TORONTO - Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) has expanded its online casino offerings to Pennsylvania through its partnership with BetMGM, marking the third state where Bragg's content is available via BetMGM following Michigan and New Jersey. The launch includes popular titles from Bragg's Atomic Slot Lab studio, with additional games from Wild Streak Gaming and other exclusive partners soon to be accessible.
Bragg's Remote Game Server (RGS) technology, which powers the games, also features the company's Fuze™ promotional tools designed to enhance player engagement. This technology is expected to contribute to the growing regulated online casino market in Pennsylvania, which H2 Gambling Capital forecasts will generate a Gross Win of over $2.5 billion in 2024.
Garrick Morris, Senior Vice President, Commercial for the U.S and Canada at Bragg Gaming Group, expressed enthusiasm about the expansion, emphasizing the company's commitment to providing high-quality content to the U.S. iGaming market. Oliver Bartlett, Vice President, Gaming, Product & Casino at BetMGM, also commented on the collaboration, noting that the online casino content has been successful in other markets and is anticipated to be well-received in Pennsylvania.
Bragg Gaming Group is known for supplying proprietary and exclusive content and technology solutions to online and land-based gaming operators. Their content portfolio includes titles from in-house brands like Wild Streak Gaming and Atomic Slot Lab, as well as games from studio partners under the Powered By Bragg program.
The information for this report is based on a press release statement from Bragg Gaming Group.
In other recent news, Bragg Gaming Group has made significant strides in its business operations. The company reported a modest 4.2% increase in Q1 revenue, reaching a record EUR 23.8 million for the first quarter. However, gross profit and adjusted EBITDA showed a decrease, with figures standing at EUR 11.4 million and EUR 3.4 million, respectively.
Bragg's expansion efforts have been marked by a strategic partnership with Kings Entertainment A.S. in the Czech Republic, where the company will offer a full turnkey solution under the Kingsbet brand. This move is timely as the Czech online casino market is expected to grow significantly in the coming years.
In personnel news, Bragg has appointed Robbie Bressler as the new interim Chief Financial Officer, a move set to bolster the company's financial management and growth. Bressler, known for his extensive background in finance within the gaming industry, will assume his role on July 1, 2024.
Finally, Bragg is actively exploring strategic alternatives such as mergers and acquisitions, signaling possible future growth. The company has also announced plans to enter new markets, including Peru, Delaware, France, and Finland, as part of its efforts to maximize shareholder value.
InvestingPro Insights
As Bragg Gaming Group (NASDAQ: BRAG) makes strides in the U.S. iGaming market with its Pennsylvania expansion, a closer look at the company's financial health and market performance reveals significant insights. With a market capitalization of $143.57 million, Bragg is positioning itself as a noteworthy player in the online casino space. Despite the company's growth, analysts from InvestingPro have noted that Bragg is not expected to be profitable this year, which is reflected in its negative P/E ratio of -23.67 for the last twelve months as of Q1 2024. This metric further slides to -28.95 when adjusted, underlining the challenges the company faces in achieving profitability.
Nevertheless, Bragg has demonstrated a strong return over the last year, with an impressive 87.1% one-year price total return, indicating robust investor confidence and market performance. This is particularly relevant as the company continues to expand its footprint in the competitive online gaming market. Additionally, Bragg's revenue has seen a growth of 7.07% in the last twelve months as of Q1 2024, which may signal potential for future financial improvements as the company capitalizes on new market opportunities.
InvestingPro Tips for Bragg highlight the company's strong cash position, which exceeds its debt, suggesting a solid financial foundation for future investments and operations. Moreover, Bragg's high return over the last five years is indicative of its long-term growth trajectory, despite not paying dividends to shareholders. For investors interested in deeper analysis and more exclusive insights, InvestingPro offers additional tips on Bragg Gaming Group at https://www.investing.com/pro/BRAG. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of seven InvestingPro Tips that could guide investment decisions.
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