Bragg Gaming Group, a leader in online casino content delivery and accumulation for the global gambling industry, released its fiscal first quarter 2023 figures. It was another prolific three-month period for the company, with sales up 18.1%. In addition, the provider also provided revenue and above growth targets for 2023.
The Ontario-based company is a provider of iGaming technology to both online and land-based game operators. Bragg Studios and Power by Bragg titles provide exclusive and exclusive content. The omnichannel player account management platform is supported by expert in-house managed operations and marketing services. Bragg is licensed and operating in the aikasino market, which is subject to multiple regulations worldwide.
In the report, the iGaming Leader disclosed revenue of $25.2 million compared to the same quarter in 2022, a significant improvement to $21.3 million. Meanwhile, user-generated betting revenue reached $5.7 billion, a significant increase from $4.2 billion measured in the same period last year. Gross profit reached $13.4 million from $11 million in the first quarter.
The report also reported a net loss of $500,000 in the first quarter, better than $800,000 in 2022. Adjusted EBITDA reached $4.3 million, up 28.1% from $3.3 million in Q1 2022. Meanwhile, cash flow from operations was $7 million or $2.7 million more than in the second quarter of last year.
The company’s CEO Yannib Sherman shared that the success of its business diversification plan for content-driven iGaming solutions continued the supplier’s momentum in the first quarter of 2023. He explained that the first quarter of 2023 was a record in terms of revenue, and said the results included the benefits of increased contributions from high-profit proprietary and proprietary third-party games.
In its latest announcement, the company also represents operational highlights for Q1 2023. Some of the highlights include the integration of new technologies with DraftKings, Caesars Entertainment, Resort World and Mohegan Sun via remote gaming servers in New Jersey. The company also debuted as an iGaming brand in Belgium in February with Naflion Sports and Casino.
But that’s not all because providers have also continued to expand in Switzerland by integrating content with local iGaming providers. The provider continued its busy schedule in the second quarter of 2023. The highlight of April 2023 was the launch in Mexico’s regulated online casino market with market-leading brand Caliente Interactive.
Also in April, the company integrated a wide range of iGaming content in Italy, the continent’s second-largest online market. The domestic launch was facilitated by leading betting operator MicroGame. Italy will generate $2.4 billion in iGaming revenue in 2023, according to estimates from H2 Gambling Capital.