Bragg Gaming Group is currently in the process of applying for licenses for B2B suppliers in the US, as the company aims to speed up its expansion rate throughout the country as well as neighboring Canada.
In addition to an FY 2020 trading update and today’s graduation to the Toronto Stock Exchange, Bragg lauds the achievement of a number of strategic objectives in laying a strong foundation for launching its attack across the igaming markets mentioned above.
These include Oryx Gaming’s acquisition and earn-out, the transformation of the balance sheet of the company, and the strengthening of the board of directors.
To ensure that it is optimally positioned to capture new revenue streams, the company has asserted an intention to increase its investment in its technology, regulatory/compliance, and business development teams.
In addition, in all states that allow the activity, the company intends to launch its B2B igaming technology platform and casino content aggregator, with licenses said to be first sought in New York and New Jersey.
In all other states where online casinos are regulated, as well as in Canada once legislation permits, Bragg’s growth strategy is based on filing for B2B supplier licenses.
Adam Arviv, CEO of Bragg Gaming said that “Our successful achievement of the key objectives we set earlier in 2020 has allowed us to move ahead with our global plans more quickly than we’d anticipated. We’re now focused on growing in two vital areas – quickly building share in the surging US B2B gaming market, while also leveraging our significant success in European and Latin American markets by diversifying our offering in our key jurisdictions.”
In addition to this update, the company also says revenue is ahead of management expectations in 2020, with adjusted EBITDA expected to reach the higher end of its projections.
The revenue outlook for FY 2021 remains unchanged at C$73.5 million, with C$6.4 million of adjusted EBITDA altered to reflect a commitment to significant investment in the timeframe to focus on growth and expansion in the US and Canada.
The Bragg Gaming Group is also in the process of applying for various licenses from European B2B suppliers, especially the UK Gambling Commission, as well as trying to implement large portfolio enhancements.