SGMS - Bragg Gaming: Undiscovered iGaming SaaS Gem Could Be The Next GAN Plc

• Bragg Gaming, a high-growth pure-play B2B iGaming software provider, trades at a huge discount to relevant US and European comps for largely transitory reasons.
• The removal of an earnout liability, and relisting on the TSX main board and Nasdaq, will remove a large portion of the discount.
• The stock trades at ~3.5x platform revenues versus GAN at ~15x platform revenues - an insane disparity for highly comparable businesses.
• Both the business and stock narrative are highly analogous to the GAN situation (relisting from uninvestable exchange; undiscovered; etc).
• Despite near-term headwinds in the core German market, the business will continue to grow solidly next year and is already highly profitable (unlike competitors).

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