passage of the iGaming Alberta Bill, which establishes a legal framework for private operators and introduces the Alberta iGaming Corporation to oversee the sector.
This regulatory shift is expected to open significant opportunities for operators and service providers alike, particularly as Canada’s iGaming landscape continues to expand. Industry observers often point to Ontario’s rollout as a benchmark, with oversight from bodies such as the Alcohol and Gaming Commission of Ontario, which has helped shape standards around licensing, compliance, and player protection.
As part of its expansion strategy, Media Troopers aims to support licensed operators entering Alberta with localized marketing solutions, including affiliate partnerships and compliance-led acquisition strategies tailored to the province’s regulatory requirements.
Commenting on the development, Shmulik Segal, CEO of Media Troopers, said:
“Alberta represents one of the most exciting emerging regulated markets in North America.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
Segal added:
“Canada’s iGaming market continues to evolve rapidly. Our goal is to be fully prepared to support operators entering Alberta from day one.”
The move highlights a broader trend in North America, where affiliate and marketing firms are increasingly aligning with legal and regulatory specialists ahead of market openings. This approach not only reduces compliance risk but also allows companies to establish early positioning in newly regulated jurisdictions.
For more on Canada’s evolving iGaming landscape, see Europa Gaming’s coverage of Ontario iGaming Market Launch and North America Gambling Regulation.
With Alberta’s framework nearing completion, early movers like Media Troopers are aiming to replicate the success seen in Ontario—where strong compliance foundations and localised strategies have proven critical to long-term growth.
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
The leading digital marketing and customer acquisition group Media Troopers has announced it’s gearing up to join Alberta’s upcoming iGaming-regulated market by partnering with Alon Segev, Managing Partner and Ron Segev, founder of Canadian gaming and betting law firm Segev LLP.
Alberta will become Canada’s second province to regulate commercial online gambling, following Ontario in 2022. The province passed the iGaming Alberta Bill last May, which brought with it a framework to allow operators to enter the province and the creation of a new iGaming regulator, the Alberta iGaming Corporation.
As part of Media Troopers’ strategic entry into the new sector, it has partnered with Segev, who will advise the company on regulatory strategy, compliance requirements, and market readiness as Alberta finalizes its operational and licensing framework.
“Alberta represents one of the most exciting emerging regulated markets in North America,” said Shmulik Segal, CEO of Media Troopers.
“Working with Ron Segev and the team at Segev LLP ensures that our expansion into the province will be aligned with the evolving regulatory framework and positioned for long-term success.”
As with Ontario’s competitive market, Media Troopers is dedicated to supporting licensed operators in Alberta with localized marketing channels, affiliate partnerships, and compliance-structured acquisition strategies.
“Canada’s iGaming market continues to evolve rapidly,” Segal added. “Our goal is to be fully prepared to support operators entering Alberta from day one.”
The post Media Troopers Prepares for Alberta iGaming Launch with Canadian Gaming Law Firm appeared first on Americas iGaming & Sports Betting News.
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