Igaming company Bragg Gaming has reported a quarterly revenue record of €24.9 million ($26.6 million) in the second quarter, up 0.5 percent year-on-year.
Gross profit fell to €12.4 million ($13.5 million), compared to €13.8 million ($15 million) in the second quarter of 2023. Adjusted EBITDA also fell year-on-year, at €3.6 million ($3.9 million) from €4.7 million ($5.1 million). Notably, operating income saw the largest drop of 195.6 percent. Last year, Bragg Gaming reported €1.3 million ($1.4 million) in operating income, while second quarter 2024 saw an operating loss of €1.2 million ($1.3 million).
“As expected, gross profit and adjusted EBITDA were down 10.3 percent and 23.8 percent year over year respectively, as our product mix has changed,” Bragg CEO Matevž Mazij said in a news release.
The company has recently made several changes within its leadership team, including appointing Robbie Bressler interim Chief Financial Officer, Neill Whyte as Chief Commercial Officer and Tomasso Di Chio as Chief Legal and Compliance Officer.
Bragg recently continued its U.S. expansion with BetMGM Pennsylvania and similar launches in Michigan and New Jersey.
“With Bragg’s overall share of the U.S. igaming content supplier market still estimated at below 1 percent, our expanding distribution in the United States along with our extensive distribution reach in regulated markets globally, represents a huge upside opportunity for the company, which is now licensed, certified or otherwise compliant with relevant local regulations in more than 30 jurisdictions,” Mazij said in the news release.
