Bragg Gaming Group’s (NASDAQ: BRAG) Las Vegas-based content studio Wild Streak Gaming has agreed to develop four exclusive new land-based slot titles for British gambling company International Game Technology (IGT).
The recent deal expands on a “productive and long-standing collaboration” between the third-party game design and content provider and the London-headquartered firm dating back to December 2019, with the former having already produced a number of slot titles for the latter. These include Wild Streak-developed IGT titles such as Wolf Run Gold, along with Dreamy Genie, Queenie, Amazing Money Machine Gold & Sapphire and Texas Tea Strike It Rich in August 2021.
Expected Game Release:
According to an official press release, IGT will be releasing Greek/Lucky Lightning in the second quarter of this year. The unique Wild Streak-produced game includes a pair of variations, depending upon how many credits a person chooses to play on each spin.
Expressing his appreciation for this latest expansion of his studio’s collaboration with IGT, Doug Fallon, Managing Director of Group Content for Bragg Gaming Group and Founder of Wild Streak, opined…
“We have enjoyed a productive and long-standing collaboration with IGT and are delighted to expand our relationship with them for the development of an additional four titles for their land-based slot operations.”
Bragg Gaming Acquisitions:
Canadian online gaming innovator Bragg Gaming Group announced in June 2021 that it had agreed a deal worth $30 million to acquire Las Vegas-based content creation studio Wild Streak Gaming, giving it immediate access to a portfolio of 39 casino titles that are offered by online, social and land-based casino operators in international markets including Europe and North America.
The arrangement complemented the gambling company’s purchase the month prior of Nevada-based interactive software developer and distributor Spin Games, which currently services the U.S. market and holds licenses in key states where iGaming is regulated, supplying leading operators in the region.
Bragg Q1 Financial Results:
In related news, Bragg Gaming Group published financial results for the first quarter ending March 31, 2022, with Yaniv Spielberg, Chief Strategy Officer for the company stating that in the first quarter they generated:
- Quarterly record revenue of EUR €19.4 million (USD $20.5 million)
- Gross profit of EUR €10.0 million (USD $10.6 million)
- Adjusted EBITDA of EUR €3.0 million (USD $3.2 million)
Growth Catalysts:
These record financial results, said Bragg’s CSO, were driven in part by in-house content and platform growth, which combined propelled a 51.8 percent record quarterly gross profit margin, an improvement of 80 base points over the firm’s 4Q 2021 gross profit margin record.
“The record quarterly margin supports our confidence that we have the right operating plan in place to achieve our goal of growing gross profit margin to approximately 60% by 2024,” Spielberg said.
IGT Outlook:
IGT posted its own financial results for the first quarter of 2022, reporting revenue of $1.1 billion in a 4 percent spike compared to 2021, driven by Global Gaming product sales. For the second quarter, the UK-based gambling company reportedly expects revenue of $1 billion to $1.1 billion, with a 20-22 percent operating income margin.
Earlier this week, IGT announced that it would be supplying its “IGT ADVANTAGE™ casino management system (CMS) and a variety of leading IGT games and cabinets” to the Cebu, Philippines’ soon-to-open Nustar Resort and Casino. According to a company news release, it will be the first casino in Asia to deploy its Peak49™ cabinet.
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