Bragg Gaming Q1 revenue results have been released, with year on year revenue seeing an impressive annual increase by 4.2% compared to the same period in 2023.
Bragg Gaming Q1 Revenue On The Rise
B2B iGaming technology expert Bragg Gaming enjoyed a very successful start to its year in 2024, with year-on-year revenue rising to $25.6Million compared to 2023’s figures of $24.6m.
Bragg Gaming Q1 Revenue rise is mainly due to the launch of its technology in two new states, with both New Jersey and Michigan launching Bragg technology in Q1 this year.
Bragg also launched new personalised online slots with Caesars Digital within both the states, which certainly helped the positive revenue in Q1.
In a press conference following the Q1 results the CEO of Bragg, Matevž Mazij, stated:
“We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets.”
Bragg Gaming Q1 Results
Despite revenue soaring compared to last years figures, Bragg Gaming saw its gross profit decline by 2.8% in Q1 this year. In Q1 2023 the company reported $13.1m in gross profit, while in 2024 the same period returned just $12.8m.
Bragg stated that its drop in gross profit was due to the impressive increase in Q1 revenue as well as a lower managed services revenue.
Another area that saw a decline for Bragg Gaming in the first quarter of 2024 was operational losses, which dropped by a whopping $1.9m from last year to $1.4m due to a reduction in gross profit.
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