Bragg Gaming Group, the Canadian supplier of technology and content for the iGaming industry, has announced record-breaking results for the 2022 fiscal year and also for the fourth quarter of 2022.
The Canadian company recorded revenue of 23.7 million euros in the final quarter of 2022, while the result for the whole year was 84.7 million euros, an amount which represents an increase of 45.2 percent over the previous year.
Despite the company’s Canadian origins, most of its revenue in 2022 came from the Netherlands, a lucrative iGaming market which opened in October 2021. In this market Bragg Gaming recorded revenue of 36.8 million euros in 2022, an increase of 533.7 percent compared to 2021.
The second most productive license for Bragg Gaming Group was Curacao, which brought in 17.2 million euros in 2022, while the company’s Malta license brought in a total revenue of 14.6 million euros.
The company’s expenses also went up, cost of revenue for the full year amounted to 39.6 million euros, which was 32.1 percent higher than 2021. That left the Canadian enterprise with a gross profit of 45 million euros, 59.1 higher than what was recorded in 2021.
However, after adding the other expenses such as employee costs and taxes, Bragg Gaming Group ended the year with a net loss of 3.4 million euros. Nevertheless, that amount represented an improvement of 53.6 percent compared to the previous year.