Canada

Gambling.com Group Reports Second Quarter 2022 Financial Results

Published

4 years ago

August 30, 2022

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2022.

“We continued to execute on our strategy of rapidly growing our business in North America in the second quarter as the team delivered company-wide revenue growth of over 50% and North American revenue growth over 300%,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “The strength of our business model was also on display, as we continued to deliver strong Adjusted EBITDA and Free Cash Flow despite the second quarter being the seasonally weakest and while investing in the organization to drive future growth. Our view remains that Gambling.com Group offers the best value proposition for online gambling operators’ investments in customer acquisition and we look forward to the second half of the year as we enter the heart of the North American fall and winter sports calendars.”

Second Quarter 2022 vs. Second Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

Three Months Ended June 30,

CHANGE

2022

2021

Revenue

15,924

10,392

5,532

Net income for the period attributable to the shareholders

2,445

(2,389

)

(98

Net income per share attributable to shareholders, diluted

0.00

0.08

(0.08

)

(100

Adjusted net income for the period attributable to shareholders

3,065

2,445

620

Adjusted net income per share attributable to shareholders, diluted

0.09

0.08

0.01

Adjusted EBITDA

3,617

5,518

(1,901

)

(34

Adjusted EBITDA Margin

(30

Cash flow from operations

3,460

4,738

(1,278

)

(27

Free Cash Flow

2,914

3,122

(208

)

Second Quarter 2022 Business Highlights

North American revenue grew 342% to $6.2 million
Delivered more than 57,000 new depositing customers
Successful new market launch in Ontario
Added Michael Quartieri to the Board of Directors, effective as of June 30, 2022
Inclusion of GAMB shares in the Russell 3000 index and various sub-indexes
Contribution from BonusFinder.com is ahead of plan

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We delivered revenue and Adjusted EBITDA ahead of the street consensus and generated strong Free Cash Flow in the quarter. Revenue growth continued to be led by growth in North America in line with our strategic objectives, but we also saw strong trading in our more mature markets in the UK and Ireland despite the weakening of the GBP and EUR against the US dollar. Integration of our acquisitions from Q1 is tracking according to plan. The Company remains well capitalized and in a strong position to meet the financial outlook for the year and to continue to grow profitably beyond.”

2022 Outlook
For the fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:

Total revenue will be in the range of $71 million and $76 million; and
Adjusted EBITDA will be in the range $22 million and $27 million.

Conference Call Details

Date/Time:				Monday, August 29, 2022, at 4:30 pm EDT
Webcast:				https://www.webcast-eqs.com/gamb20220829/en
U.S. Toll-Free Dial In:				877-407-0890
International Dial In:				+1-201-389-0918

To access, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the News & Events section of the Company’s website.

An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events.

About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group operates from offices in the United States, Ireland and Malta. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. As of July 31, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures
This release contains certain non-IFRS financial measures, such as Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See ”Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our 2022 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2021 with the US Securities and Exchange Commission (the “SEC”) on March 25, 2022, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Revenue

15,924

10,392

35,509

21,909

Cost of sales

(495

)

—

(1,724

)

—

Gross profit

15,429

10,392

33,785

21,909

Sales and marketing expenses

(8,454

)

(3,144

)

(15,816

)

(5,848

)

Technology expenses

(1,499

)

(944

)

(2,862

)

(1,634

)

General and administrative expenses

(4,804

)

(3,387

)

(9,632

)

(6,159

)

Fair value movement on contingent consideration

(2,849

)

—

(2,849

)

—

Movements in credit losses allowance and write-offs

(72

)

240

(597

)

100

Operating profit (loss)

(2,249

)

3,157

2,029

8,368

Finance income

3,491

394

4,319

552

Finance expense

(1,056

)

(524

)

(1,307

)

(761

)

Income before tax

186

3,027

5,041

8,159

Income tax charge

(130

)

(582

)

(499

)

(1,248

)

Net income for the period attributable to the shareholders

2,445

4,542

6,911

Other comprehensive (loss) income

Exchange differences on translating foreign currencies

(6,559

)

490

(7,928

)

(1,202

)

Total comprehensive (loss) income for the period attributable to the shareholders

(6,503

)

2,935

(3,386

)

5,709

Net income per share attributable to shareholders, basic

0.00

0.09

0.13

0.24

Net income per share attributable to shareholders, diluted

0.00

0.08

0.13

0.22

Condensed Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

JUNE 30,

2022

DECEMBER 31,

2021

ASSETS

Non-current assets

Property and equipment

644

569

Intangible assets

83,076

25,419

Right-of-use assets

1,896

1,465

Other non-current assets

—

Deferred tax asset

6,104

7,028

Total non-current assets

91,760

34,481

Current assets

Trade and other receivables

8,956

5,497

Cash and cash equivalents

31,102

51,047

Total current assets

40,058

56,544

Total assets

131,818

91,025

EQUITY AND LIABILITIES

Equity

Share capital

—

Capital reserve

63,711

55,953

Share options and warrants reserve

2,901

2,442

Foreign exchange translation reserve

(10,210

)

(2,282

)

Retained earnings

28,550

23,796

Total equity

84,952

79,909

Non-current liabilities

Deferred consideration

4,664

—

Contingent consideration

9,540

—

Lease liability

1,702

1,286

Deferred tax liability

3,584

—

Total non-current liabilities

19,490

1,286

Current liabilities

Trade and other payables

5,343

3,291

Deferred consideration

2,745

—

Contingent consideration

12,218

—

Other liability

165

—

Borrowings

6,107

5,944

Lease liability

420

393

Income tax payable

378

202

Total current liabilities

27,376

9,830

Total liabilities

46,866

11,116

Total equity and liabilities

131,818

91,025

Condensed Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Cash flow from operating activities

Income before tax

186

3,027

5,041

8,159

Finance expenses (income), net

(2,435

)

130

(3,012

)

209

Adjustments for non-cash items:

Depreciation and amortization

1,952

634

3,778

1,216

Movements in credit loss allowance and write-offs

(240

)

597

(100

)

Fair value movement on contingent consideration

2,849

—

2,849

—

Share option charge

885

245

1,609

1,063

Cash flows from operating activities before changes in working capital

3,508

3,796

10,862

10,547

Changes in working capital

Trade and other receivables

2,549

(2,639

)

(1,243

)

Trade and other payables

(1,014

)

1,464

304

2,710

Warrants repurchased

(800

)

—

(800

)

—

Income tax paid

(783

)

(536

)

(783

)

(536

)

Cash flows generated by operating activities

3,460

4,738

6,944

11,478

Cash flows from investing activities

Acquisition of property and equipment

(99

)

(188

)

(242

)

(218

)

Acquisition of intangible assets

(447

)

(1,428

)

(2,516

)

(1,741

)

Acquisition of subsidiaries, net of cash acquired

(4,114

)

—

(23,409

)

—

Cash flows used in investing activities

(4,660

)

(1,616

)

(26,167

)

(1,959

)

Cash flows from financing activities

Interest paid

—

(120

)

(121

)

Principal paid on lease liability

(79

)

(49

)

(165

)

(95

)

Interest paid on lease liability

(45

)

(47

)

(95

)

(96

)

Cash flows used in financing activities

(124

)

(96

)

(380

)

(312

)

Net movement in cash and cash equivalents

(1,324

)

3,026

(19,603

)

9,207

Cash and cash equivalents at the beginning of the period

33,069

14,035

51,047

8,225

Net foreign exchange differences on cash and cash equivalents

(643

)

107

(342

)

(264

)

Cash and cash equivalents at the end of the period

31,102

17,168

31,102

17,168

Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Unaudited Interim Condensed Consolidated Statement of Income for the period specified (USD in thousands, except share amounts, unaudited):

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net income for the period attributable to the shareholders

2,445

4,542

6,911

Weighted-average number of ordinary shares, basic

35,443,258

28,556,422

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

0.00

0.09

0.13

0.24

Net income for the period attributable to the shareholders

2,445

4,542

6,911

Weighted-average number of ordinary shares, diluted

36,057,597

31,401,166

36,131,524

31,401,166

Net income per share attributable to shareholders, diluted

0.00

0.08

0.13

0.22

Supplemental Information

Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration. Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative operating performance from period to period as they removes the effect of the fair value gain or loss related to the contingent consideration which is not directly associated with our core operations. We expect to incur gains or losses related to the contingent consideration until April 2024. See Note 4 of the Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2022 for a complete discussion of the contingent consideration.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

(in thousands USD, except for

share and per share data, unaudited)

(in thousands USD, except for

share and per share data, unaudited)

Net income for the period attributable to the shareholders

2,445

4,542

6,911

Fair value movement on contingent consideration

2,849

—

2,849

—

Unwinding of deferred consideration

160

—

160

—

Adjusted net income for the period attributable to shareholders

3,065

2,445

7,551

6,911

Weighted-average number of ordinary shares, basic

35,443,258

28,556,422

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

0.00

0.09

0.13

0.24

Adjusted net income per share attributable to shareholders, basic

0.09

0.21

0.24

Adjusted net income for the period attributable to shareholders

3,065

2,445

7,551

6,911

Weighted-average number of ordinary shares, diluted

36,057,597

31,401,166

36,131,524

31,401,166

Net income per share attributable to shareholders, diluted

0.00

0.08

0.13

0.22

Adjusted net income per share attributable to shareholders, diluted

0.09

0.08

0.21

0.22

Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-IFRS financial measure defined as earnings excluding net finance costs, income tax charge, depreciation, and amortization, effect of non-recurring items, significant non-cash items, share-based payment expense and other items that our board of directors believes do not reflect the underlying performance of the business. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management as a measure of comparative operating performance from period to period as they remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to Adjusted EBITDA from net income for the period attributable to the equity holders as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

CHANGE

2022

2021

2022

2021

(in thousands USD, unaudited)

Net income for the period attributable to the shareholders

2,445

(2,389

)

(98

4,542

6,911

(2,369

)

(34

Add Back:

Net finance costs (income) ⁽¹⁾

(2,435

)

130

(2,565

)

n/m

(3,012

)

209

(3,221

)

n/m

Income tax charge

130

582

(452

)

(78

499

1,248

(749

)

(60

Depreciation expense

)

Amortization expense

1,908

587

1,321

n/m

3,691

1,134

2,557

n/m

Share-based payments

885

245

640

n/m

1,609

1,063

546

Fair value movement on contingent consideration

2,849

—

2,849

n/m

2,849

—

2,849

n/m

Accounting and legal fees related to offering

—

392

(392

)

n/m

—

898

(898

)

n/m

Bonuses related to the offering

—

1,090

(1,090

)

n/m

—

1,090

(1,090

)

n/m

Acquisition related costs ⁽²⁾

180

—

180

n/m

454

—

454

n/m

Adjusted EBITDA

3,617

5,518

(1,901

)

(34

10,719

12,635

(1,916

)

(15

________________
⁽¹⁾	Net finance (income) costs is comprised of finance income, and finance expense including unwinding of deferred consideration and foreign exchange gains (losses).
⁽²⁾	The acquisition costs are related to the business combinations of the Group.

	n/m = not meaningful

Below is the Adjusted EBITDA Margin calculation for the period specified:

Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

CHANGE

2022

2021

2022

2021

(in thousands, USD, unaudited)

Revenue

15,924

10,392

5,532

35,509

21,909

13,600

Adjusted EBITDA

3,617

5,518

(1,901

)

(34

10,719

12,635

(1,916

)

(15

Adjusted EBITDA Margin

(30

(27

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow
Free Cash Flow is a non-IFRS financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.

We believe Free Cash Flow is useful to our management as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Unaudited Interim Condensed Consolidated Statement of Cash Flows for the period specified:

Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

CHANGE

2022

2021

2022

2021

(in thousands USD, unaudited)

Cash flows generated by operating activities

3,460

4,738

(1,278

)

(27

6,944

11,478

(4,534

)

(40

Capital Expenditures ⁽¹⁾

(546

)

(1,616

)

1,070

(2,758

)

(1,959

)

(799

)

(41

Free Cash Flow

2,914

3,122

(208

)

4,186

9,519

(5,333

)

(56

⁽¹⁾	Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets.

Canada

Peter & Sons Goes Live in Ontario with Ellipse Entertainment

Published

4 days ago

March 27, 2026

Wladimir P.

peter-&-sons-goes-live-in-ontario-with-ellipse-entertainment

Innovative iGaming studio Peter & Sons has strengthened its North American footprint by launching its portfolio in Ontario through a new partnership with Ellipse Entertainment, a fully licensed operator in the province.

The collaboration marks another step in the studio’s international expansion, bringing its distinctive slot titles to one of the most dynamic regulated markets in North America. Players in Ontario can now access Peter & Sons’ games via HighFlyerCasino.com, Ellipse Entertainment’s flagship platform designed specifically for the local market.

Entering a Key Regulated Market

Ontario has quickly established itself as a leading jurisdiction for regulated iGaming, attracting both operators and content providers seeking long-term growth opportunities. With a strong regulatory framework and a growing player base, the province offers a stable environment for companies looking to scale their presence in North America.

By partnering with Ellipse Entertainment, Peter & Sons gains access to a platform that prioritizes compliance, security, and user experience. HighFlyerCasino.com combines a wide-ranging portfolio of casino content with a seamless interface tailored to local players, ensuring a high-quality gaming experience.

Distinctive Content Meets Local Demand

Peter & Sons has built a reputation for delivering unconventional slot experiences, characterized by indie-inspired visuals, imaginative storytelling, and highly detailed game worlds. Its portfolio stands out in a crowded market, appealing to players looking for something beyond traditional slot design.

The launch in Ontario introduces these unique titles to a broader audience, aligning with increasing demand for diverse and engaging content within regulated markets. As competition intensifies, distinctive game design has become a key differentiator for studios aiming to capture player attention and retention.

Building a Long-Term Partnership

The partnership reflects a shared commitment to delivering premium entertainment within a trusted regulatory environment. Both companies are focused on creating value for players while ensuring compliance with Ontario’s gaming standards.

Yann Bautista, Founder and Commercial Director at Peter & Sons, said:

“We are delighted to launch our portfolio with Ellipse Entertainment and bring our games to players in Ontario. The region has quickly established itself as a key regulated market in North America, and HighFlyerCasino.com provides a strong platform for introducing our distinctive titles to Canadian audiences.”

Larry Galansky, Founder of Ellipse Entertainment, added:

“We are pleased to welcome Peter & Sons to our platform as we continue expanding our entertainment offering. Their games are known for their artistic style and engaging gameplay, and we are confident they will resonate strongly with our audience.”

As the Ontario market continues to grow, partnerships like this highlight the importance of combining innovative content with reliable distribution platforms. For Peter & Sons, the move represents a strategic step toward strengthening its global reach while delivering its unique gaming experiences to new audiences.

The post Peter & Sons Goes Live in Ontario with Ellipse Entertainment appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Canada

Peter & Sons Goes Live in Ontario with Ellipse Entertainment

Published

4 days ago

March 27, 2026

GamingAmericas.com

Innovative iGaming studio Peter & Sons has strengthened its presence in the Canadian market after launching its portfolio with Ellipse Entertainment, a fully licensed operator in Ontario.

Ellipse Entertainment operates within the province’s regulated gaming framework and provides players with access to its flagship platform HighFlyerCasino.com. The site combines a diverse portfolio of casino titles with a secure, seamless, and fully compliant gaming experience tailored specifically for players in the Ontario market.

Ontario has rapidly emerged as one of North America’s most progressive regulated iGaming jurisdictions. Players across the province can now enjoy a selection of Peter & Sons titles through HighFlyerCasino.com, bringing the studio’s distinctive game worlds and mechanics to a growing audience of Canadian players.

Renowned for its catalogue of indie-inspired creations, offbeat characters, and meticulously crafted game worlds, Peter & Sons continues to push boundaries in slot design and entertainment. By joining forces with Ellipse Entertainment. a platform committed to delivering premium gaming experiences within a trusted regulatory environment, the studio looks forward to building a long-term partnership in the Ontario market.

Yann Bautista, Peter & Sons Founder and Commercial Director, said: “We are delighted to launch our portfolio with Ellipse Entertainment and bring our games to players in Ontario. The region has quickly established itself as a key regulated market in North America, and HighFlyerCasino.com provides a strong platform for introducing our distinctive titles to Canadian audiences.”

Larry Galansky, founder of Ellipse Entertainment added: “We are pleased to welcome Peter & Sons to our platform as we continue expanding the entertainment offering available to our players. Their games are known for their distinctive artistic style and engaging gameplay, and we are confident they will resonate strongly with our audience.”

The post Peter & Sons Goes Live in Ontario with Ellipse Entertainment appeared first on Americas iGaming & Sports Betting News.

Bragg Gaming Group

Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues

Published

7 days ago

March 24, 2026

GamingAmericas.com

bragg-gaming-group-reports-record-fourth-quarter-and-full-year-2025-revenues

Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.

Fourth Quarter 2025 Financial Highlights:

• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:

• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;

• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;

• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and

• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and

• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.

• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.

Full Year 2025 Financial Highlights:

• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.

• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.

Fourth Quarter 2025 and Recent Business Highlights:

• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.

• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.

• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.

• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.

• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.

• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).

Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”

Board Changes

The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.

Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.

“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.

2026 Outlook

The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).

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