Bragg Gaming Group

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

Published

4 years ago

August 9, 2022

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).

Bragg Gaming Group

Bragg Gaming Group Extends a Turnkey Solution Deal with Senator Group

Published

1 week ago

February 10, 2026

Wladimir P.

bragg-gaming-group-extends-a-turnkey-solution-deal-with-senator-group

Bragg Gaming Group has announced that it has extended a comprehensive Player Account Management (PAM) platform and turnkey solution agreement with Senator Group, an online casino market leader in Croatia.

Under the four-year extension, Bragg will continue to provide Senator Group with Bragg’s comprehensive offering, which includes the PAM platform, an extensive library of proprietary, exclusive and aggregated casino games, the award-winning Fuze Player Engagement tools and fully managed marketing and operational services.

Bragg solidifies its position as a leading supplier in Croatia through this strategic partnership with Senator Group. The collaboration highlights Bragg’s comprehensive role as a well-established partner for content delivery, distribution and premium engagement tools in the region. Following success in Croatia, this relationship is anticipated to extend into other emerging markets, further strengthening Senator Group’s market presence.

The Company’s PAM platform includes features designed for hyper-personalisation, which may assist operators in maintaining player engagement within the parameters Croatia’s proposed restrictions. By utilising AI-driven data, the platform allows for the delivery of specific content to existing player segments, facilitating retention strategies that remain compliant with local “moderate marketing” standards.

Matevž Mazij, Chief Executive Officer for Bragg Gaming Group, said: “Securing this PAM and full turnkey solution extension with Senator Group is a strategic milestone for Bragg, establishing a strong position as an iGaming supplier in Southeastern Europe. We are focusing our efforts on supporting premier partners in high-growth regulated markets, and Croatia represents a major European opportunity. This partnership is a testament to the power of our complete platform, content, and player engagement ecosystem, and we are confident in Senator Group’s ability to grow.”

Dimitar Deskoski, Chief Executive Officer of Senator Croatia, said: “Bragg has proven to be an invaluable partner, and the fact that we have decided to extend the agreement is an indication of success and underscores our vision and their platform’s proven ability to deliver market-leading results.”

The post Bragg Gaming Group Extends a Turnkey Solution Deal with Senator Group appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

AdmiralBet

Bragg Gaming Partners with AdmiralBet

Published

2 weeks ago

February 6, 2026

Wladimir P.

Bragg Gaming Group Inc. has partnered with AdmiralBet to enhance online casino offerings in the German market. This collaboration will feature Bragg’s exclusive portfolio, including popular Gamomat titles like Ramses Book and Fancy Fruits – Double Rush.

“We believe that good partnerships are built on shared convictions. And that’s exactly what connects us with AdmiralBet: a strong commitment to quality, fairness, and a passion for games that bring people joy. Together, we create a space where timeless classics and fresh innovations both have their place,” Bragg Gaming Group said.

“Since its founding, Gamomat – a leading Powered by Bragg studio partner – has been developing games born from ideas and passion. Gamomat titles combine intuitive mechanics, thoughtful design, and themes that evoke real emotion – all proudly ‘Made in Germany’ – and this very spirit shines through in the Powered by Bragg selection at the AdmiralBet.

“Many of Gamomat’s most popular titles can be found at AdmiralBet Casino – from Ramses Book and Fancy Fruits – Double Rush to Sticky Diamonds, Books & Bulls, or Crystal Ball. Each of these slots tells its own little story and perfectly represents what defines the studio: clear structures, strong characters, and that special something that keeps a game fun over time.

“What we particularly value here is our shared commitment to responsibility and transparency. Players should have fun, but also be able to rely on fair processes and a safe environment. These values matter deeply to us – and they’re what make our partnership with AdmiralBet so meaningful.

“For us, this collaboration is more than just a distribution channel. It’s an expression of a shared vision that unites the best of all worlds: AdmiralBet’s technological expertise and Bragg’s exclusive online casino portfolio including Gamomat’s creative game development from the heart of Berlin.

“Together, we’re shaping a gaming experience that’s authentic, responsible, and entertaining – just as we imagine modern gaming in German online casinos should be.”

The post Bragg Gaming Partners with AdmiralBet appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

BetCity.nl

Bragg Gaming Group Signs Deal with SuomiVeto

Published

1 month ago

January 16, 2026

Wladimir P.

bragg-gaming-group-signs-deal-with-suomiveto

Bragg Gaming Group has signed a comprehensive Player Account Management (PAM) platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl.

The long-term agreement will see Bragg provide SuomiVeto access to its proprietary PAM platform, a vast portfolio of exclusive and aggregated casino games, a fully managed sportsbook, award-winning Fuze Player Engagement tools and comprehensive managed marketing and operational services.

This partnership is strategically 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, following the opening of the license application window in March 2026.

In January 2026, Bragg announced an ambitious AI transformation plan, targeting it becoming an AI-First company by 2027. In line with the Company’s previously announced “AI-First” initiatives, Bragg is developing technology aimed at assisting operators in meeting expected regulatory requirements in Finland. Through the “Bragg AI Brain” and its technical partnership with Golden Whale, the Company provides predictive modeling designed to monitor player behaviour.

Matevž Mazij, Chief Executive Officer for Bragg Gaming Group, said: “Securing this PAM and full turnkey solution deal with SuomiVeto is a major strategic milestone for Bragg, establishing a strong position as an iGaming supplier in Finland well ahead of the market’s upcoming liberalization. We are focusing our efforts on supporting premier partners in high-growth regulated markets, and Finland represents the next major European opportunity. The fact that the SuomiVeto team is composed of the same successful founders behind BetCity.nl, a success story from the regulation of the Dutch iGaming market and a long-standing Bragg partner, underscores their vision and our platform’s proven ability to deliver market-leading results. This partnership is a testament to the power of our complete platform, content, and player engagement ecosystem, and we are confident in SuomiVeto’s ability to capture significant market share when the new licensing regime goes live.”

Melvin Bostelaar, Co-founder of Suomiveto, said: “After the successful journey with BetCity, we are once again partnering with Bragg, a platform provider operating at the very top of the industry. Their premium technology and scalable infrastructure give us the foundation to build another market leader. Finland is next.”

Joey Singels, Co-founder of Suomiveto, said: “Our successful collaboration with Bragg in the Dutch regulated market gives us strong confidence as we begin a new venture in Finland. Together, we believe we can build an exciting brand that will undoubtedly establish a strong market presence.”

The post Bragg Gaming Group Signs Deal with SuomiVeto appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.