Bragg Gaming Group reports 14% Q4 revenue rise and 22% for full year

Revenue increased by 14% year-on-year to $17.5m in the fourth quarter.

Gross profit was up by 33% to $8.9m, rising from $6.7m in Q4 of 2020. This gross profit improvement represents a 720-basis point margin improvement to 51%. Bragg notes this margin expansion is a result of a continual shift towards a higher proportion of revenues from iGaming and turnkey services; applications that have lower sales costs compared with games and content.  

Further positives included an increase of 22% in adjusted EBITDA and an EBITDA margin increase by 70 basis points to 10%. Net loss was also reduced, dropping from $5.9m to $1.8m.  

However, generated wagering revenue decreased 9% in Q4 2021 compared to Q4 2020; something Bragg sees as a result of changes in the product mix, managed services and propriety content.  

And the picture is largely similar in Bragg’s full-year results, where it recorded a revenue increase of 26% in 2021, making $65m in 2021 compared to $51m in 2020.  

Gross profit for the full year increased by 40% from 2020, hitting $31.4m. This reflected a 510-basis point margin improvement to 48.6%. 

Net loss was similarly down for the full year as it was for Q4, dropping from $16.2m to $8.3m at the end of 2021.  

Adjusted EBITDA was up also; an increase of 30% on FY 2020. Bragg’s EBITDA margin increased by 40 basis points in 2021 to 12%. 

Unlike in Q4 of 2021, though, Bragg’s wagering revenue for the full year increased by 21%, a rise of $2.8bn on the $13.1bn generated in 2020.  

Yaniv Spielberg, Bragg Gaming CSO, said: “The 2021 fourth quarter concluded an active and productive year for Bragg, as continued execution on our key strategic initiatives drove significant operational accomplishments and strong financial results.” 

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Louis Thompsett

Gambling Writer

Louis Thompsett is a journalist and editor who served as a Staff Writer at Gambling Insider from February 2022 to April 2023, covering key developments across the global gambling, sports betting and iGaming sectors. During his time with the publication, he reported on regulatory updates, operator strategy, technological innovation and market trends, contributing both news coverage and in-depth editorial features for Gambling Insider and its associated titles.

Louis later advanced into senior editorial roles and now works as Editor-in-Chief of FinTech Magazine and InsurTech Digital, where he oversees content strategy and reporting for a global B2B audience across financial and technology sectors.

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