TORONTO and LONDON, 2nd May 2019 – Bragg Gaming Group (TSXV: BRAG) has announced that the revenue of ORYX Gaming, who they acquired in August 2018, has more than doubled.
Despite the deal only completing in the last ten days of the year, ORYX Gaming contributed to 13.6 per cent of overall Group revenue in the nine months ended 31st December 2018.
Bragg’s overall revenue grew 10 per cent in that period to CDN$8.8M. Subsidiary ORYX Gaming showed substantial growth on its own account, however, posting CDN$29.2M in revenue for the full calendar year of 2018, a 239 per cent increase compared with 2017.
Dominic Mansour, CEO of Bragg, said: “Late 2018 began a period of transformation for the company. Our priority was a complete pivot in strategy away from the old Breaking Data, including exiting the money-losing AI and agency divisions.
“We appointed a new executive team and high-profile board members, including Jim Ryan and Paul Pathak, and we also completed the acquisition of ORYX Gaming, a profitable, high-performing gaming software business.
“We’re now continuing the momentum at ORYX, growing existing customer relationships and adding new tier one customers, such as Mr Green, Betsson and Casumo, allowing us to build and expand quickly into global gaming markets.”
Bragg is also in the process of restructuring its subsidiary GIVEMESPORT (GMS), the number one Facebook Sport Publisher with over 26m fans.
Mansour said: “It’s early days, but we’re performing well ahead of our expectations. We’ve enhanced the quality of content and the changes have already resulted in significant increases in our key metrics, including an increase in Facebook uniques, jumping to 33.6 million in April – a 26 per cent increase 2019 to date. Furthermore, video engagement has shot up 124 per cent.”
Bragg expects to report Q1 2019 results by the end of May and is pleased to report a positive start to the year.
Mansour added: “With our new leadership team in place and our transformation strategies now underway, we’re already seeing results. We anticipate the consolidated Bragg revenues to surpass our initial expectations – in the range of CDN$8.8M – $10.4M for Q1 2019, as compared to CDN$2.7M in Q1 2018. This faster than anticipated growth confirms that we’re on the right path to realising our vision of building a next generation gaming group.”