Toronto-based online gaming service provider Bragg Gaming Group Inc. says it saw a significant jump in revenue and better cash-flow margins in its latest quarter.
In the three months ended Sept. 30, the company, which provides turnkey online gaming solutions, posted group revenue of €11.7 million ($18.1 million), up more than 70 per cent from €6.8 million ($10.5 million) a year earlier, according to a release.
During the third quarter, Bragg boosted margins on adjusted earnings (before interest, taxes, depreciation and amortization) to 15.7 per cent from 2.6 per cent a year earlier.
Adjusted EBITDA was €1.8 million ($2.8 million) in the quarter, compared to a €0.2 million ($0.3 million) in the same period last year.
Net Loss in the quarter was €3.15 million, according to financial statements released by the company,mostly due to a re-measurementof contingent consideration.
“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, interim chief executive of Bragg.