Bragg Gaming Q1 profits up despite losing almost $2m in costs
Operator records profits of CDN $5.2m for first official Q1 since merging into wider group last year
Toronto-listed Bragg Gaming, which operates European turnkey gaming solution ORYX Gaming and the GIVEMESPORT (GMS) online media outlet, reported Q1 profits were up 181% on a comparable period last year to CDN $5.2m.
The firm reported a net loss of CDN $1.9m for the period, on a stock-based compensation charge of CDN $1.1m and depreciation and amortisation of CDN $0.8M.
Revenues for Q1 were CDN $10.4m in Q1 19, while EDITDA was CDN $63,000 on the period’s high expenses.
Bragg CEO, Dominic Mansour said: “We’re very pleased with our results. It’s our first full quarter, and we’ve been focused on building a solid foundation for future growth.”
Mansour said the period was defined by a substantial restructuring of the GMS business and the closing of a number of divisions of the business.
“We aggressively cost-managed GMS and pivoted the direction of the sports media site. Bragg was also able to break even at the EBITDA level by quarter-end, the first time in the company’s history and sooner than we expected,” Mansour said.
In August last year Mansour announced the firm would launch an online B2C betting product via the GMS brand, to be called GIVEMEBET.
At the time he said: “The newly combined group will now have the opportunity to grow into gaming and to leverage synergies through the combination of the businesses.
“GIVEMESPORT has a bigger following on Facebook than ESPN and Sky Sports and we plan to use this as a platform to grow into sports betting initially in the UK and further into the US as it regulates.”