Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, today provided an update on several aspects of its business including preliminary revenue estimates for the three month period ended June 30, 2021.

“Our financial growth as well as the operational and strategic development momentum we demonstrated in 2020, and in the first quarter of this year, continued in the second quarter,” said Richard Carter, CEO of Bragg. “We are making consistent progress with our growth initiatives including the introduction of new proprietary online games with better economics while expanding our footprint into new iGaming markets. The integration and performance of Wild Streak Gaming and the anticipated closing of the Spin Games acquisition later this year will position Bragg to leverage our existing technology platform, which includes in-demand player engagement tools, with new proprietary content and customer relationships positioning Bragg to address the large U.S. iGaming market opportunity. Our ongoing progress and success across the business has further established Bragg’s foundation to achieve long-term growth.”

Preliminary Q2 2021 Revenue

Bragg expects to report 2021 Q2 total revenues of approximately EUR €15.0 million (USD $17.7¹ million) pre-acquisition, representing a year-over-year increase of 23.5% compared to the 2020 second quarter period, and a 5.7% quarterly sequential increase. Reflecting this expectation, total revenues for the first half of 2021 are expected to be approximately EUR €29.2 million (USD $34.5 million). The Company’s revenue guidance for 2021 remains unchanged at EUR €47 million (USD $55.5 million) with adjusted EBITDA of EUR €4 million (USD $4.7 million) pre-acquisition.

This updated financial outlook is based on information available to the Company as of the date of this release and is subject to the completion of quarterly closing procedures.

The Company is pleased with its overall operational progress and performance, and in particular, the performance of two new proprietary games that were launched in Q2 on its Oryx Gaming (“Oryx”) network from its in-house Oryx studio. In addition, the Company successfully launched a series of exclusive licenced casino games from third-party studios supported by the Oryx player engagement and data analytics tools.

The Company anticipates releasing its 2021 second quarter results on August 11, 2021 and will provide a more detailed update on the second quarter’s performance during its Q2 earnings call.

Updates on Wild Steak Games Acquisition and Closing of Spin Gaming Acquisition

Following the Company's acquisition of Wild Streak in early June, Wild Streak has continued the revenue growth it demonstrated in FY 2020 and in Q1 2021 across both land-based and online casinos, with online revenue growth outpacing the growth in land-based revenue.

In Q2 2021, Wild Streak launched two online casino games: Amazing Money Machine and Lucky Lightning. These games, together with Congo Cash and Temujin Treasures (launched in Q1 2021), have demonstrated solid performance (e.g., wagering, gross gaming revenue and unique players).

As of June 30, 2021, Wild Streak had seven online casino games live in key iGaming markets including in New Jersey, the UK and other regulated jurisdictions in Europe.

The Company continues to make progress with the U.S. and Canadian licencing process in connection with its previously announced acquisition of Spin Games LLC (“Spin”), and continues to expect to complete this acquisition in Q4 2021 pending approval from state gaming commissions. The Company has already been granted licensing approval from GPEB, the British Columbia regulator, subject to the closing of the Spin transaction. Further, the Company has submitted its licensing application to the New Jersey Gaming Commission and expects to submit its remaining two U.S. licensing applications, in Pennsylvania and Michigan, in Q3 2021.

The technical integration between Spin and the Company’s Oryx Hub distribution platform has been completed. The combined offering will deliver the benefits of Oryx’s advanced player engagement, data tools and platform technology alongside Spin’s U.S. market content and operator relationships and is expected to provide a differentiated and widely distributed iGaming product offering.

German Facing Market Regulatory Regime Update

The anticipated new iGaming regulatory regime in Germany, the country where the Company derived the largest portion of its revenue in 2020, became effective on July 1, 2021. All operators in Germany are now required to comply with the new regulations.

The Company will continue to monitor how the German facing market adjusts to the new regulatory framework and is closely working with its German customers to help navigate the changing regulatory landscape.

NASDAQ Listing

The Company has filed an application for the direct listing of its shares on the Nasdaq Stock Exchange. The Company remains committed to this goal and expects to complete the direct listing of its shares on the NASDAQ exchange in Q3 2021.

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"), including, without limitation, statements regarding the Company's preliminary estimates for revenue for the three months ended June 30, 2021. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of COVID-19 on the business of the Company; the countercyclical growth of the business of the Company; the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of Company's business, the meeting minimum listing requirements of Nasdaq; which may not be achieved or realized within the time frames stated or at all; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks related to changes and adjustments to these preliminary estimates resulting from the Company's management and Audit Committee reviews and/or regular financial closing and review procedures and audit procedures; that the Company may not be able to accurately predict its rate of growth and profitability; the risks associated with the completion of the acquisition of Spin; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the increased costs associated with meeting the minimum listing requirements on Nasdaq; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

About Bragg Gaming Group

Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg") is a growing global gaming technology and content group and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has grown to include operations across Europe, North America and Latin America and is expanding into an international force within the global online gaming market.

Through its wholly owned subsidiary ORYX Gaming, Bragg delivers proprietary, exclusive and aggregated casino content via its in-house remote games server (RGS) and ORYX Hub distribution platform. ORYX offers a full turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services.

Nevada-based Wild Streak Gaming is Bragg's wholly owned premium U.S. gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online and social casino operators in global markets including the U.S. and UK.

In May 2021, Bragg announced its planned acquisition of Nevada-based Spin Games, B2B gaming technology and content provider currently servicing the U.S. market. Spin holds licenses in key iGaming-regulated U.S. states and supplies Tier 1 operators in the region.

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¹ Bragg’s reporting currency is Euros. The exchange rate provided for US dollars is 1.18. Due to fluctuating currency exchange, this rate is provided for convenience only.

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