Bragg Gaming Group's revenue rose 61.6% in Q1, while net loss decreased in a positive first quarter for the company,
Bragg’s revenue shot up to €14.1m (£12.1m/USD$17.0m/CAD$20.6m), a rise from €8.7m in revenue in the first quarter of 2020. Adjusted earnings before interest, tax, depreciation and amortisation EBITDA for the quarter came to €2.3m, a 233.6% increase year on year.
Net loss for the period totaled at €1.1m, a €4.6m decrease from Q1 2020. Bragg contributed this decline in losses to its Oryx acquisition earn-out payments in January 2020, as it no longer had to make these payments in Q1 2021.
In November 2020, Bragg announced the details of its final earn-out payment, which amounted to €22m.
In terms of operations, customer wagering revenue generated by Bragg’s operator customers came to €3.5bn this quarter, up 52.1% year on year. The number of unique players also rose from 1.6 million in Q1 2020 to 2.4 million this quarter.
Gross profit also rose 68% to €6.6m, an incr..