Bragg Gaming reports surging revenue in 1Q results; adds a pair of new directors to its board

Bragg Gaming Group (TSX:BRAG, OTC:BRGGD) has released its first quarter financial results, revealing revenue that jumped by 62% year-over-year to C$20.9 million as unique users rose 54% to 2.4 million. Adjusted EBITDA more than tripled year-over-year to C$3.4 million from C$1 million in the first quarter in 2020, and the company's net loss narrowed to C$1.5 million from C$6.8 million.  During the quarter, Bragg launched nine new business-to-consumer (B2C) operators and saw wagering revenue generated by its customers increase 52% to $5.1 billion from C$3.4 billion. Cash and equivalents on hand as of March 31, 2021, were C$44.3 million, compared to C$38.4 million a year earlier. READ: Bragg Gaming Group to acquire Reno-based Spin Games for US$30M to accelerate its US rollout “We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialize our in-house casino content studio, with our first game recently launched across our network,” Bragg CEO Richard Carter said in a statement. “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier-one vertically integrated iGaming business in the US, Bragg Gaming has never been better positioned for long-term success.” Looking ahead, the company said its revenue guidance for 2021 remains unchanged at C$69 million with adjusted EBITDA seen at C$6 million.  New directors In a separate statement, Bragg Gaming also announced the addition of new directors to its board: Holly Gagnon, a longtime gaming industry CEO, and Alex Spiro, a former prosecutor and chair of a sports investment platform. Gagnon is CEO of gaming-focused blank check company Artemis Strategic Investment Corporation, serves as a board member of esports firm GameWorks Inc and is a founding board member of the organization Global Gaming Women.  She has formerly held senior positions at Seneca Gaming Corporation, Caesars Entertainment Corporation, MGM Resorts International and Harrah’s Entertainment Inc, Chumash Enterprises for the Santa Ynez Band of Chumash Indians and Pearl River Resort in Mississippi, the company noted.  "I’m excited to join Bragg at this key time in its evolution," Gagnon said. "The company’s recent announcement of its acquisition of US-based Spin Games will be a foundation for strong US and North American growth and I’m eager to contribute my experience to the mission." Spiro, prior to his current role at Glassbridge Enterprises, coordinated a program for children with autism at McLean Hospital, Harvard Medical School’s psychiatric facility. He is a graduate of Harvard Law School, where he continues to teach, and he has lectured and written on a variety of subjects related to psychology and the law. "We’re extremely pleased that Holly and Alex have agreed to contribute their expertise to the Bragg Board," Bragg chair Paul Godfrey said. "Holly’s extensive experience in the North American gaming sector will be invaluable as we expand our footprint in the US, and Alex brings exceptional analytical and business leadership skills to the team. Their areas of expertise are strong complements to our current board." Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel