Bragg Gaming Group has reported revenue of €19.4m ($20.5m) for the first quarter of 2022, a 36% increase from the first quarter of 2021.

Gross profit climbed 51% year-on-year to €10m, with the gross profit margin climbing from 46.8% to 51.8%. And adjusted EBITDA climbed by 26% to €3m, with the adjusted EBITDA margin declining from 16.5% to 15.3%.

Wagering revenue generated by customers for Q1 2022 was €3.8bn, in line with wagering revenue generated by customers of €3.8bn in Q1 2021.

Net loss for the period was €0.7m, a decline from a net loss of €1.1m in Q1 2021. Bragg noted that this was primarily due to higher gross profit and lower transactional costs, partially offset by an incremental increase in employee costs, professional fees, sales and marketing expense, and higher depreciation and amortisation.

“Our momentum continued in the first quarter as the successful execution of our growth initiatives focused on offering more higher-margin proprietary and third-party exclusive games and our iGaming PAM, combined with ongoing expansion into new regulated iGaming markets, drove strong growth in our operating results,” said Bragg Gaming Chief Strategy Officer Yaniv Spielberg.

“These record financial results reflect, in part, growing revenue from higher gross margin in-house content and platform revenue which together drove record quarterly gross profit margin of 51.8%, an 80 basis point improvement over our prior gross profit margin record achieved in 4Q 2021. 

“The record quarterly margin supports our confidence that we have the right operating plan in place to achieve our goal of growing gross profit margin to approximately 60% by 2024.”