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Round 1 rollercoaster triggers sensational comeback drive for Chadwick
Reigning champion feels ‘mixed emotions’ after early contact and fightback to P6 during restart drama
The 2021 W Series season got underway this weekend (25-26 June) at the high-speed Red Bull Ring in Spielberg, Austria. Reigning champion Jamie Chadwick lined up alongside Brazilian rookie Bruna Tomaselli as Veloce Racing made its foray into single-seater racing for the first time.
Qualifying was held on Friday afternoon in the Styrian countryside but was far from straightforward for the fledgling W Series outfit. Chadwick was in the hunt for pole from the outset, setting eye-catching lap times throughout the session. However, a cracked pipe put pay to her efforts and meant she would spend the remainder of qualifying on the side-lines, with a time good enough for eighth place.
Tomaselli, meanwhile, acclimatised to a new series and team with ease, swiftly getting up to speed and qualifying just outside the top ten with the 11th fastest time.
Almost as soon as the lights went out in Spielberg, drama began to unfold. The reigning champion was swiftly on the attack making up ground on the opening lap, as the field reached turn one on the second tour, disaster stuck. Racing X’s Jessica Hawkins locked up under braking, careering into the back of Chadwick, leaving the 23-year-old facing the wrong way, and tumbling down the order.
Chadwick re-joined in 16th position with the bit between her teeth, recording the fastest lap of the race so far and setting about closing the gap to the #3 driver of Gosia Rdest. Once she had bridged the gap to the Pole, she made several lunges up the inside of the first corner as the pair battled it out lap after lap.
Further up the order, Tomaselli was embroiled in a tooth and nail battle for a place inside the top ten, putting everyone firmly on the edge of their seat going three abreast into turn three. Ultimately, she conceded the positions and dropped to 11th, before settling into a rhythm and held station comfortably.
At two-thirds race distance, the safety car was deployed to ensure Marta García’s stricken Puma car could be recovered safely. At the restart, Chadwick was all fired and looked to take advantage as chaos ensued further up the grid. Contact for Tomaselli at turn three spelt disaster for the Brazilian who subsequently fell down the timesheets, while sensational race craft amid the carnage helped the reigning champion Chadwick navigate her way to a seventh-place finish on the road.
Hawkins was eventually dealt a 30-second post-race penalty following her early contact with the Veloce car, this elevated Chadwick and Tomaselli to sixth and 11th respectively.
Jamie Chadwick, Driver, Veloce Racing said:
“I’m feeling mixed emotions after that race. Firstly, I’m happy to get points on the board but massively disappointed at the same time, I had a really good start and first lap but then got spun around.
“We got a bit lucky with the carnage that unfolded after the safety car but I think it was damage limitation today given the circumstances we found ourselves in. Our potential was much more than that this weekend. Luckily there isn’t long to wait so we’re already looking ahead to the next race.”
Bruna Tomaselli Driver, Veloce Racing said:
“From my side, I think the race was good. We were fast at the beginning to the middle of the race but at the restart, someone touched my rear and it put me out of the fight, these things happen. I know I was quick, and I know where I can improve to help bring better results, so I will try to be more consistent for the next race.”
Rupert Svendsen-Cook, Team Principal, Veloce Racing said:
“That was an entertaining race for the neutral but very stressful for Veloce! Jamie had an excellent start and pulled some blinding moves to progress on the first lap but was very unlucky to be punted out to the back.
“It looked likely there is still a straight-line speed issue which makes her recovery from last back to sixth even more impressive. We will get things fixed for next weekend and we’re excited to put our best foot forward.
“Bruna also showed her raw speed and with some more racing experience under her belt, we have every confidence in her ability. It’s great to see the W Series back in action at an F1 weekend and it’s certainly going to be a season of attrition based on today’s race.”
The drivers will have little time to catch their breath as W Series returns for the second instalment of the Austrian double-header in just seven days (3-4 June), Chadwick and Tomaselli will no doubt be looking to build on their promising pace from the opening round.
Bragg
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(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.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
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