Bragg Gaming experienced a successful 2023, as their annual report revealed expansion in both earnings and income. Although the final quarter witnessed a minor decline, this was primarily attributed to adjustments in their partnerships with a significant collaborator.
Examining the broader perspective, their yearly revenue ascended by more than 10%, attaining €93.5 million. Their profits also observed a robust surge, surpassing €49 million. A particularly encouraging indicator was the substantial rise in betting volume, essentially representing the aggregate sum wagered. This metric escalated by over 26%, suggesting heightened interaction with their platform.
On a separate note, Bragg Gaming has established a dedicated committee comprising autonomous board representatives. This action implies they are preparing for potentially impactful resolutions in the foreseeable future.
Bragg Gaming Group is contemplating a significant restructuring. They are exploring various possibilities, including a complete sale of the company, acquisitions of smaller rivals, or even a merger with a major industry player. While no decisions have been made, it’s evident that they are contemplating bold moves for their future.
This type of strategic evaluation is becoming increasingly prevalent in the iGaming sector. For instance, 888 Holdings is contemplating a complete withdrawal from the US market. Similarly, Entain, another prominent industry name, is actively streamlining its operations and may divest certain divisions.
However, Bragg’s CEO, Matevž Mazij, appears optimistic about their trajectory. He has highlighted the success of their latest online slot games, particularly in the European and North American markets. They have been prolific in releasing new titles, and he anticipates this trend to persist. Mazij contends that prioritizing these internally developed games will result in increased profitability in the long run.
Bragg Gaming Group is aggressively pursuing its goal of becoming a leading game developer in the rapidly expanding online gaming market. Their calculated actions are yielding positive results, positioning them for sustained profitability. Moreover, they show no signs of slowing down. With a robust financial standing and the necessary framework in place, Bragg is poised to leverage strategic prospects, generate cash flow, and deliver value to their investors.
In a significant development, Bragg has received authorization from the Peruvian Ministry of Foreign Trade and Tourism to operate their iGaming platform within the country. This approval represents a substantial victory for the company as they actively broaden their international presence.
