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Bragg Gaming announces Q1 2021 results

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First quarter revenue increases 62 per cent and Adjusted EBITDA increases by 234 per cent

2021 revenue guidance maintained at €47M

Accelerating rollout of proprietary in-house developed slot content

B2B gaming technology and content provider Bragg Gaming Group today released its financial results for the three months ended March 31, 2021.

“We’ve continued to build on the strong momentum of 2020 with an excellent first quarter,” said Richard Carter, CEO of Bragg Gaming. “Revenue is up by 62 per cent year-over-year and Adjusted EBITDA increased by 234 per cent. We’ve also seen a 54 per cent increase in the number of unique players using Bragg content, have launched nine new operators and our customer pipeline for the remainder of 2021 is expected to continue to grow and expand globally, underpinning future company growth in 2021.

“We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialise our in-house casino content studio, with our first game recently launched across our network,” continued Mr. Carter. “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier one vertically integrated iGaming business in the U.S., Bragg Gaming has never been better positioned for long-term success.”

Q1 2021 financial highlights

  • Revenue increased by 62 per cent to €14.2M (C$20.9M[1]) in the first quarter of 2021, compared to €8.8M (C$12.9M) for the first quarter of 2020, maintaining quarterly growth momentum since Q1 2019
  • Quarter-over-quarter revenue increase of 3 per cent, from €13.8M (C$20.3M) in the fourth quarter of 2020 to €14.2M (C$20.9M) in the first quarter of 2021
  • Wagering revenue generated by customers[2] up by 52 per cent to €3.5B (C$5.1B) compared to €2.3B (C$3.4B) in Q1 2020
  • The number of unique players[3] using Bragg games and content increased by 54 per cent up to 2.4M, from 1.6M during the comparable period in Q1 2020
  • Gross profit increased by 68 per cent to €6.6M (C$9.8M), compared to €4.0M (C$5.8M) with an increase in margins from 45 per cent to 47 per cent, mainly attributed to the shift in proportion of revenues from games and content to iGaming and turn-key services, the latter of which have lower associated cost of sales
  • Net loss for the period was €1.1M (C$1.6M), a decrease of €4.6M (C$6.8M) from Q1 2020, mainly due to the full settlement of the ORYX earn-out on January 18, 2020, resulting in nil expenditure from re-measurement of deferred and contingent consideration and accretion on liabilities in the current quarter (Q1 2020: €5.0m)
  • Adjusted EBITDA[4] was €2.3M (C$3.4M) in Q1 2021, up 234 per cent compared to €0.7M (C$1.0M) in Q1 2020, with an increase in margins from 8 per cent to 16 per cent, primarily as a result of higher scale
  • Cash and cash equivalents as of March 31, 2021 increased to €30.1M (C$44.3M) compared to €26.1M as of December 31, 2020 (C$38.4M)

 

Selected first quarter 2021 performance indicators

 

Euros (Thousands) Q1-21 Q1-20 %
Revenue 14,196 8,784 62%
Adjusted EBITDA 2,342 702 234%
Adjusted EBITDA margin 16% 8% 106%
Operational Q1-21 Q1-20 %
Wagering revenue (Euros) 3.5B 2.3B 52%
Unique players 2.4M 1.6M 54%
Revenue/ top 10 customers 62% 65% -3%

 

Business highlights

  • Successful launch of nine new B2C operators[5] during the period across a number of jurisdictions, including PAF (Finland), iGaming platform Senator (Croatia), Swiss market leader Casino Luzern and Maxbet (Romania)
  • Improved customers revenue diversification, with 62 per cent of revenue for Q1 2021 derived from the top 10 customers, as compared to 65 per cent in Q1 2020
  • Launched 11 new casino games fully certified and distributed successfully throughout the entire network
  • Signed agreement to be the exclusive distributor of slots studio Sakuragate outside of Japan
  • Completed a private placement for €1.9M (C$3.0M) – Board of Directors and management participated

 

Ongoing strategy

  • On May 12, 2021, Bragg announced that it had entered into an agreement to acquire Spin Games LLC (“Spin”) in a cash and stock transaction for a purchase price of approximately US$30 million. Under the deal the sellers of Spin will receive US$10 million in cash and US$20 million in Common Shares of the Company, of which US$5 million in Common Shares will be issued on closing and the balance over the next three years. The transaction will close following final approval from state gaming regulators and satisfaction of other customary closing conditions
  • Recently announced the appointment of Richard Carter to the role of CEO, effective May 1, 2021
  • Announced intent to trade on the Nasdaq Stock Market and completed share consolidation to support the listing
  • First in-house developed proprietary casino game launched across the Bragg network with encouraging early signs, with five more planned in the remainder of 2021
  • Continuing to invest in technical infrastructure, an in-house content studio, increasing operational efficiencies, and deepening data analytics, gamification and bonusing features
  • Continuing to explore strategic M&A opportunities in the U.S. and globally
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AGLC

Casino ATM Scam in Edmonton Reveals Money Laundering and Drug Links

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Law enforcement in Alberta continues to search for the last suspect in a sophisticated fraud operation that targeted ATMs in Edmonton-area casinos and resulted in over CAD 1 million ($720,487) in losses throughout Western Canada.

The Royal Canadian Mounted Police (RCMP) has confirmed that Hisham Ismaeel, 28, remains at large with a province-wide warrant for his arrest. He faces charges of fraud exceeding $5000 and possessing proceeds of crime. Police have already arrested four other men linked to the scheme. Investigators describe the operation as a well-planned effort to exploit financial systems and clean dirty money.

The accused, Elliot Miao, 42, Van Bau Ta, 39, Hassan Jaafar Haydar Ahmad, 37, and Dennis Jones, 42, showed up in the Alberta Court of Justice last week. They face charges from fraud and money laundering to owning criminal property. Miao also has a narcotics trafficking charge after police found cocaine when they searched with warrants.

Investigators claim the group made coordinated withdrawals at several casino ATMs, timing their transactions to avoid getting caught. This action messed up ATM networks in the area and showed flaws in the systems that banks and casinos use to stop misuse.

The RCMP Federal Policing Northwest Region led an investigation that involved six search warrants in Edmonton. The Edmonton Police Service, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Alberta Gaming, Liquor and Cannabis (AGLC), and several banks supported this effort. Officials said the case shows how teamwork between public agencies and the private sector plays a key role in combating modern financial crime.

AGLC representatives pointed out that casino operators in the province must follow strict reporting and surveillance rules under Canada’s anti-money laundering laws. The specific casinos affected remain unnamed, but the Edmonton region has seven licensed facilities. AGLC said its policies helped spot problems and backed the RCMP’s investigation.

Compliance experts say this fraud shows how criminals change their methods to take advantage of weak spots in reporting limits and transaction checks. They claim that casinos, which deal with lots of cash, are still easy targets unless they keep improving their detection systems and teach their front-line workers to notice coordinated actions like several big withdrawals happening one after another.

For now, the case highlights both the money and crime aspects of casino-related fraud. Besides the million-dollar losses, finding drugs during the raids points to a bigger criminal operation where financial crimes and drug dealing overlap.

The post Casino ATM Scam in Edmonton Reveals Money Laundering and Drug Links appeared first on Gaming and Gambling Industry in the Americas.

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Bragg Gaming

Bragg Confirms Cyber Attack – Hackers Access Internal IT Systems

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Bragg Gaming Group, a leading online gaming technology provider, has confirmed a major cybersecurity incident that compromised its internal IT infrastructure in the early hours of Saturday, August 16, 2025.

The company detected unauthorized intrusion attempts that successfully breached its internal network, triggering an immediate and comprehensive incident response.

Key Takeaways

  • Bragg Gaming Group experienced a cybersecurity breach involving access to internal IT systems.

  • No customer personal data or payment information appears to have been compromised.

  • The company has enacted full containment and investigation protocols.

Details of the Breach

According to a preliminary forensic analysis by Bragg’s internal security team, the attack was a targeted breach aimed at the company’s internal computer environment. While the exact method of intrusion is still under investigation, early indicators suggest a sophisticated exploit of internal network vulnerabilities.

Fortunately, the company’s customer-facing systems, including sensitive user data and financial information, appear to have been unaffected. Bragg’s existing encryption protocols and access control systems successfully prevented the attackers from accessing customer information.

Immediate Response Measures

In response to the breach, Bragg launched a multi-tiered containment strategy, including:

  • Network Segmentation to isolate affected systems

  • Enhanced Monitoring of data flows across its Remote Games Server (RGS) platform

  • Security Audits of critical infrastructure, including the Bragg Hub and PAM systems

  • Engagement of Independent Cybersecurity Experts to assist in incident analysis and system hardening

Bragg’s Security Operations Center has also elevated its alert level, initiating 24/7 monitoring across all server clusters and network endpoints. In addition, company-wide penetration testing is now underway to proactively identify any residual vulnerabilities.

Business Continuity Maintained

Despite the severity of the breach, Bragg reports that its operations remain unaffected. All gaming services, including iCasino and sportsbook offerings across regulated markets, continue to function without disruption.

“While this incident is deeply concerning, we are confident in the rapid and thorough response initiated by our team,” a company spokesperson stated. “We remain committed to protecting our infrastructure, our partners, and most importantly, our players.”

Looking Ahead

As part of its response, Bragg has also launched mandatory security awareness training for all employees to reinforce best practices and prevent future incidents.

Cybersecurity analysts will continue working with Bragg to determine the full scope of the attack, improve system resilience, and maintain the trust of its users and stakeholders.

Bragg’s handling of the incident highlights both the evolving nature of cybersecurity threats and the importance of robust, responsive defense systems in the digital gaming sector.

Source: cybersecuritynews.com

The post Bragg Confirms Cyber Attack – Hackers Access Internal IT Systems appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

AGCO Removes Cap on Seller Commission for Charitable Lottery Products

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The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.

Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.

These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.

Important Reminders

• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.

• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.

• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.

• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.

For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.

The post AGCO Removes Cap on Seller Commission for Charitable Lottery Products appeared first on Gaming and Gambling Industry in the Americas.

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