Canadian betting firm Bragg Gaming Group has announced their first quarter financial results, revealing a rise in revenues for the period.
Bragg owns the gaming groups ORYX and GiveMeSport, which are recent purchases but have generated positive results for Bragg's bottom line.
Key financial indicators for the quarter ending March 31st, 2019 were:
- Revenues up 203% to CAD $10.4 million
- Top five clients provided 49% of revenues, which shows diversification
- 22 new customer partnerships signed, including the likes of Betsson, Mr Green, and Red Tiger
- General and administrative expenses down $8.7 million
- Marketing expenses falling $237,516
- Cost of revenue up $3.6 million
- $14,492 rise in net financing expenses
- $59,130 in additional income tax expenses
Speaking about the results company CEO Dominic Mansour said, "It's our first full quarter, and we've been focused on building a solid foundation for future growth. We delivered on our initial goals, including closing a number of divisions within the old Breaking Data organisation and completing a substantial restructure of the GiveMeSport (GMS) 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."