Bragg Gaming concluded 2022 on a high note, announcing unprecedented earnings for the final quarter. The firm generated €23.7 million (approximately US$25.5 million), marking a 50% surge from the corresponding period the previous year.
This remarkable outcome wasn’t a one-time occurrence – Bragg witnessed its gross earnings soar by 62% to hit €13 million in Q4. This profit leap propelled their gross profit margin to a robust 55%, an increase of 3.9 percentage points.
The positive trend extended to adjusted EBITDA, a crucial profitability indicator, which experienced a remarkable 128% rise, reaching €3.6 million.
These strong Q4 figures culminated in an exceptional year for Bragg Gaming. Throughout 2022, the company amassed €84.7 million in revenue, a 45% year-on-year increase. Their adjusted EBITDA for 2022 was equally noteworthy, climbing by 64% to attain €12.1 million.
This impressive showing has made Bragg even more bullish about what lies ahead. They’ve raised their financial forecasts for 2023, now anticipating revenue to land between €93 million and €97 million, with adjusted EBITDA projected to be within the €14.5 million to €16.5 million range.
Bragg Gaming’s Chief Executive Officer, Yaniv Sherman, remarked on the company’s achievements, saying, “These unparalleled outcomes underscore the ongoing strength of our foundation and personnel as we effectively transition Bragg into a global iGaming supplier.” He highlighted the company’s successful pivot from primarily catering to the Central European market to becoming a significant force in both North America and Europe.
Bragg concluded 2022 with significant triumphs, such as penetrating the Michigan market through BetMGM and initiating operations in Belgium alongside Napoleon Sports and Casino.
Furthermore, they aspire to become a dominant force on the international scene, particularly with their game development production accelerating. This can be attributed, in part, to their acquisitions of Wild Streak Gaming and Spin Games, coupled with the fact that their quartet of game development studios are truly finding their groove, as per Sherman.
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