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.
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]
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Story by ProactiveInvestors
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