Bragg Gaming Achieves Record Revenue and Expands Global Footprint in 2022

Bragg Gaming concluded 2022 with a flourish, achieving unprecedented revenue of €23.7 million (approximately US$25.5 million) in the fourth quarter. This signifies a 50% surge in comparison to the corresponding period in the preceding year.

Beyond setting a new revenue benchmark, Bragg witnessed a remarkable 62% escalation in their gross profit, reaching €13 million. This expansion resulted in an enhanced gross profit margin, now at a robust 55%, reflecting a 3.9 percentage point increase.

A prominent entity in the iGaming sector, the company also experienced a substantial 128% rise in adjusted EBITDA, attaining €3.6 million.

These robust Q4 figures culminated in an exceptional year for Bragg. Their cumulative revenue for 2022 reached €84.7 million, signifying a 45% year-on-year growth. Moreover, their adjusted EBITDA for the year underwent a notable 64% surge, reaching €12.1 million.

This exceptional performance has prompted Bragg to elevate its 2023 forecasts. The company now projects revenue to range between €93 million and €97 million, with adjusted EBITDA anticipated to fall within €14.5 million to €16.5 million.

“2022 marked a pivotal year for Bragg, culminating in record-breaking Q4 outcomes. Our revenue, gross profit, and adjusted EBITDA all demonstrated substantial growth compared to the previous year, surpassing our initial projections,” remarked Yaniv Sherman, Chief Executive Officer of Bragg Gaming.

“These remarkable figures underscore Bragg’s ongoing success in broadening our business horizons. We have strategically transitioned from predominantly catering to the Central European iGaming market to evolving into a global, content-driven iGaming solutions provider with an expansive reach encompassing North America and Europe.”

Bragg Gaming Group concluded 2022 on a high note, venturing into Michigan alongside BetMGM and penetrating the Belgian market with Napoleon Sports and Casino.

“We have established a robust foundation for worldwide expansion,” remarked Yaniv Sherman, CEO of Bragg. He highlighted the seamless incorporation of Wild Streak Gaming and Spin Games, the growth of Bragg’s quartet of game studios, and a comprehensive plan for new game launches.