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Bragg Gaming’s flagship asset ORYX Gaming is strong contributor to 2Q revenue of C$8.8 million

The gaming group is weighing strategic alternatives, including a potential sale of its sports media outlet GiveMeSport and sportsbook GiveMeBet

Gaming technology platform and casino content aggregator Oryx Gaming was a star performer during the quarter
ORYX added a record 21 new operators during the first half of 2019, bringing the total to more than 65 partners on its gaming platform

Bragg Gaming Group (CVE:BRAG) (OTCMKTS:BRGGF) revealed Tuesday that the company’s flagship asset ORYX Gaming propelled second-quarter revenue to C$8.8 million in a sign of continuing growth.  

The company also said it was evaluating strategic alternatives, including a potential sale of its online media division GiveMeSport and UK-focused sportsbook GiveMeBet.

In a statement accompanying the gaming group’s latest numbers, Bragg's CEO Dominic Mansour said: “ORYX had another strong quarter. In addition to the record number of operators integrated in the first half, we signed agreements with Red Tiger and Stakelogic, Betsson, and Casumo whose extensive portfolio of games are now fully integrated into the ORYX Hub platform.”

READ: Bragg Gaming’s new content rich GiveMeSport website proving fast and furious

“Performance since the end of June has been ahead of our expectations, with monthly operator gross gaming revenue (GGR) on the casino aggregator platform 6% ahead of the three-month daily average, despite the typical slow-down during the summer months,” he added.

The quarter was the second full quarter for Bragg, and it logged steady growth with C$8.8 million in revenue, gross profit of C$3.8 million, and an EBITDA loss of C$0.3 million.

In the first half of the year revenue grew to C$18 million, gross profit amounted to C$8.2 million, while the net loss from continuing operations stood at C$9.4 million.

Strategic review of online media division

Meanwhile, the company said it is undertaking a strategic review of GiveMeBet and GiveMeSport aimed at laser-focusing the “business on maximizing revenue and cash flow generation” through business-to-business licensing deals, ORYX Hub and aggregated gaming content.

The company said a new editorial strategy at GiveMeSport went into the works in the first half of 2019 and is already getting results. In June, unique monthly users soared 221% to 95 million across platforms, compared to 29 million in January 2019. The redesign has also lifted Facebook video views, while expanding Instagram followers.

“We have continued to execute on the new content-first strategy. With the new platform, we’ve improved the user experience significantly, and our GiveMeSport users have responded positively to the changes implemented over the past few months,” said Mansour.

The CEO didn’t expand any further on the strategic review, but offered a glimpse into the gaming company’s growth strategy.

“During the six months since Bragg’s inception, we have acted on several strategic initiatives that have helped us transform into a global gaming company. This quarter, we focused on investing in the business in order to expand our footprint and accelerate future growth,” noted Mansour.

“We launched ORYX Hub, a new platform that is a one-stop-shop for quality casino content, sportsbook, and lottery products. The strategic rationale behind this and other investments demonstrates our dedication to platform expansion,” he added.

The Bragg Gaming Group was established in 2018 to identify online gaming opportunities. The group includes GiveMeSport, gaming content aggregator Oryx Gaming, and UK-focused sportsbook GiveMeBet.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: Bragg Gaming Group

Price: 0.275 CAD

TSX-V:BRAG
Market: TSX-V
Market Cap: $21.41 m
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