Bragg Gaming raises financial outlook for 2022 following preliminary 2021 results
Bragg Gaming Group has raised its financial projections for the year ahead, following the release of a strong set of preliminary results for 2021.
The company expects to post Q4 2021 results of €15.4m ($17.6m) and adjusted EBITDA of €1.3m. As a result, this would bring full-year revenue of approximately €58m and adjusted EBITDA of €7m, respectively.
While the results are still subject to auditing, the company’s final position is ahead of both expectations and the previous year.
Full-year revenue is expected to finish €2m to €3m ahead of the previous guidance, while adjusted EBITDA is projected to land €0.2m to $0.4m ahead of expectations. Compared to 2020, the expected results show revenue and adjusted EBITDA growth of 25% and 26%, respectively.
Yaniv Spielberg, Chief Strategy Officer, Bragg Gaming, commented: “The ongoing execution of our iGaming content and platform expansion, and new market initiatives, are driving Bragg’s consistent operating momentum leading to long-term financial growth.
“These factors contributed to stronger-than-expected financial results in the 2021 fourth quarter, and as a result we now expect to exceed our previously provided guidance for full-year 2021 revenue and adjusted EBITDA.”
Bragg Gaming has increased its projections for 2022. Full-year revenue is now expected to hit in the region of €68m to €72m (compared with the previous estimate of €59m to €61m), while adjusted EBITDA is projected to land between €9.5m to €10.5m (increased from €6m to €7m).
The release also mentions the company’s intention to close the deal to acquire Spin Games before the end of Q1 2022.
Spielberg said: “As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading US iGaming operators will significantly accelerate our entry into the market, and continue to make consistent progress with entering new regulated global iGaming markets, we remain on track to… achieve our increased 2022 financial projections; and to then continue to accelerate our growth in 2023.”
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