Bragg Gaming Group is not for sale after the company’s strategic review ultimately yielded the conclusion that things should continue as they were.

Back in March, the Toronto-headquartered gaming provider had announced that it would form a special committee earlier to assess potential strategic alternatives after a mixed set of results in the last quarter of the last Canadian fiscal year. The company said at the time those could include the sale of the company or assets, a merger, financing or further acquisitions. However, it also stressed that there was no guarantee that any transaction would be completed.

In its latest quarterly earnings call on Thursday, CEO Matevž Mazij told investors that the board “unanimously determined that none of the proposals received reflect the company’s intrinsic value or current and projected financial performance.”

Bragg said it held discussions with more than 70 potential counterparties, executed non-disclosure agreements and shared confidential information with over 25 of them, receiving multiple non-binding proposals. But, after careful consideration, it decided that its best course of action was to keep on keeping on.

The company added that while the process has ended, the board will “continue to be open and consider all opportunities for enhancing shareholder value.”

A lot has happened since review began

While the strategic review was launched in the spring after an underwhelming quarter, things have changed.

Neill Whyte was appointed as the company’s new chief commercial officer in May and ex-Bally’s SVP Robbie Bressler began work as interim chief financial officer in June .

New launches such as the extension of its existing partnership with BetMGM into Pennsylvania and a joint step into Ontario with Caesars Digital have boosted Bragg’s footprint, and Bragg also agreed a deal in August to integrate Kero Gaming’s full suite of sports betting options into its aggregation platform. Add in the international distribution deal with Light & Wonder signed in April, and the company has made strong progress in North America.

On Thursday’s earnings call, Mazij cited further examples including a new content launch with FanDuel in Pennsylvania and extension of its partnership with bet365 to include New Jersey.

Bragg Gaming also went live in Delaware, its fifth U.S. state with partner Rush Street Interactive. It will add West Virginia operations next year, slated for Q2.

“We have more requests and demand for bespoke and customized games from existing operators and operators that are coming into the market,” Mazij added. “There is lots of room for growth as we look at some regional markets in the U.S. and Canada. We’re just starting in Delaware, West Virginia, and we have more coming online with Pennsylvania and Ontario and opportunities in British Columbia.”

Bragg reports record Q3 revenue

All of its moves in recent months have proven lucrative for the company.

Mazij noted on the call that strong third-quarter revenue gains from content distribution in the U.S. helped drive a 40% global increase in proprietary online content revenue year-over-year.

The iGaming technology provider reported a record Q3 revenue in its latest financial results, with revenue growing by 16% year-over-year. Gross profit rose 18% year-over-year as well and adjusted EBITDA ticked up 7%. Operating income improved but remains at a small loss.

“Since stepping in as chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach,” said Mazij. “These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier one opportunities across key markets and key products, positioning Bragg for accelerated top and bottom-line growth.

Mazij added that Bragg Gaming is “fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development” and “poised for an exciting, high-growth, and profitable future.”