Bragg Gaming Group
BRAGG GAMING GROUP REPORTS RECORD SECOND QUARTER RESULTS AS REVENUE RISES 34.2% TO €20.8 MILLION (USD $21.3 MILLION)

New Customers, Rollout of New Proprietary Games and Market Expansion in Europe and North America Driving Consistent Revenue Growth
Gross Profit Rises 65.5% to Quarterly Record €11.6 Million (USD $11.9 Million); Gross Profit Margin Increases 1,060 Basis Points Year-over-Year and by 410 Basis Points from Q1 2022 to Quarterly Record 55.9%
Adjusted EBITDA Improves 62.9% Year-over-Year to €3.1 Million (USD $3.2 Million)
Raises Full Year 2022 Guidance for Revenue of €76-80 million (USD $78-82 Million) and Adjusted EBITDA of €10-11 million (USD $10-11 Million)
Bragg Gaming Group, a global B2B gaming technology and content provider, today reported record financial results for the second quarter ended June 30, 2022. The Company also provided an update on its strategic growth initiatives and raised its full year 2022 revenue and Adjusted EBITDA guidance.
Summary of Q2 2022 Financial and Operational Highlights
Euros (millions)(1) | 2Q22 | 2Q21 | Change |
Revenue | €20.8 | €15.5 | 34.2% |
Gross profit | €11.6 | €7.0 | 65.5% |
Gross profit margin | 55.9% | 45.3% | 1060bps |
Adjusted EBITDA(2) | €3.1 | €1.9 | 62.9% |
Adjusted EBITDA margin | 14.9% | 12.3% | 260bps |
Wagering revenue | €4.2B | €3.8B | 9.0% |
- Bragg’s reporting currency is Euros. The exchange rate provided for U.S. dollars is 1.023. Due to fluctuating currency exchange, this rate is provided for convenience only.
- Adjusted EBITDA is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
“Our strong second quarter results include significant year-over-year growth, as well as quarterly-sequential improvements for revenue, gross profit, gross profit margin and Adjusted EBITDA,” said Yaniv Sherman, Chief Executive Officer for Bragg Gaming Group. “In the 2022 second quarter, we generated quarterly records for revenue of EUR €20.8 million (USD $21.3 million), gross profit of EUR €11.6 million (USD $11.9 million), gross profit margin of 55.9%, and Adjusted EBITDA of EUR €3.1 million (USD $3.2 million). Our operating momentum highlights our continued success in serving a growing base of customers in an expanding number of regulated global iGaming markets, with turnkey iGaming solutions that power their businesses, including proprietary and exclusive third-party content.
“Following the completion in June of our acquisition of Spin Games, Bragg possesses the product development capabilities, industry expertise and licensed footprint across Europe and North America to achieve further and consistent progress on our content and market expansion growth initiatives. Our content development and distribution efforts, led by our four in-house game studios, are focused on leveraging proprietary design, game mechanics and math capabilities to develop games that address local player preferences across European and North American markets. We expect to release approximately 22 proprietary games this year representing a 120% increase from 2021, with our game development roadmap poised to accelerate our new game releases next year and beyond. In addition, we will supplement our internal game development efforts with agreements for Bragg to exclusively distribute games from established popular third-party studios. We expect our execution against our content development and distribution strategy will result in a higher level of desirable ‘real estate’ allocation on leading iGaming operators’ sites, leading to higher player engagement that drives further top-line growth and margin improvement.
“The North American iGaming market continues to grow. We expect to leverage our expertise and differentiated product and technology advantages to drive consistent growth with leading operators in these markets. This includes content localization and customization that addresses popular online and land-based themes.”
Mr. Sherman concluded, “Reflecting our strong performance through the first half of the year and our ongoing business momentum, we are raising our guidance for 2022 full year revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. As demonstrated by our operating results to-date in 2022, our success with these efforts is driving strong top-line growth and margin improvement, highlighting our ability to deliver near- and long-term shareholder value.”
Second Quarter 2022 Financial Results and other Key Metrics Highlights
- Revenue increased by 34.2% to EUR €20.8 million (USD $21.3 million) compared to EUR €15.5 million (USD $15.9 million) in 2Q21.
- Wagering revenue generated by customers of €EUR 4.2 billion (USD $4.3 billion) increased from EUR €3.8 billion (USD $3.9 billion) in 2Q21. Wagering revenue in 2Q22 reflects a change in product mix towards PAM, managed services and proprietary content, resulting in improved gross profit and Adjusted EBITDA.
- Gross profit increased 65.5% to EUR €11.6 million (USD $11.9 million) from EUR €7.0 million (USD $7.2 million) in 2Q21, reflecting higher revenue and a 1,060 basis point year-over-year margin improvement to a quarterly record 55.9%.
- The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales.
- Net income for the period was EUR €0.1 million (USD $0.1 million), an improvement from net loss of EUR €2.3 million (USD $2.4 million) in 2Q21, primarily due to higher gross profit and lower professional fees and transactional costs, partially offset by an incremental increase in employee costs, sales and marketing expense, and higher depreciation and amortization.
- Adjusted EBITDA was EUR €3.1 million (USD $3.2 million), an increase of 62.9% compared to EUR €1.9 million (USD $1.9 million) in 2Q21. Adjusted EBITDA margin increased by 260 basis points to 14.9%, reflecting the Company’s increased scale and an improvement in the product mix of iGaming and turnkey services. Adjusted EBITDA margin decreased by 40 basis points on a quarterly sequential basis.
- Cash and cash equivalents as of June 30, 2022 was EUR €11.0 million (USD $11.3 million) which reflects the EUR €9.0 million (USD $9.2 million) paid in the quarter for the acquisition of Spin Games.
Raises Full Year 2022 Revenue and Adjusted EBITDA Guidance
Bragg today raised its outlook for 2022 full year expected revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 34% and 46%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. The higher 2022 Adjusted EBITDA outlook includes the impact of continued investments in the business focused on driving further top-line growth. Bragg’s prior guidance for the 2022 full year was for revenue of EUR €68-72 million (USD $70-74 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $9.7-10.7 million).
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Bragg
Luka Pataky Joins Bragg Gaming Group as EVP of AI and Innovation to Spearhead Growth and Usage of New Technologies Across Business

Bragg Gaming Group, a global leader in next-generation iGaming content and content delivery, engagement and player management technology, today proudly announces the appointment of Luka Pataky as Executive Vice President (EVP) of AI and Innovation.
In his new role, Pataky will work closely with Bragg’s technology teams to develop a 360॰ AI strategy, integrating AI into product development and design, user experience, external communications, safer gambling initiatives and internal processes to drive growth and efficiency.
This strategic leadership addition comes as part of Bragg’s commitment to the leveraging of data, advanced analytics and powerful AI to enhance user experience, player engagement, maximize revenue potential, and drive smarter, more efficient iGaming operations.
Luka Pataky boasts a strong pedigree in AI and technology, with over a decade of experience at Sportradar, a company at the forefront of sports data and content. His tenure at Sportradar culminated in his role as Senior Vice President for Automated Content, where he spearheaded an initiative from its inception to a production-ready, scalable system that ended up powering over 300,000 sports events per year with a team of over 70.
In this leadership position, he was instrumental in revolutionizing sports content creation through AI, Computer Vision, and Deep Learning, successfully bringing real-time data collection solutions to production, being the driving force behind integrating acquired tech businesses, thereby turning advanced technology into significant business value through the optimization of operating costs and business efficiencies.
Prior to his SVP role, Pataky played a key role in establishing Sportradar’s innovation unit, a hub for pioneering new ideas, implementing processes that enabled faster experimentation and fostering a culture of rapid prototyping and testing.
As part of this, he also led the team responsible for scaling Sportradar’s startup program and forging strategic innovation partnerships with universities and innovation labs. In his multiple innovation-based roles, he demonstrated a consistent focus on leveraging AI and data analysis to identify and develop new product opportunities and strategic initiatives.
His extensive experience across these leadership roles highlights his proven ability to lead large, cross-functional teams, manage complex technological advancements, and strategically integrate new ventures, underscoring his expertise in driving growth and innovation within the technology sector.
Known globally for its award-winning iGaming content and technology solutions, Bragg has consistently championed the integration of artificial intelligence technology across its business model, as typified by the introduction of an AI-powered Games Recommendation System into its Fuze marketing and promotional toolset.
The Company has also utilised AI extensively across its responsible gambling work, using these new technologies and extensive data collection to more effectively identify at-risk gamblers.
“Luka Pataky is the ideal hire for Bragg, as we look to supercharge our AI and innovation ambitions,” said Matevž Mazij, Chief Executive Officer at Bragg. “His extensive experience of being at the forefront of this gamechanging technology and innovation will help springboard Bragg into the next iteration of our growth. With the increased adoption of AI across the iGaming industry, Bragg has once again shown its commitment to staying ahead of the competition.”
“Bragg has always struck me as a company where technology and innovation are key drivers,” said Luka Pataky. “This is a company which is always pushing the boundaries, using its extensive knowledge and the skills of its teams to create and set new trends. It sits on vast amounts of user data and insight, which we can turn into intelligence that will power next generation player engagement. Introducing AI at all levels of product and operations will make it perfectly positioned for future growth.”
“I am looking forward to playing a role in accelerating Bragg’s journey to becoming an AI-first company. I have no doubt we’ll be able to compliment and elevate Bragg’s already amazing next generation player experiences for its operator partners and drive value for the business.”
The post Luka Pataky Joins Bragg Gaming Group as EVP of AI and Innovation to Spearhead Growth and Usage of New Technologies Across Business appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch

Bragg Gaming Group has announced the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania.
Fanatics Casino is America’s fastest growing online casino and is available in Michigan, New Jersey, Pennsylvania, and West Virginia on iOS, Android, and desktop. Players are invited to dive into a world of thrills as Fanatics Casino brings the casino floor directly to a customer’s fingertips, whether on-the-go or in front of a computer. Players can explore a wide array of classic and modern casino games, including slots, blackjack, roulette, progressive jackpots and video poker. Each game is crafted to deliver authentic casino action, ensuring endless entertainment.
Players in these states will benefit from access to Bragg’s full catalog, including titles from Bragg’s in-house proprietary content development studios, a roster which includes Atomic Slot Lab and Indigo Magic and Wild Streak Gaming, all through Bragg Gaming’s Remote Games Server (RGS) technology, delivered via the Bragg HUB platform.
In addition, titles from Bragg’s multiple studio partners, including Incredible Technologies, Bluberi, King Show Games, and Sega Sammy Creation will also be available to players in all three regulated markets along with top-performing titles like “Cai Fu Emperor Ways” and “Queenie” and a host of other elevated content from Bragg’s Atomic Slot Lab studio.
This roster of studio partners, which is constantly being updated, now also includes Boomerang Studios, Four Leaf Gaming and Reflex Gaming, who will all launch titles on the Bragg RGS later this year.
This expansion is the latest step in Bragg’s drive to deliver engaging and game-changing content to players across the North American market.
The launch supports Bragg Gaming’s strategic goals by accelerating the growth of utilization of Bragg’s exclusive and proprietary content, and the diversification of revenue through expansion into North American markets.
Matevz Mazij, CEO Bragg Gaming Group commented: “With its history of connecting sports fans with merchandise they love and with sports betting and the strong cross sell between sports betting and iGaming, this launch represents a great opportunity to showcase Bragg’s amazing titles across the three biggest iGaming markets in the US.”
“We look forward to developing our relationship as a key partner of Fanatics Betting and Gaming in the North American market as we continue the roll-out with regular new game releases planned.”
Kieron Shaw, Manager of Fanatics Casino Games Content, said: “We’re thrilled to partner with Bragg Gaming Group to bring their diverse and engaging iGaming content to our players in New Jersey, Michigan, and Pennsylvania.”
“This collaboration is a significant step in our strategy to expand our iGaming offerings and capitalize on the substantial growth projected for these key markets. Bragg’s impressive catalogue, including titles from Wild Streak Gaming and their third-party studio partners, along with their innovative promotional tools, will undoubtedly enhance the gaming experience for our users and help us springboard our presence across these important states.”
The post Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Signs Content Development Agreement with Hard Rock Digital

Bragg Gaming Group, a global B2B iGaming content and technology solutions provider, announced it has signed an agreement with Hard Rock Digital to develop a series of exclusive online casino games titles for its top-rated Hard Rock Bet Casino.
This deal further deepens Bragg’s existing partnership with the leading operator, which currently offers Bragg’s proprietary content from Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, alongside titles from a diverse selection of Bragg’s partner studios on Hard Rock Bet.
The partnership is set to drive the Company’s expansion in the key market, accelerate growth and position the US as Bragg’s fastest-growing market this year. The exclusive titles will first launch in New Jersey, with potential to offer the games on Hard Rock Bet in any future market expansion.
Garrick Morris, Bragg’s SVP of Commercial in US and Canada, said: “We are delighted to announce this new content development agreement with Hard Rock Digital, which reinforces our commitment to this partnership and offers us a new opportunity to showcase our game development expertise while bringing new, game changing, exclusive experiences to Hard Rock Bet Casino’s customers. This enhanced partnership highlights our focus on growing our footprint as a key online casino supplier in the US.”
Rich Criado, VP of Casino at Hard Rock Digital, said: “We’re excited to strengthen our partnership with Bragg and collaborate with their talented team to create exclusive new experiences for our players. These upcoming games are designed to stand out among the over 2900 titles already available on Hard Rock Bet Casino, and we can’t wait to bring them to our players.”
The post Bragg Signs Content Development Agreement with Hard Rock Digital appeared first on Gaming and Gambling Industry in the Americas.
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