Home In-DepthData & Statistics Bragg Group and Brazil, GiG, Denmark: this week’s numbers

Bragg Group and Brazil, GiG, Denmark: this week’s numbers

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CasinoBeats delves into the statistics behind the most interesting stories in the gambling industry every week. This week, the roundup includes Catena’s Q1 results, GiG’s and Bragg’s, as well as a report on Danish gambling and Brazilian tax reform.


Catena published its first-quarter results and declared revenues from ongoing operations of EUR16m (Q1 2020: EUR31.5m), down by 49 percent year-overyear.

North America revenues, which make up 90% of total revenue for the company from its continuing operations, were again affected by the market’s headwinds. They dropped by 50% YoY to EUR14.3m (in 2023, EUR28.9m).

Catena blamed the decline in North America revenues on the challenges of comparing sports bets with other markets, the intensity of competition and the operator’s marketing budget, along with ongoing programs to improve the brand for casinos.

Cost-per-acquisition contracts accounted for 86 percent of total revenues in the third quarter. Revenue share was at 12 percent and fixed percentages were at 2 %.

NDCs received from ongoing operations decreased by 41% YoY, to 44 077 (2023:74 186), during Q1. NDCs accounted for 81 percent of all NDCs, with 19% coming from CPA agreements.

The adjusted EBITDA for continuing operations decreased 90 percent YoY, to EUR1.9m (in 2023 it was EUR18.7m), with a margin 12 percent (2023: margin 59 percent). EBITDA for continuing operations including EUR1m of items that affect comparability totaled EUR909,000 (EUR17.9m in 2023), which corresponds to a six-percent margin (2023:57%).

The earnings per share for continuing operations was minus EUR0.03 (2020: EUR0.15) and minus EUR0.03 (2020: EUR0.11) before dilution.

The cash and cash-equivalents at the end of March were EUR23.4m (in 2023, EUR52.4m). Outstanding shares were 78.773,422, and outstanding warrants totalled 27,022,940.

Interim CEO Pierre Cadena stated: “Operational results during this period were unsatisfactory again, particularly in North American Sports. Revenue and EBITDA were pushed lower by increased competition, reduced marketing expenditures, and difficult comparisons to Q1 2023, when Ohio and Massachusetts launched online sports betting.

The legalisation of sports betting online in North Carolina, on March 11, came not only after the Super Bowl game but also in time for March Madness, the college basketball tournament. This provided a boost. North Carolina, despite being active for only a third of the time period in question, was our best performing US state during Q1.


Brazil’s tax regime for player winnings, betting and lotteries, as well as online gambling, has been introduced.

Federal Revenue Service confirmed this week that it will apply the personal income tax to ‘net prize’ money won in betting, lottery and online gambling.

RFB has approved the Government’s Modality of imposing a 15% personal income tax for prizes and winnings over BRL 2824. (around EUR530).

RFB exempts 15 percent of net prizes/wins that are below BRL 28,24. According to reports, the figure is equivalent to twice the average Brazilian monthly wage.

The net prize of the Bets Market is the difference between what the customer has wagered and how much they have won.

Operators will apply the tax of 15% ‘at the source’ when they credit customer winnings.

After receiving authorisation by RFB’s General Secretary Robinson Sakiyama Barreirinhas, the framework will implement changes to Brazil’s federal tax law on Income Tax on Individuals and Declaration of Income Tax Withheld At Source (DIRF).

Taxation of player prize amounts has been seen as an issue in the launch of Bets.

When President Lula Da Silva signed Bill No. The law enacting Bill No. 3,626/2023 authorizes the Brazilian government to establish its federal online and sports gambling market.


Bragg Gaming Group announced that its revenue for Q1 2024 increased by 4.2 percent compared to the same time period in 2023, reaching EUR23.8m. (Q1 2020: EUR22.9m).

The CEO Matevz Mazij noted that the YoY growth was attributable to the organic growth of its existing client base and the additions of new clients in multiple markets as well as the “impressive” results from the Wild Streak Gaming studio.

As previously stated, however, both the gross profit of the group and the adjusted EBITDA decreased in comparison with the prior year.

The gross profit fell by 2.8% to EUR11.9m in 2023 (EUR12.2m), with margins of 49.9% (2023 : 53.5%), and adjusted EBITDA dropped by 12.4% to EUR3.4m, with margins of 14.3% (2023 : 17%).

Mazij said: “Despite modest declines in gross profit and adjusted EBITDA in the first three months, stemming primarily from our extension and renegotiation with Entain Plc for the provision of BetCity.nl’s PAM platform through 2025. We maintain our strong belief that we can achieve growth and profitability on a long-term basis.

Our exclusive and proprietary third-party content is gaining ground among top operators worldwide. We introduced 19 exclusive titles in the first quarter 2024.

“We continue to see encouraging progress in our review of strategic alternatives, but it is important that we remain focused on the growth opportunities and carry on with business as usual.”


The Danish Gambling Authority Spillemyndigheden reported that the GGR for March was up over 4% compared to last year.

Spillemyndigheden published data for the entire month. The total GGR was DKK 627m, or EUR 84.06m. This is a 4.6% increase compared to the DKK 599m of March 2023.

The gaming industry in Denmark has grown by 6.63 percent since February 2024, when it was DKK 588m. (EUR78.83m).

The March GGR was driven primarily by online casinos, gaming machines and land-based casino growth, although the betting segment in the United States did experience a slight decline compared to the same period in 2023.

In terms of GGR, the online casino sector has a majority share with 49.41 percent, followed by gambling with 29,01 percent, gaming machines at 16.95%, and land-based with 4.5 percent.

In March, the online casino GGR was DKK 310m. This is an increase of more than 20 percent YoY. (March 2023: DKK 257m). Slots accounted for 76.4 percent of the vertical GGR. Roulette and blackjack accounted for 6.74 percent each.

In March, the betting GGR fell 14.8% to DKK183m. (March 2023: DKK214m). In this segment, mobile betting accounted for 62.53 percent of GGR, while land-based wagering contributed 23.23 percent and computers contributed 14.24 cents.

The gross gaming revenue (GGR) of land-based casinos in March increased by 12 percent to DKK 28,m (March 20,23: DKK 25,m), with an average GGR daily during the month at DKK 926,27.

The GGR for gaming machines also increased. It reached DKK106m, gaining 2.91 percent over the DKK103m of last year. Segment’s daily average GGR was DKK 3,244,115.

Spillemyndigheden reported that, in terms of the self-exclusion programROFUS, the total number of individuals registered as permanent members was 32 261.


Super Group announced a YoY increase of 12 percent in its revenue, which now stands at EUR379.3m. (Q1 2020: EUR338.5m).

According to the operator, revenue growth was due “to growth from Africa and North America markets (predominantly Canada), partially offset by decreases in Middle East and Asia-Pacific markets”.

North America, Africa, and the Middle East accounted for 37 percent of total revenues in Q1. Europe was at 15 percent, Asia-Pacific, 9 per cent, and South/Latin America, 2 per cent.

The total revenues for the third quarter, excluding US operations, were EUR374m. This represents a 13 percent increase YoY, or a 17 percent rise in constant currencies.

Betway and Spin each reported EUR222m of revenue for the third quarter (compared to EUR198.3m from 2023), with Spin reporting EUR157.3m (2023 EUR140.2m).

According to verticals, the online casino revenues stood at EUR292.2m (in 2023: EUR243m), while sports betting revenues were EUR76.9m (in 2023: EUR81.5m), and brand licensing revenue was EUR5.9m.

Super Group’s profit was EUR41m for the year (2023: EUR1.9m). This included a “gain on the disposal of the B2B Division of Digital Gaming Corporation Limited” of EUR40.1m, as well as “a noncash charge EUR13.1m relating to an increase in the fair value of options liability”.

EBITDA adjusted grew by 29% YoY, to EUR46.5m (compared with EUR36.1m in 2023). Without US operations, the adjusted EBITDA was EUR69m. This is a 29 percent YoY increase (2023 EUR53m). The margin for this figure stood at 18%.

Super Group, which is active in nine US states, has stated that they are still assessing their US operations. The region reported an EBITDA adjusted loss of EUR22m (in 2023, EUR16.5m).

The number of monthly active customers has increased by 33% to 4.7 millions, compared to the 3.5 million recorded during the same quarter last year.

Menashe said: “We have had an incredible start to this year. We are continuing the momentum we started with a great end of 2023.

This robust performance was delivered through our team’s continued focus on and investment in core markets, which are yielding high returns. It provides us a strong foundation for the rest of the year.


GiG, a leading global company, has announced record-breaking Q1 revenues, with revenues up by 28 percent compared to last year’s same period (Q1 2020: EUR28.4m).

Media revenues were positive, but Platform & Sportsbook fell against previous year comparisons, although underlying Software-as-a-Service revenue did increase.

The marketing expenses increased by 32% year over year to EUR7.5m (in 2023, EUR5.7m) and accounted for 21 per cent (2023: 20%). The other operating costs increased 45 percent to EUR15.5m (2003/EUR10.7m).

The company’s adjusted EBITDA increased by eight percent YoY, to EUR12.6m (in 2023 it was EUR11.7m), with a margin at 34.8% (2023: 41.1%).

Depreciation and amortization amounted EUR7.3m (in 2023, EUR5.6m), EUR3.2m (2023, EUR1.1m) of which EUR3.2m was directly related to AskGamblers KafeRocks acquisitions.

GiG’s profit for the period ending March 31 was EUR3.7m (in 2023, EUR4m), and its cash flow positive from operations reached EUR10.3m. (2023: EUR13.2m), with a balance in cash of EUR10.4m.

GiG chair Petter Nyland commented on Q1’s performance: “It is my pleasure to share with you the first quarter report of the year 2024. It will highlight the important strides made and the promising development within our organization.

Since 2019, the GiG Media company has experienced a strong cash flow, with increased diversity in earnings. AskGamblers was acquired in February 2023 and has been a success, generating solid revenue growth as well as First Time Depositors.

The successful integration of KaFe Rocks into our portfolio in December 2023 will further diversify our business, and contribute positively to EBITDA.

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