Bragg Gaming concluded 2022 on a high note, announcing a record-setting final quarter with a 50% year-on-year surge in revenue to €23.7 million (roughly US$25.5 million). This positive trend extended to their gross earnings, which witnessed a 62% leap to €13 million, reflecting a healthy 55% profit margin. Furthermore, the firm declared a substantial 128% rise in adjusted EBITDA, hitting €3.6 million.
This remarkable fourth quarter culminated in an outstanding year for Bragg. Throughout 2022, the company achieved €84.7 million in revenue, a 45% increase from 2021. Adjusted EBITDA for 2022 experienced a significant uptick as well, soaring 64% to €12.1 million.
Fueled by these favorable outcomes, Bragg has elevated its financial projections for 2023. The company now anticipates revenue between €93 million and €97 million and adjusted EBITDA ranging from €14.5 million to €16.5 million.
Chief Executive Officer Yaniv Sherman remarked on the company’s achievements, saying, “Bragg wrapped up a pivotal year with yet another unprecedented quarter…These exceptional figures underscore Bragg’s sustained robust performance as we effectively broaden our operations from a primary concentration on the Central European iGaming sector to evolving into a globally-oriented, content-driven iGaming supplier with a considerably expanded presence throughout North America and Europe.”
Bragg Gaming Group concluded 2022 robustly, penetrating the Michigan market through a collaboration with BetMGM and the Belgian market alongside Napoleon Sports and Casino. Their global expansion efforts are evident in these significant partnerships. Furthermore, they have diligently integrated their acquisitions of Wild Streak Gaming and Spin Games, poised to propel their growth trajectory. Echoing the sentiment of their CEO, Yaniv Sherman, they have established a firm base and are strategically situated for future success.
