Bragg Gaming concluded 2022 with exceptional results, achieving an unprecedented €23.7 million (approximately $25.5 million) in revenue during the final quarter. This signifies a 50% increase compared to the corresponding period in the previous year.
This remarkable accomplishment was not an isolated incident. Bragg’s gross profit for Q4 surged by 62% to €13 million, yielding a robust gross margin of 55%. Additionally, the company witnessed a substantial 128% rise in adjusted EBITDA, reaching €3.6 million.
Examining the entirety of the year, Bragg’s 2022 performance remained commendable. Revenue ascended by 45% year-on-year to €84.7 million, while adjusted EBITDA experienced a 64% growth, attaining €12.1 million.
This triumph has prompted Bragg to modify its forecasts for 2023. The company now projects revenue to range between €93 million and €97 million, with anticipated adjusted EBITDA falling between €14.5 million and €16.5 million.
“2022 marked a transformative year for Bragg, culminating in an exceptional fourth quarter that surpassed previous records,” stated Yaniv Sherman, Chief Executive Officer of Bragg. “Our Q4 revenue, gross profit, and adjusted EBITDA all considerably outperformed expectations and exhibited remarkable growth compared to the same timeframe in 2021.”
Sherman elaborated, “These unparalleled outcomes are a testament to Bragg’s enduring strength. We have effectively expanded our operations, transitioning from a company predominantly catering to the Central European iGaming market to a global, content-focused iGaming solutions provider with a significant footprint in both North America and Europe.”
Bragg concluded 2022 on a high note, entering the Michigan market via a partnership with BetMGM and expanding into Belgium alongside Napoleon Sports and Casino.
“Bragg is an international gaming powerhouse,” remarked Sherman. “The complete integration of Wild Streak Gaming and Spin Games was achieved this year, and with our quartet of game studios operating at peak capacity, we are ideally situated for future success.”
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