Dominic Mansour, the CEO of Bragg Gaming Inc, has penned an open letter to shareholders detailing progress over the group’s first six months of trading, making specific reference to the US and the emergence of new sports betting opportunities.
Mansour wrote: “It is now a little over six months since we formed Bragg Gaming Group Inc and I’d like to give you all a general update and ensure we maintain an open and honest dialogue with all of our shareholders. We’ve been busy. Back in December when we closed the transaction, we set out some goals and initiatives for Q1. I’m very pleased to report that we have hit all our operational goals, and in most cases exceeded our own internal expectations.”
According to the CEO, in the US, the repeal of PASPA last year represents possibly the most exciting development in gaming in the past decade. “Nine states are currently live in the US, six further states have regulations in place but are not yet live, and 33 states are expected to be fully regulated by the end of next year,” he told investors.
Continuing, he noted: “Gambling Compliance recently increased its estimates for market size, showing a market bigger than the UK within three to four years – at $5.7bn. This opportunity is going to be big and we’re very well-positioned to benefit from this. From a B2B perspective we have all the ingredients we need – strong modern technology that’s easy to integrate into existing platforms, a strong network and an aggressive approach to succeed.
“We’re going to need to make an investment into the team to drive the sales pipeline, and potentially partner with others to ensure that our offering is best in market. This is going to move quickly and we’re not going to miss it.”
Offering a confident outlook, Mansour stated: “If hype is what we were after, then we’d be running an ‘e-sports, cannabis, blockchain, US-facing sports betting business’. But we’re not. What we are running is a very strong, successful business with solid recurring revenue, exceptional growth prospects and an amazing team to drive it forward.
“The foundation is solid, and growing fast. The markets haven’t worked that out yet. But we have. Our competitors are trading at revenue multiples that if applied to us would have our share price significantly higher than where it is today. They’re doing nothing better than us nor is their business any stronger. In my opinion, with our assets and the opportunity in the US and Germany in front of us, we should be trading at multiples higher than them.”
In conclusion, Mansour stated: “Thank you all for your support so far. I plan to continue to communicate regularly with everyone on the operations and progress we’re making at Bragg.”