Bragg Gaming reports record revenue for 2022

Paul Godfrey will join Bragg's board of directors.
Paul Godfrey will join Bragg's board of directors.

Revenue for the full year was up by 45.2 per cent at €84.7m.

UK.- The igaming content provider Bragg Gaming has reported strong full-year results, with record revenue, gross profit and EBITDA. Revenue for the full year was up by 45.2 per cent at €84.7m, and the trend continued into the fourth quarter, with revenue up 50.3 per cent at €23.7m.

The results come after a year that saw Bragg enter Ontario and the Bahamas and completed its $30m acquisition of Spin Games. The largest portion of full-year revenue (€36.8m) came from the Netherlands, where the online gaming market opened in October 2021. That was followed by Curaçao (€17.2m) and Malta (€14.6m).

Gross profit was up 59.1 per cent at €45m and the group’s operating loss fell from €6.3m in 2021 to €828,000. Adjusted EBITDA was €12.1m, up 64 per cent.

CEO Yaniv Sherman described the results as “transformational”. He said: “Bragg concluded a transformational 2022 with another quarter of record results, as fourth-quarter revenue, gross profit and adjusted EBITDA grew significantly compared to the fourth quarter of 2021 and exceeded our prior expectations.

“These record results highlight Bragg’s ongoing substantial momentum as we continue to successfully diversify our operations from serving primarily central-European igaming markets to become a global, content-led, igaming solutions provider with extensive distribution across North America and Europe.”

Bragg Gaming’s forecast for 2023

Bragg Gaming has updated its 2023 guidance to between €92m and €97m based on its 2022 results. That would mean growth of 12 per cent if it reaches the middle of that range. Adjusted EBITDA is now forecast at between €14.5m and €16.5m.

In February, Bragg Gaming announced that it had entered into a new partnership with Napoleon Sports and Casino to allow players in Belgium to access its portfolio of games.

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