Transforming Technology for the Worldwide Gaming Industry

High Performing Gaming Technology Leader Shows Consistent Growth

Bragg Gaming Group Inc (TSE:BRAG) (OTCMKTS:BRGGF), is an innovative B2B online gaming solution provider, offering a turnkey solution for retail, online and mobile gaming. They also deliver advanced casino content, sportsbook, lottery, marketing and operational services. 

Richard Carter To Ascend To The Role Of CEO Of Bragg Gaming

Founder Adam Arviv hands operations of the online gaming technology provider to one of the online gaming world’s most recognized CEOs

TORONTO, Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) (“Bragg” or the “Company”) announced today that Founder and interim CEO Adam Arviv has appointed Richard Carter to the role of CEO of Bragg Gaming, effective May 1, 2021.

Mr. Arviv is a Founder of Bragg and remains among the largest shareholders in the Company. In early 2020, disappointed with the negative effects of continued underperformance and missteps on the share price of the Company, Mr. Arviv elected to take on an activist role in the Company and petitioned the Board to place him in the role of CEO in September 2020. At this time, the company was trading at approximately C$.30, with a market cap of C$19.5M and carrying $50M of debt.

Mr. Arviv strategically recruited prominent gaming industry executive Richard Carter as Board Chair. Mr. Arviv led the negotiations and settlement of the ORYX earn-out and guided the team in the raise of C$58M, including forcing the conversion of all warrants. Now boasting a strong balance sheet with recurring positive cash flow and no debt, Bragg graduated recently from the TSX Venture Exchange to the Toronto Stock Exchange.

“We’ve made significant progress in our strategic goals over the past months, and Richard is the ideal person to advance our plans – expanding our current market overseas and aggressively moving into the U.S. market,” said Mr. Arviv. “Richard is a recognized authority in the online sports and casino betting industry, with a proven record helping launch SBTech in the U.S. market, before the successful sale of the company to DraftKings. We’re working together to make the necessary adjustments as we transform Bragg into a major player.” 

“I’m excited to lead Bragg on our mission to become a significant force in the B2B gaming space,” Mr. Carter responded. “2020 has been a very successful year for the Company and we are well positioned to maintain this momentum into 2021 and beyond.  We will continue to grow and broaden the business in our core European markets, while at the same time starting to accelerate our investment and focus on the fast-growing North American iGaming market. Now is the right time to break into this market, and we look forward to building our cutting-edge technology, data insights and exclusive casino gaming content to the market.”

Previous to joining the Board of Bragg, Richard Carter held the role of CEO of interactive sports betting solutions and services provider SB Tech for the past five years, until the company’s merger with digital sports entertainment and gaming company DraftKings through a three-way deal with Diamond Eagle Acquisition Corp in April 2020. The transaction was valued at US $3.3 billion, and the combined entity has a current market cap of US $27.5 billion.

“On behalf of Richard and the other members of the Board of Directors, I would like to thank Adam for his continued commitment to Bragg,” said Bragg Board Member Paul Godfrey. “As the founder and largest strategic investor in the Company, Adam stepped into the CEO role and led the transformation of Bragg to date. He’s now handing over a company perfectly positioned to win under Richard Carter’s leadership. Adam will continue on in his capacity as chief advisor to the board and CEO.”

Learn more at BRAGG Gaming Group

BRAGG Gaming by the Numbers




300% client growth in  the last two years

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78.1% year-over-year increase in gross gaming revenue (GGR)



372.6% year-over-year EBITDA growth



178% year-over-year increase in EBITDA margins



Bragg CSO Interviewed on Red Chip

Making Strides in a Fast-Growing Industry 

Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a B2B gaming technology platform provider, offering turnkey services in the gambling industry. With operations across Europe and North America, Bragg has become a leading international player in the growing global online gaming market. Bragg’s main brand is ORYX Gaming, an innovative B2B iGaming platform, casino content aggregator, managed sportsbook and managed services provider, offering cutting-edge content from 100+ leading studios.

The online gambling industry continues to experience significant growth. According to a recent study by Global Market Insights, the market is expected to grow at a CAGR of 16.5% to $116B by 2026.

BRAGG has proven to be a formidable force in the global gaming market, with expansion into new territories, intelligent acquisitions and partnerships, and superior technology. They already have an international presence, with operations in Europe and North America, and they offer an impressive catalogue of 10,000+ games from top developers. This is a high growth market, and BRAGG has an easily scalable business model. The turnkey nature of their offerings allow for quick adoption by customers, and success is easily replicable.

At some point soon, we expect BRAGG to begin producing their own games. With a portion of their revenue currently going back to the gaming studio they license from, it only makes sense that they would try to produce their own content. As it stands, BRAGG clients have access to a huge library of games, but none of those games are exclusive to BRAGG. By moving into a hybrid Platform/Distribution model, BRAGG will be able to offer their own proprietary games along with their turnkey services. 

Recent Press Releases


Betting on BRAGG

BRAGG Gaming Group is on an impressive growth trajectory. Although (as of this writing) 2020 revenues have not been reported, they are projecting $67M, up 74% from last year. In an interview with Red Chip, the Chief Strategy Officer, Yaniv Spielberg, projected 2021 revenues to reach $79M and $10.4M EBITDA

So how does BRAGG make its money? Rather than charging on an ad-hoc basis for their turnkey solutions, they rely on a revenue share from their clients. The actual percentage varies based on the scope of services offered and can range from 2%-20%. This is a great example of betting on your service to deliver value, and BRAGG is delivering in a big way. 

The online gaming space is attractive, and we are probably all familiar with the industry darling Draft Kings. After a non-traditional IPO through a SPAC, Draft Kings received a valuation of roughly $6.3B. While many factors contributed to such a high valuation, it isn’t crazy to think that more gaming unicorns are on their way.  As it happens, the former SB Tech Chief of Draft Kings, Richard Carter, is on the BRAGG board and will become CEO on May 1st.

The online gambling company GAN could be an indicator of where BRAGG is headed. They have almost identical offerings, but a key difference is that GAN is traded on the NASDAQ at a higher market cap. It was only recently that BRAGG graduated to the Toronto Stock Exchange, and while that was a huge milestone, BRAGG doesn’t plan on stopping there. In order to bring as much value to their shareholders as possible, they have their sights set on NASDAQ. For the time being, BRAGG is still under the radar. That’s not necessarily a bad thing, as we think the investment opportunity before NASDAQ listing could pay handsome good dividends in the future.

Don’t sleep on this growing gaming provider for too long though. We won’t be surprised if BRAGG ends up buying a game studio before the end of the year. They are experiencing steady growth across all their markets, and producing their own content is a logical next step for increasing margins.


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Adam Arviv

Interim Chief Executive Officer

Adam is the Founder and a significant shareholder of Bragg Gaming.  Adam has over 30 years of gaming experience in M&A, investments, and operations, and previously helped lead Gaming Nation and Picknation.

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Ronen Kannor

Chief Financial Officer

Ronen has over 18 years of experience in a variety of financial management roles within the real estate and online gaming sectors. Most recently, Ronen served as Chief Financial Officer at Stride Gaming Plc, an online gaming operator , a position he held from 2014 until 2020. During his tenure, he led the reorganization and the initial public offering (IPO) of the company onto the London Stock exchange (AIM).

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Yaniv Spielberg

Chief Strategy Officer

Yaniv is a trained lawyer and co-founder of a number of tech-focused businesses. In 2018, Yaniv was a part of the team that completed the RTO to establish Bragg Gaming Group. Prior to Bragg, Yaniv was a founding member of a private equity fund that focused on acquiring and operating global online gaming companies, Legacy Eight Group.

Yaniv obtained his Juris Doctor degree from Osgoode Hall Law School and previously earned both a Bachelor of Science and Master of Science from York University.

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Matevs Mazij

MD of Oryx Gaming

Slovenia based Matevz established Oryx in 2010, after 8 years as an international business development, sales, marketing and IT professional with different online and land-based gaming companies, building business relationships throughout Asia, Europe, Central America and North America. Matevz has led Oryx from startup to global leader in turnkey gaming solutions. With clients ranging from JackpotJoy to GVC, Oryx is now a recognized solution provider to the gaming industry. 



Investment Insights

  • Massive Market Potential – The online gaming market is growing rapidly, with no signs of slowing. The wide adoption of smartphones, expansion of legal online gambling, and growth brought on by the pandemic, all contribute to what will become a $160B market by 2026. 
  • Exceptional Performance – BRAGG has proven to be a leader in the online gaming space. Their superior technology and turnkey service has resulted in a 74% increase in revenue, with projected revenues of $79M in 2021. BRAGG also holds $40M in cash and ZERO DEBT, giving them plenty of room to grow operations if needed.
  • Experienced Leadership – Leadership has over 100 years combined experience in their fields, with a successful track record that includes IPOs, selling companies, acquisitions,  and serving industry leaders. 
  • Undervalued – Based on their past performance and future projections, BRAGG is an undervalued company in the beginning stages of growth. The uplisting to TSX was a big step, and it’s clear that a jump to NASDAQ isn’t far off. This international gaming provider should eventually trade at a fair market value, or closer to industry comps, which would mean a significantly higher stock price than where it’s trading today.


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