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EGT Digital Enters into Strategic Partnership with IRIS Solutions

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10 months ago

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EGT Digital has entered into a strategic partnership with IRIS Solutions, an innovative company that provides business solutions for open banking. Thanks to the services provided by IRIS Solutions, EGT Digital will be able to offer to part of its clients one more way for more personalised and secure payments, as well as will minimise the time for depositing funds.

IRIS Solutions is the trusting supplier of open banking solutions in Southeast Europe. The company is licensed by the Bulgarian National Bank as a European Payment Service Provider (PSP), in accordance with the Second EU Payment Services Directive (PSD2), and has more than 60 integrated banks and payment institutions in its portfolio. IRIS Solutions offers a variety of products – from Account aggregation, Data analysis and processing, to Payment initiation, API Monitoring and Account Information services.

Open banking is a process in which banks provide secure and reliable access to financial information from their databases to third-party financial service providers (Third Party Providers or TPP). This is done only with the user’s consent through standardised and secure APIs. This new opportunity allows licensed fintech companies to offer products related to Payment initiation and Account information services. For the end user, this means new financial solutions and products that reduce costs and save time for carrying out financial transactions.

EGT Digital utilises the “Payment initiation” service. This new capability in the Payment Gateway is now offered as an option with one of the operators in the Bulgarian market. The “Payment initiation” service allows a payment to be made from a bank account by redirecting the user to the website or application of a chosen bank, enabling making a deposit seamlessly within a few clicks. The functionality can easily be integrated with various systems, allowing end users to perform “Account-to-Account” (A2A) payments. Each payment initiated in this way requires identity verification and guarantees the highest level of security for both the client and the institution. To use the service, the end user does not need to install a mobile or desktop application.

The integration of this modern solution is another step that demonstrates the company’s commitment to offering the best service. It enables:

  • Improved players protection – by providing real-time access, operators can implement responsible measures such as limits and self-exclusion tools based on the financial profiles of the players.
  • Compliance with regulatory requirements, such as Anti-Money Laundering (AML) provisions and “Know Your Customer” (KYC) standards, by providing access to verified financial data and ensuring transparency of financial transactions.
  • Access to financial data for personalising offers, adapting marketing strategies, and efforts to engage and retain players.
  • Rapid receipt of funds. When depositing funds through CCB (Central Cooperative Bank) and Revolut, users receive the deposited amount via instant payment within 10 seconds.

Georgi Mihaylov, DCEO of EGT Digital, said: “As a technology company, it is important for us to be focused оn delivering the highest possible quality to our current and future partners. The iGaming industry is extremely competitive and constantly evolving. This challenges us to meet the ever-changing needs of the business. Enriching our portfolio with innovative solutions, we strive to be on top of the tendencies, thus providing our clients with a wide selection of secure and fast transactions. So far, we are very pleased with the IRIS Solutions product and are excited to work together.”

Open banking is creating a new field for innovation in the financial sector worldwide and in Europe. Countries such as Australia, Canada, UK, Brazil, Japan, Singapore, the territory of Hong Kong, and others are providing various initiatives and regulatory frameworks to meet today’s business needs. In 2023, the value of open banking transactions globally reached $57 billion and is expected to grow to $580 billion by 2027.

Against this backdrop, Europe has developed and adopted a regulatory framework (PSD2) which is in the process of being upgraded (PSD3). Its aim is to impose security standards and increase competition in the banking market, supporting innovation and development in the sector. In Bulgaria, open banking is offered by the BNB-licensed IRIS Solutions and several other companies, which rank our country alongside countries such as Croatia, Austria, Greece and Luxembourg in terms of the number of regulated providers.

Selda Ali, Technical Leader and Development for IRIS Solutions, said: “The partnership with EGT Digital shows that Bulgaria can be among the leaders in applying financial technologies for the gaming industry. This is also further proof of the endless applications of open banking and the fact that a directive from Europe can become one of the most successful Union policies for increasing competition in the financial sector. We are pleased to be part of this journey, and I am confident that with EGT Digital, we will reach new horizons, placing the customer at the center with their desires and needs.”

The post EGT Digital Enters into Strategic Partnership with IRIS Solutions appeared first on European Gaming Industry News.

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Bragg

Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands

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2 minutes ago

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May 19, 2025

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Triple-digit revenue growth in the U.S.; significant increase in profitability through improved product mix

  • 27%1 Revenue Growth Excluding the Netherlands, Driven by U.S. Revenue Growth of 150%
  • Gross Profit Margin Jumps to 56.0%, Driven by Proprietary Content Growth
  • Adjusted EBITDA Rises 19.7%, Reflecting Strong Operational Leverage
  • Robust 63.5% YoY Growth in Cash from Operations, to EUR 4.5 Million (USD 5.0 Million)
  • 62% YoY Proprietary Content Revenue Growth, Reaching a Record 15.5% of Total Revenue

Bragg Gaming Group announced its financial results for the first quarter of 2025. The Company delivered diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets.

Summary of Financial and Operational Highlights

Euros (millions)(1) 1Q25 1Q24 Change
Revenue € 25.5 € 23.8 7.1 %
Gross profit € 14.3 € 11.9 20.3 %
Gross profit margin 56.0 % 49.9 % 612 bps
Adjusted EBITDA(2) € 4.1 € 3.4 19.7 %
Adjusted EBITDA margin 16.0 % 14.3 % 169 bps
Operating Income (Loss) € (1.7) € (1.3) 32.5 %

 

(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.

(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

 

“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg commented: “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.

“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%1, driven in part by triple-digit growth in the U.S.”

127% YoY revenue growth excluding revenue derived from Bragg’s customers licensed and operating in the Netherlands jurisdiction

Key Highlights:

  • Improved Margins and Cash generation: Adjusted EBITDA margins increased 169bps year over year; excluding non-recurring exceptional costs and FX impacts, EUR 0.9 million of free cash generated.
  • Improved Revenue Diversification: Continued decreasing reliance on the Netherlands and lower-margin BetCity, replaced by growth in margin-accretive revenue in new markets.
  • US Market Growth: Bragg experienced triple-digit growth in U.S. revenue derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth; U.S. expected to contribute up to 15% of revenue this year.
  • Brazil Launch: Successfully launched content in the newly regulated Brazilian iGaming market, a key strategic territory expected to contribute up to 10% of revenue this year.
  • Strategic Partnerships: Announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio.
  • Key milestone: first game launched, Caesars Palace Signature Multihand Blackjack Surrender, under recently announced games development and technology partnership with Caesars Digital.
  • Leadership Appointments: Appointed Holly Gagnon as Chair of the Board.
  • Debt Reduction: Repaid USD 5 million of its secured credit note and is on track to finalize a new credit facility with improved terms.

2025 Outlook

Bragg remains focused on expanding its presence in regulated markets, enhancing its proprietary and exclusive content offerings, and leveraging its technology to drive continued growth and profitability in 2025 and beyond. The Company is actively advancing a robust pipeline of opportunities to drive strong momentum in the business.

The Company anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025, with revenue guidance projected at between EUR 117.5 million and EUR 123.0 million, and Adjusted EBITDA in the range of between EUR 19.0 million and EUR 21.5 million, driven by a strategic focus on proprietary and exclusive content, and continued momentum in growth markets such as the U.S. and Latam.

The post Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands appeared first on Gaming and Gambling Industry in the Americas.

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Hard Rock Bet

Red Rake Gaming expands its presence in New Jersey with Hard Rock Bet

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2 minutes ago

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May 19, 2025

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Red Rake Gaming, a leading provider of online casino content, has announced the launch of its games on the top-rated Hard Rock Bet platform via Aristocrat Interactive.

With this launch, Red Rake Gaming continues to consolidate its growth in the United States after obtaining regulatory approval in New Jersey and other strategic markets. The availability of its most innovative and high-performing games on Hard Rock Bet reinforces the company’s presence in the region and reaffirms its commitment to providing high-quality content to top-tier operators.

Grant Williams, SVP Casino at Hard Rock Bet, commented: “We’re thrilled to Roll with Red Rake Gaming via Aristocrat Interactive and provide our players with an exciting new array of innovative gaming options. Their engaging portfolio will nicely complement the over 2,700 games available on Hard Rock Bet as we continue to elevate the online gaming experience for our players.”

Nick Barr, Managing Director of Red Rake Gaming Malta, added: “We are very excited about the addition of our games on Hard Rock Bet and the opportunity to further expand our presence in the U.S. market. Hard Rock is a globally recognized brand, and we are confident that our games will resonate with Hard Rock Bet’s players, offering a unique and immersive experience.”

The post Red Rake Gaming expands its presence in New Jersey with Hard Rock Bet appeared first on Gaming and Gambling Industry in the Americas.

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Serbian language market now catered for by BetBlocker’s support service

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2 minutes ago

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May 19, 2025

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UK and US charity organisation, BetBlocker, synonymous with free and anonymous gambling management support services, in collaboration with Gamblers Connect, is delighted to announce the rollout of the Serbian language version of its app.

In the past 12 months, BetBlocker’s targeted language provision program has rapidly expanded. Understanding the need for friction free use of gambling management tools, the team at BetBlocker is working hard to give users the tools they need to manage their gambling habits, in their native languages. Launching the Serbian language version of the BetBlocker app is another key stepping stone on the pathway to catering for every user in their first language.   With over 7 million Serbian speakers in Serbia alone, and an estimated 3 million elsewhere, this a vast number of individuals now able to access gambling support services in their own language. In 2018, the journal International Gambling Studies, published the results of a study into problem gambling figures in Serbia and noted that 0.5% of the study participants fell into the problem gambling category. Sports betting participants in particular met the markers to gain this classification.  BetBlocker is very keen to make sure that Serbian speakers can easily access the support services that will help them gamble responsibly.

The team at BetBlocker are delighted that an affiliate website such as Gamblers Connect has shown the philanthropic spirit to work with them to offer services that can help protect the most vulnerable players out there.  Without the translation services offered pro bono by Gamblers Connect, BetBlocker would not have been able to launch their Serbian language version, and they would like to extend their thanks to the group for their help and support.

Speaking for Gamblers Connect, Gjorgje Ristikj, the Founder offered the following quote: “I’m glad to see our collaboration with BetBlocker continuing in such a positive and impactful way. Launching the Serbian version is a meaningful step forward, and we’re proud to support responsible gambling initiatives that truly make a difference.”

Duncan Garvie, Founder and Trustee of BetBlocker was thrilled when asked about the most recent language addition: “For me, this project is a win for everyone! Obviously it’s great news for Serbian gamblers that BetBlocker is now available in their language. Servia doesn’t currently have the range of support options for people looking to stop or manage their gambling, so this is a substantial step forwards in terms of harm minimisation.

But alongside this, Gamblers Connect supporting us to deliver this new service to Serbia is a clear statement of intent. The affiliate sector has been substantially under-engaged when it comes to messaging around safer gambling. And affiliates are expert communicators. No-one knows how to communicate a message to players better than affiliates. To have Gamblers Connect work with us on this project sets a fantastic example for the entire affiliate sector. One we hope will foster greater cooperation between charities and affiliates in future.”

The post Serbian language market now catered for by BetBlocker’s support service appeared first on European Gaming Industry News.

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