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Bragg Gaming Group Has Record-Breaking Results in 2022

Posted on March 29, 2023 | 8:12 am

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.

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A Transformational Year

Speaking about the company’s 2022 results, Yaniv Sherman, the Chief Executive Officer of Bragg Gaming Group, described the year as “transformational” and revealed that the record-breaking results exceeded their 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,” Yaniv Sherman added.

During 2022 Bragg Gaming Group managed to secure supplier licenses in Ontario and the Bahamas, completed the acquisition of Spin Games, and also secured funding from Lind Global Fund.

The positive 2022 results made Bragg Gaming update its full year 2023 guidance to between 92 and 97 million euros, which means that the company expects growth around 12 percent.

Source“Bragg Gaming Group Fourth Quarter Revenue Rises 50.3% to a Record €23.7 Million“Bragg Gaming Group. March 21, 2023.

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