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Bragg Gaming Group Sets New Revenue Record In First Quarter

Posted on May 18, 2023 | 5:45 am

Bragg Gaming Group, the fast-growing Canadian supplier of technology and content for online casinos, has announced that the first quarter of 2023 has brought a new revenue record for the company.

The Canadian business generated revenue of 22.9 million euros during the first quarter of 2023, a figure which represents an increase of 18.1 percent over the 19.4 million euros that were recorded in the first quarter of 2022. However, last year was a very good one for Bragg Gaming as the company announced record-breaking financial results.

Returning to the first quarter of 2023, the Canadian company also recorded increased cost of revenue, amounting to 10.6 million euros, up 13.9 percent compared to the same quarter last year.

That left the company with a gross profit of 12.2 percent for the first quarter, which represents an increase of 22 percent year-on-year. Bragg Gaming also reported that selling, general and administrative costs amounted to 11.9 million euros in the first quarter, leaving the company with an operating income of 520,000 euros for the quarter.

After considering income taxes, the Canadian company recorded a total net loss for the quarter of 476,000 euros. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was 3.9 million in the first quarter, a figure which represents an increase of 28.1 percent compared to the first quarter of 2022.

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The Result of Expansion

Speaking about the company’s record-breaking results, Yaniv Sherman, the Chief Executive Officer of Bragg Gaming Group, explained that they come as a result of the company’s expansion into several key markets both in North America and Europe.

“We extended our momentum in the first quarter with the strong growth reflecting the continued success of our initiatives to diversify the business towards being a content-driven igaming solutions provider in a growing number of North American and European markets,” Yaniv Sherman explained.

In fact, Bragg Gaming Group has launched with six different online casino operators in three North American markets so far in 2023, and also forged eight new partnerships in five European markets.

In April the Canadian company signed new agreements with casino operators in Mexico and Italy, while just a week earlier it had announced the signing of new partnerships with two top casino operators from Switzerland.

Source“Bragg Gaming Group First Quarter Revenue Rises 18.1% to €22.9 Million“,, May 10, 2023.

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