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| Statement |
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| As indicated in the previous quarters, we are targeting gross profit margin improvements to exceed 60% by full year 2025, mainly by increasing the proportion of revenue which comes from proprietary content, PAM and turnkey solutions |
| Adjusted EBITDA for the quarter was up by 70.5% to €3.8 million, with adjusted EBITDA margin reaching 16.9%, an improvement of 620 basis points from the same period in the previous year |
| And we feel that these markets represent a great growth opportunity for our content in ‘24 and ‘25 |
| So I’m delighted to be back in reporting on another quarter in which we continue to make good progress on our goals |
| We’ve been having a very constructive dialogue over the recent past, and we hope to be able to power the BetCity brand and Entain Group as a global powerhouse going forward |
| Our content roadmap is going very strong |
| We at Bragg are extremely proud of our full product suite, which includes our proprietary and exclusive content, aggregated content, sportsbook delivery, PAM, managed services, FUSE promotional tools and data and reporting products |
| Our plan in 2024 and ‘25, as well as to grow our wallet share with all of these existing content-only operators as well as existing PAM and aggregation operators as they present a great revenue growth opportunity for our proprietary Powered by Bragg content |
| And FUSE driven campaigns resulted in significantly more traffic, better conversion rates, better retention rates and higher lifetime value, which is beneficial both to our customers and to us |
| We have our strategic pillars in place that will underpin our growth going forward and which will drive shareholder value |
| Our ability and capacity to build bespoke game titles is an additional differentiation point where we can deliver added value to our customers and build long-term growth |
| As Matevz indicated earlier, the third quarter of 2023 was another positive step in our digital journey |
| And we also believe that we’re going to be able to leverage our position as a leading PAM solution provider and aggregation solution provider in the market to grow our wallet share, like I said, in the market |
| In the third quarter, total revenue were up by 8% year-over-year to €22.6 million, continuing our growth momentum since the fourth quarter of 2021 |
| The growth was mainly derived organically to our existing customer base, launch in financial year ‘21 and ‘22, in particular, the PAM and turnkey solution customers in the Netherlands, together with content offering and a solid revenue performance from the Wild Streak gaming to our customers |
| We are closely watching regulatory developments as many markets, which currently have no legal framework for online casino or those which currently have restrictive frameworks are reviewing their laws with a trend towards more jurisdictions opening up to regulate iGaming in the near future as well as watching for the next states to adopt online casino in the United States, we are well positioned to enter or expand in Latin American markets and newly regulated European markets |
| As you can see from the wagering chart on the right hand side, Bragg’s ongoing positive momentum from the fourth quarter of 2021, which demonstrates our ability to transform and diversify our operations |
| We actually have, at this stage, I would say we’re very well positioned to further growth with the same team and the same operation we have today |
| We believe that we have more opportunities to grow as the PAM and aggregation solution provider in this market |
| We believe that Rush Street is obviously a great operator that they have an extremely good team, an extremely good product |
| And finally, newly regulated markets in LatAm and Europe are a great opportunity for our PAM aggregation engagement and content products with these Tier 1 operators that we already signed with and new operators that are coming out of these newly regulated landscapes |
| And we believe that we are going to be able to maintain our position in the market moving forward |
| As you can see on Slide 7, the gross profit margin continued to show a growing momentum during the fourth quarter of 2021 due to the change in Bragg product mix |
| I’m very positive about the progress that we have made over the last 12 months |
| As you saw from the recent game we built for Caesars Digital, Lady Luck Casino Egyptian Magic, we are also in a position of strength when it comes to our ability to deliver in-demand custom and exclusive content for our partners |
| The third quarter revenue growth year-over-year was driven mainly by the Dutch PAM and Turnkey customers’ outperformance, together with the improvement of our content offering |
| I would like to also say that we’re very excited about the U.S., and I want to remind everyone that our business is extremely successful in Europe and that we’re one of the largest content aggregators and leading PAM providers in Europe, and we expect to leverage our expertise coming into the U.S |
| So I’m very proud of the development capacity we have built and of the quality of the games that we are releasing |
| And we’re proud of our part in helping BetCity become one of the leading online sports betting and casino brands in the Netherlands today, and we’re extremely delighted to continue to build on this success with them |
| And I think it’s positive that that we have secured the longevity of the deal, and we have now a clear path where we have continued support of Entain strategic initiatives in the market |
| Statement |
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| Third quarter, however, showed a slight sequential drop of 8.5% as a result of bad failure revised extended commercial terms |
| Jordan Bender I guess from a growth perspective, first half down roughly 5% in the third quarter, it’s down about 24% |
| So as you’ve seen in the last 9 months of operation, the working capital relatively remained the same, 6.3 million, about 6.6, dropped to 6.3 of course, with high adjusted EBITDA compared to previous year |
| Third quarter is usually slower than first and second quarter |
| And then in terms of your player and wager growth, nice growth in the quarter, but from a wager per player perspective, you’re seeing a little bit of a deceleration year-to-date and especially here in the third quarter |
| And we reduced managed services resources already has in-house |
| Operating loss increased by €0.5 million to €2.1 million, mainly as a result of a one-off termination of an employment contract and a loss from deferred consideration |
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