{"id":300188,"date":"2023-11-22T14:02:20","date_gmt":"2023-11-22T20:02:20","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=300188"},"modified":"2023-11-23T11:28:44","modified_gmt":"2023-11-23T17:28:44","slug":"bragg-gaming-soars-after-investor-demand-sale","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/","title":{"rendered":"Bragg Gaming Soars as Investor Pushes for Sale"},"content":{"rendered":"

Shares of Bragg Gaming (NASDAQ: BRAG) soared Wednesday after an investor pushed the company to consider strategic alternatives, including a possible sale.<\/p>\n

\"Bragg
Bragg Gaming stock has struggled in two-plus years on the Nasdaq. An investor is pushing the company to sell itself. (Image: Nasdaq)<\/figcaption><\/figure>\n

Raper Capital founder Jeremy Raper, who oversees entities managing 375K shares of the gaming company, penned a letter to Bragg CEO and Chairman Matevz Mazij, noting Bragg has been a \u201cchronic\u201d laggard since its much-ballyhooed August 2021 debut on the Nasdaq<\/a>.<\/p>\n

Suffice to say, the public markets have had plenty of opportunity to appraise our Company\u2019s growth story over time, and yet the record demonstrates that it will not, or cannot, accord even the lower bounds of what most shareholders would consider fair value,\u201d<\/strong> Raper noted to Mazij.<\/p><\/blockquote>\n

Bragg provides internet casino and sportsbook technology services to gaming operators via its ORYX Gaming brand. The shares are up 44.55% year to date, but trade at $5.55 at this writing, well off the 2021 high around $25. In late trading Wednesday, the stock is up 21% on volume that\u2019s more than 13x the daily average.<\/p>\n

Sale Could Bring \u2018Certainty of Value\u2019<\/h2>\n

Bragg management has long been aware that the stock has struggled to gain adequate valuation in public markets.<\/p>\n

\u201cWhile peers continue to trade and transact at significantly higher multiples, Bragg\u2019s continued strong growth has yet to be reflected in the Company\u2019s public market performance,\u201d the company said in a 2021 statement announcing a strategic review<\/a>.<\/p>\n

\n

That announcement didn\u2019t mention a possible sale and, prior to today, no such news had materialized. Raper believes that should Bragg sell itself, it would capture a \u201cgargantuan premium,\u201d while gaining \u201ccertainty of value\u201d for investors.<\/p>\n<\/div>\n

\u201c<\/strong>As such, it is evidently clear that a third-party sale of the business is the only way to crystallize a proper return for the underlying business value that you, and legacy management, have created,\u201d he wrote. \u201cI believe most all other minority shareholders would not only support this initiative, but indeed agree with my contention that such an initiative is the last, best course available to the Company.\u201d<\/p>\n

The investor believes there would be ample interest in Bragg, and there may be something to that notion. That’s because analysts widely believe iGaming and sports betting consolidation<\/a> will heat up, particularly on the technology front.<\/p>\n

Template for Bragg Sale<\/h2>\n

Since August 2022, there have been at least seven acquisitions of business-to-business (B2B) or business-to-consumer (B2C) iGaming companies. Those occurred at an average enterprise value to earnings before interest, taxes, depreciation, and amortization ratio of 15x.<\/p>\n

\n

As Raper noted, Bragg trades for just 5.5x EV\/EBITDA. But even at a multiple of 12x, the company could be worth $13.50, or more than double current prices. Whether or not a buyer will pay that much remains to be seen. But the investor sees \u201cirrefutable economic logic\u201d for Bragg to sell itself.<\/p>\n<\/div>\n

\u201cAfter all, Bragg has demonstrated well-above market rates of growth, largely organic, and is increasingly in possession of unique and durable 1P content that a number of other parties — whether tier one B2C operators, or other B2B providers — would love to own outright,\u201d concluded Raper.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Bragg Gaming (NASDAQ: BRAG) soared Wednesday after an investor pushed the company to consider strategic alternatives, including a possible sale. Raper Capital founder Jeremy Raper, who oversees entities managing 375K shares of the gaming company, penned a letter to Bragg CEO and Chairman Matevz Mazij, noting Bragg has been a \u201cchronic\u201d laggard since […]<\/p>\n","protected":false},"author":46,"featured_media":191966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,32093,16693],"tags":[81903,81871,81966,82041],"acf":[],"yoast_head":"\nBragg Gaming Soars After Investor Demand Sale<\/title>\n<meta name=\"description\" content=\"Bragg Gaming surges after investor Raper Capital pushes company to sell itself.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bragg Gaming Soars After Investor Demand Sale\" \/>\n<meta property=\"og:description\" content=\"Bragg Gaming surges after investor Raper Capital pushes company to sell itself.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-22T20:02:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-23T17:28:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/bragg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/\",\"url\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/\",\"name\":\"Bragg Gaming Soars After Investor Demand Sale\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/bragg.jpg\",\"datePublished\":\"2023-11-22T20:02:20+00:00\",\"dateModified\":\"2023-11-23T17:28:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bragg Gaming surges after investor Raper Capital pushes company to sell itself.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/bragg-gaming-soars-after-investor-demand-sale\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/bragg.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/11\/bragg.jpg\",\"width\":1600,\"height\":1067,\"caption\":\"Bragg Gaming stock highlighted at the Nasdaq market site. The company announced the formation of a special committee that could explore a sale. 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