Bragg Gaming accelerates expansion into US and Canadian iGaming markets as it graduates to Toronto Stock Exchange
Bragg Gaming Group Inc (CVE:BRAG) (OTCMKTS:BRGGF) announced Tuesday that it is accelerating its expansion into the US and Canadian iGaming markets.
The company’s announcement comes on the eve of its graduation to the Toronto Stock Exchange on January 27.
“Graduation to the Toronto Stock Exchange on Wednesday, January 27, 2021 (has) created a strong foundation for the company to accelerate its expansion into the burgeoning U.S. and Canadian markets,” Bragg said in a statement.
READ: Bragg Gaming enters the Netherlands through a deal with JVH Gaming and Kambi Sports Group
Bragg added: “The company is increasing its investment in its technology, regulatory/compliance and business development teams to ensure that it is optimally positioned to capture new US and Canadian revenue streams. Bragg intends to launch their cutting-edge B2B iGaming technology platform and casino content aggregator in all states that permit iGaming, with the intent of building a leadership position in the B2B space. The company is currently in the process of applying for B2B supplier licenses in New York and New Jersey. Bragg’s growth strategy is predicated on filing for B2B supplier licenses in all other states where iGaming is regulated and in Canada once legislation permits.”
The company also noted that it recently completed several strategic objectives, including:
- Finished acquisition and earn-out of ORYX Gaming
- Transformed company’s balance sheet from liabilities of about C$50 million to more than C$40 million in cash upon the anticipated full conversion of accelerated warrants
- Strengthed board of directors with the recent additions of Richard Carter and Paul Godfrey
“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,” said CEO Adam Arviv.
“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.”
Meanwhile, Bragg said it is focusing on building scale and growing market share in worldwide casino markets, particularly in its stronghold EU through an augmented and diversified product offering.
Bragg is in the process of applying for various European B2B supplier licenses, most notably the UK Gambling Commission. The company is enhancing its content base through leading studios, growing its existing Sportsbook and Lottery products, expanding into new products, such as instant-win, and enhancing its iGaming platform services. Bragg is also heightening its focus on local market regulatory compliance where it offers B2B services.
The company also provided a trading update. It said revenue for fiscal year 2020 was ahead of management expectations with adjusted EBITDA expected to hit the higher end of the range.
The outlook for FY2021 for revenue remains unchanged at C$73.5 million with adjusted EBITDA of C$6.4 million, with the change in EBITDA — reflecting the company’s commitment for significant investment within FY2021 to focus on US and Canadian growth and expansion. Bragg added it will continue to update on its progress in its upcoming FY2020 financial reporting in March 2021.
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/939544/bragg-gaming-accelerates-expansion-into-us-and-canadian-igaming-markets-as-it-graduates-to-toronto-stock-exchange-939544.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
