Bragg Gaming Group
Bragg Gaming Group Fourth-Quarter Revenue Rises 50.3% to a Record €23.7 Million
Gross profit rises 61.6% to €13.0 million (US$14.0 million) reflecting higher revenue and 390 basis point improvement in gross profit margin to 54.9%
Adjusted EBITDA improves by 128.3% to €3.6 million (US$3.9 million)
Full-year 2022 revenue rises 45.3% to €84.7 million (US$91.1 million) and adjusted EBITDA grows 64.0% to €12.1 million (US$13.0 million)
Updates full-year 2023 guidance for revenue of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA of €14.5-16.5 million (US$15.6-17.7 million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, today reported record financial results for the fourth quarter and full year ended December 31, 2022. The company also provided an update on its strategic growth initiatives and updated its growth targets for 2023 revenue and adjusted EBITDA.
Chief Executive Officer commentary:
“Bragg Gaming Group concluded a transformational 2022 with another quarter of record results as fourth quarter revenue, gross profit and adjusted EBITDA grew significantly compared to the fourth quarter of 2021 and exceeded our prior expectations,” said Yaniv Sherman, Chief Executive Officer for Bragg Gaming Group. “In the fourth quarter of 2022, we generated year over year revenue growth of 50.3% to €23.7 million (US$25.5 million), a 61.6% increase in gross profit to €13.0 million (US$14.0 million), a 390-basis point improvement in gross profit margin to 54.9%, and a 128.3% increase in adjusted EBITDA to €3.6 million (US$3.9 million). These record results highlight Bragg Gaming Group’s ongoing substantial momentum as we continue to successfully diversify our operations from serving primarily central-European iGaming markets to become a global, content-led, iGaming solutions provider with extensive distribution across North America and Europe. Our successful execution on our operating priorities is also evident in our record full-year results, as revenue, gross profit and adjusted EBITDA grew 45.3%, 59.2% and 64.0%, respectively, over the 2021 full-year period.
“With the full integration of our Wild Streak Gaming and Spin Games acquisitions and our four game development studios hitting their stride and consistently growing their game development output, Bragg Gaming Group has the foundation to scale as a global business. Reflecting our content-led focus, since the beginning of 2022, we have launched our new proprietary and exclusive third-party content with six operators in three US markets as well as in multiple additional global iGaming markets.
“Our ability to generate consistent revenue and margin growth reflects our approach to differentiate our iGaming content by internally developing a steady stream of player-popular games (20 games across the globe in 2022) complemented by exclusive third-party games from leading development studios (23 games in 2022). This approach provides our operating partners with content that engages their players at higher levels as the peak revenue generation of our newest premium proprietary and third-party games has been excellent and the performance tail for these games is significantly longer than similar games. We are confident that the acceleration of our development of proprietary games and third-party exclusive games will help us gain further market share in our existing markets as well as in new markets, particularly in North America.
“We are executing well on our many growth opportunities to deliver profitable revenue growth and increasing cash flow going forward. In addition to our content focus, our growth drivers include our ability to provide an industry-leading PAM and our state-of-the art FUZE game-optimization technology to drive higher player engagement, which results in higher revenues and lifetime player value for iGaming operators. We also expect the development and introduction of proprietary games in North America and Europe will accelerate in the second half of 2023, which will further benefit our margins and drive our operating momentum. As a result, our outlook for 2023 revenue of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA of €14.5-16.5 million (US$15.6-17.7 million) – with the midpoints of the ranges representing year-over-year growth of 12% and 28%, respectively – demonstrates the strength of our operating model. We are excited about the opportunities 2023 presents as we continue to execute on our strategic priorities to create long-term shareholder value.”
Fourth-quarter 2022 and recent business highlights:
* Bragg Gaming Group’s new content went live in Michigan with BetMGM
* Entered Belgium market with debut partner Napoleon Sports and Casino
* Entered into an agreement with Sega Sammy Creation Incorporated (SSC) for the exclusive rights to distribute select titles from SSC’s popular content portfolio to iGaming operators in the US, UK and other global markets
* The company’s new content recently went live in New Jersey with Caesars Sportsbook & Casino, DraftKings, Rush Street Interactive’s Betrivers.com, and Resorts Digital Gaming.
Fourth-quarter 2022 financial results and other key metrics highlights:
* Revenue increased by 50.3% to €23.7 million (US$25.5 million) compared to €15.8 million (US$17.0 million) in 4Q21.
* Wagering revenue generated by customers of €5.1 billion (US$5.5 billion) increased from €3.1 billion (US$3.3 billion) in 4Q21.
* Gross profit increased 61.6% to €13.0 million (US$14.0 million) from €8.0 million (US$8.6 million) in 4Q21, representing a gross profit margin of 54.9%. Gross profit in 4Q22 reflects a change in product mix towards turn-key Player Account Management (PAM) customers, managed services and proprietary content, resulting in improved gross profit and adjusted EBITDA compared to the year-ago period.
* Net loss for the period was €0.9 million (US$1.0 million), an improvement from a net loss of €2.0 million (US$2.2 million) in 4Q21, primarily due to the higher gross profit partially offset by an increase in total employee costs, depreciation and amortization, IT and hosting costs, transactional and exceptional costs, sales and marketing expense and other operational and travel costs.
* Adjusted EBITDA was €3.6 million (US$3.9 million), an increase of 128.3% compared to €1.6 million (US$1.7 million) in 4Q21, representing an adjusted EBITDA margin of 15.4%, compared to 10.1% in 4Q21.
2022 full-year financial results and other key metrics highlight:
* Revenue increased by 45.3% to €84.7 million (US$91.1 million) compared to €58.3 million (US$62.7 million) in 2021.
* Wagering revenue generated by customers of €17.7 billion (US$19.0 billion) increased from €14.3 billion (US$15.4 billion) in 4Q21.
* Gross profit increased 59.2% to €45.1 million (US$48.5 million) from €28.3 million (US$30.4 million) in 2021, representing a gross profit margin of 53.2%.
* Net loss for the period was €3.5 million (US$3.8 million), an improvement from a net loss of €7.5 million (US$8.1 million) in 2021, primarily due to the higher gross profit partially offset by an increase in selling, general and administrative expenses and a gain on the remeasurement of deferred consideration.
* Adjusted EBITDA was €12.1 million (US$13.0 million), an increase of 64.0% compared to €7.4 million (US$8.0 million) in 2021, representing an adjusted EBITDA margin of 14.2%, compared to 12.6% in 2021.
* Cash flow from operations was €5.8 million (US$6.2 million), an increase of €5.7 compared to €0.1 million (US$0.1 million) cash flow from operations in 2021.
* Cash and cash equivalents as of December 31, 2022 was €11.3 million (US$12.2 million) and net working capital, excluding deferred consideration, was €6.6 million (US$7.1 million).
Updated full-year 2023 revenue and adjusted EBITDA guidance:
Bragg Gaming Group provided an update on its expectation for 2023 full-year revenue adjusted EBITDA growth with revenue expected to rise approximately 10% to 15% to a range of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA expected to increase approximately 20% to 36% to a range of €14.5-16.5 million (US$15.6-17.7 million). Given the stronger than previously anticipated 4Q22 revenue and adjusted EBITDA, Bragg Gaming Group’s updated guidance reflects an increase from the initial expectations provided at the time the company reported 3Q22 results in November 2022.
Investor conference call:
The company will host a conference call today, March 21, 2023, at 8:30am Eastern Time, to discuss its fourth-quarter and full-year 2022 results. During the call, management will review a presentation that will be made available to download at https://Investors.Bragg.Group/Financials/Quarterly-Results/Default.aspx. To join the call, please use the below dial-in information:
Participant Toll-Free Dial-In Number (US/Canada): (888) 210-4227
Participant Toll Dial-In Number (International): (646) 960-0341
United Kingdom: Toll-Free: +44 800 358 0970
United Kingdom: Toll Dial-In: +44.20.3433.3846
Conference ID: 2522980
Or join the webcast at https://Investors.Bragg.Group/Events-And-Presentations/Events/Default.aspx.
A replay of the call will be available until March 28, 2023, following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980.
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Bragg Gaming Group
Bragg Gaming to Release First Quarter 2025 Results on May 15

Bragg Gaming Group confirmed that it will release its first quarter 2025 financial results prior to the opening of the financial markets on Thursday, May 15, 2025. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij and Chief Financial Officer, Robbie Bressler, to discuss the Company’s financial results and provide a business update. During the call, management will review a presentation that will be available on the day of the call.
The post Bragg Gaming to Release First Quarter 2025 Results on May 15 appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming Group to Settle USD 5 Million of Secured Promissory Note; Short-term Extension Agreement Reached for Remaining USD 2 Million

Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has reached an agreement with its lenders, certain entities controlled by Doug Fallon, to repay USD 5 million of its outstanding USD 7 million secured promissory note and to extend the maturity of the remaining USD 2 million until June 6, 2025 (the Note).
The company is in the process of securing a new revolving credit facility from a third-party lender. This facility is expected to offer more favorable terms than the existing Note, including lower borrowing costs and improved drawdown flexibility.
“This partial repayment and extension will further strengthen our balance sheet and reflects our confidence in the business. With a reduced need for working capital support, we’re focused on finalizing a new facility to secure standby credit, allowing for greater financial flexibility and enabling us to pursue strategic growth opportunities,” said Robbie Bressler, CFO of Bragg.
All other terms of the original Note remain unchanged. Bragg intends to repay the remaining USD 2 million balance on or before the amended June 6, 2025 maturity date.
The post Bragg Gaming Group to Settle USD 5 Million of Secured Promissory Note; Short-term Extension Agreement Reached for Remaining USD 2 Million appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming Partners with and Invests in Brazilian Specialist Online Casino Studio RapidPlay

Bragg Gaming Group announced the acquisition of a strategic equity stake in, and the signing of an exclusive content partnership with RAPIDPLAY LTD (RapidPlay), a specialist Brazilian game development studio renowned for its localized, high-performance online casino content tailored to Brazilian and the broader Latin American market.
Founded by a team of veteran iGaming experts with deep roots in the region, RapidPlay has rapidly built a reputation for delivering premium, culturally attuned casino content that resonates with local Brazilian and Latin American players.
Under the terms of the agreement, Bragg receives an equity stake in RapidPlay and has entered into an exclusive commercial distribution agreement with RapidPlay at standard market terms.
The agreement allows Bragg to integrate and offer RapidPlay’s full content portfolio through its expanding base of licensed Brazilian operators.
RapidPlay’s highly efficient cost development model for producing high-quality, localized content is particularly attractive to Bragg, as it supports rapid scalability and margin efficiency—especially valuable in emerging markets like Brazil and the broader LatAm market.
Pursuant to the terms of the agreement with RapidPlay, Bragg also has an option to acquire a controlling interest in RapidPlay, should future strategic conditions align.
All titles developed under this partnership will be powered by Fuze, Bragg’s proprietary engagement technology that features real-time gamification, player retention tools, and promotional capabilities — enhancing both player experience and operator performance.
This partnership builds on Bragg’s rapid expansion in Brazil, where it launched operations on January 1, 2025, and has already partnered with over one-third of the market’s licensed operators.
The Company’s São Paulo office, led by LatAm Regional Director Sara Mosallaee and Senior Account Manager Amanda Alexandrini, delivers fully localized support and expertise to operators across the region.
With Brazil’s newly regulated online casino market expected to generate USD 1.5 billion in 2025, growing to USD 3.7 billion by 2029, Bragg believes that the market could contribute up to 10% of the Company’s total revenue this year—underlining its strategic importance.
Neill Whyte, Chief Commercial Officer of Bragg Gaming Group, said: “This partnership with RapidPlay is more than just an investment — it’s a strategic move that strengthens our differentiated local content proposition.
“The studio combines creative excellence with operational efficiency, making it an ideal partner for our expansion efforts in the region.”
Rafael Roos Bordignon, CEO and Co-Founder of RapidPlay, said: “RapidPlay was founded to create genuinely Brazilian gaming experiences. Joining forces with Bragg gives us the scale and structure to do that with even greater impact. We’re excited to enter this next phase together.”
The post Bragg Gaming Partners with and Invests in Brazilian Specialist Online Casino Studio RapidPlay appeared first on Gaming and Gambling Industry in the Americas.
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