Bragg Gaming, a technology provider for the gaming industry, has published its financial performance for 2023, demonstrating a generally favorable outcome for the period. The company also revealed the establishment of a dedicated task force.
**Robust Annual Results Notwithstanding Q4 Decline**
Although Bragg encountered a minor decrease in revenue and earnings for the final quarter of 2023, the firm ascribed this to modifications in contracts with crucial strategic alliances. Despite this, the aggregate sum gambled via their systems witnessed a considerable rise.
Examining the entirety of the year, Bragg’s performance was notably more robust. Revenue expanded by over 10%, reaching €93.5 million, and gross profit similarly experienced a healthy uptick. The total amount wagered throughout 2023 saw a substantial surge of 26.6% in comparison to the preceding year.
**Dedicated Task Force Establishment**
Concurrently with the financial outcomes, Bragg proclaimed the formation of a specialized interim committee. This committee, presided over by autonomous board member Don Robertson, will likely concentrate on strategic endeavors for the company’s trajectory.
The Bragg Gaming Group is investigating strategic pathways, potentially encompassing a sale or additional acquisitions. This revelation is unsurprising given the surge of consolidation within the online gaming sector. Recently, 888 Holdings disclosed a strategic evaluation of its US activities, suggesting a possible withdrawal, while Entain, another industry leader, is also contemplating divesting portions of its operations.
Matevž Mazij, CEO of Bragg, stressed the firm’s dedication to expansion, underscoring the prosperous introduction of 29 new games in 2023 and their objective to sustain or even surpass this momentum. Concentrating on augmenting their exclusive game offerings and securing new collaborations, Bragg aspires to propel revenue and profitability over the long term.
Our key plans have yielded significant results, solidifying Bragg’s position as a leading iGaming content creator worldwide. This accomplishment has provided a strong base for us to attain consistent, lucrative expansion. We are certain that we possess the appropriate approach, financial stability, and framework to maintain this progress. Simultaneously, we are dedicated to endeavors that will boost cash flow and produce even greater returns for our investors.”
Bragg’s latest authorization from Peru’s Ministry of Foreign Trade and Tourism exemplifies their growth. This permit enables them to provide their iGaming platform and offerings to providers in this promising South American market.
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