{"id":261,"date":"2024-06-27T11:45:05","date_gmt":"2024-06-27T08:45:05","guid":{"rendered":"https:\/\/thegodofgambling.icu\/2024\/06\/27\/prague-gaming-group-reports-third-quarter-loss-despite-revenue-growth\/"},"modified":"2024-06-27T11:45:05","modified_gmt":"2024-06-27T08:45:05","slug":"prague-gaming-group-reports-third-quarter-loss-despite-revenue-growth","status":"publish","type":"post","link":"https:\/\/thegodofgambling.icu\/2024\/06\/27\/prague-gaming-group-reports-third-quarter-loss-despite-revenue-growth\/","title":{"rendered":"Prague Gaming Group Reports Third-Quarter Loss Despite Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/hboKz8mYZKY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Prague Gaming Group reaffirmed its full-year earnings and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast after announcing a net loss for the third quarter.<\/p>\n<p>Income for the three months concluding September 30 rose 8.0% year-over-year to \u20ac22.6 million (\u00a319.7 million\/$24.2 million). Prague attributed the third-quarter increase to a move toward higher-margin products, such as internally developed proprietary content.<\/p>\n<p>Besides revenue expansion, there was much activity at Prague in the third quarter. Leading the news was the arrival of Matthew Mazur as the new chief executive officer in August. He succeeded Yaniv Sherman, who had only held the position for a little over a year.<\/p>\n<p>Although Prague&#8217;s quarterly net profit was a loss, new CEO Mazur was positive about the third quarter. He specifically pointed to new and expanded partnerships as proof of its long-term growth strategies.<\/p>\n<p>Third-quarter highlights included launching content with FanDuel in Michigan and Connecticut, and signing a global distribution agreement with 888. Prague also signed a content partnership with PokerStars, launched new games with Kindred&#8217;s Unibet in the UK, and went live with Bet365 in Ontario.<\/p>\n<p>&#8220;The worldwide availability of our proprietary and exclusive third-party content is accelerating, particularly as more top-tier operators come on board,&#8221; Mazur stated. <\/p>\n<p>We anticipate worldwide market reach for these amusements to keep expanding in the fourth quarter and throughout the year 2024.<\/p>\n<p>In the third quarter, we introduced twelve new proprietary and exclusive third-party diversions in the four largest regulated online gambling markets in the United States, and we anticipate continuing to launch diversions at this rate or faster in the coming year.<\/p>\n<p>We are also extending our operations in Europe, launching fifteen proprietary and exclusive third-party diversions in the third quarter, including partnerships with some new customers in the region. We continue to have a leading platform-as-a-service in the Netherlands, working with operators that we estimate account for approximately thirty percent of the total gambling income in that market.<\/p>\n<p>Increased expenses resulted in a net loss for Bragg in the third quarter.<br \/>\nWhile revenue grew year-over-year, expenses also rose in the third quarter. Cost of sales rose slightly by 1.9% to \u20ac10.7 million, while sales, general and administrative expenses rose by 8.3% to \u20ac13 million.<\/p>\n<p>Bragg also noted a \u20ac1.1 million loss on revaluation of deferred consideration and a further \u20ac0.45 million in net financing costs. This resulted in a pre-tax loss of \u20ac2.6 million, up from a \u20ac1.9 million loss a year ago.<\/p>\n<p>After paying \u20ac0.364 million in income taxes and factoring in a negative cumulative foreign exchange adjustment of \u20ac0.611 million, the net loss was \u20ac3.6 million, compared to a profit of \u20ac0.213 million in 2022. However, it is worth noting that last year&#8217;s total included a positive cumulative foreign exchange adjustment of \u20ac2.2 million.<\/p>\n<p>In addition, adjusted EBITDA grew 72.7% year-over-year to \u20ac3 million. <\/p>\n<p>During the third fiscal period, Prague experienced a financial deficit of \u20ac8 million. <\/p>\n<p>Over the nine-month period ending on September 30, the total net deficit amounted to \u20ac4.8 million. Despite a rise in revenue by 18.1% to \u20ac37.9 million, expenditures increased in various areas, mirroring the trends observed in the third quarter.<\/p>\n<p>Expenditures related to sales, general administration, and management climbed by 13.4% to \u20ac38 million.  Furthermore, a net deficit of \u20ac387,000 was generated from the revaluation of deferred consideration. Prague partially offset this loss through a \u20ac435,000 gain from the settlement of convertible debt.<\/p>\n<p>After factoring in net financial costs of \u20ac1.4 million, Prague&#8217;s pre-tax deficit was \u20ac1.8 million, in contrast to \u20ac1.5 million in the previous year. Taxes totaled \u20ac1.3 million, and there was also a negative accumulated foreign exchange adjustment of \u20ac1.8 million.<\/p>\n<p>This resulted in a net deficit of \u20ac4.8 million, exceeding the \u20ac4.4 million recorded in the preceding year. However, adjusted EBITDA experienced a positive trend, increasing by 48.8% to \u20ac12.5 million.<\/p>\n<p>Despite the decrease in revenue, Prague reaffirmed its profitability projections.<\/p>\n<p>Based on this data, Prague confirmed its full-year earnings projections for the year ending on December 31.<\/p>\n<p>Revenue is anticipated to fall between \u20ac95 million and \u20ac97 million. Additionally, adjusted EBITDA is expected to range from \u20ac15.5 million to \u20ac16.5 million.<\/p>\n<p>Looking ahead, Macigi maintains optimism regarding Prague&#8217;s long-term potential and is focused on revenue expansion.<\/p>\n<p>He stated, &#8220;These outcomes reflect the shift of a portion of the revenue portfolio toward products with higher margins.&#8221; <\/p>\n<p>These encompass proprietary content developed internally, exclusive third-party material, and complete player account management and hosting service collaborations, in addition to our continuous cost reduction efforts.<\/p>\n<p>We anticipate observing further expansion in revenue, gross profit, and adjusted EBITDA, alongside enhanced operating margins, as we introduce more high-margin proprietary and exclusive third-party games to a wider range of new partners at an accelerated rate.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Prague Gaming Group reaffirmed its full-year earnings and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast after announcing a net loss for the third quarter. Income for the three months concluding September 30 rose 8.0% year-over-year to \u20ac22.6 million (\u00a319.7 million\/$24.2 million). Prague attributed the third-quarter increase to a move toward higher-margin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prague Gaming Group Beats Q3 Expectations<\/title>\n<meta name=\"description\" content=\"Prague Gaming Group exceeded Q3 revenue expectations, driven by higher-margin products. 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