Published
OnlineFinancial

Bragg Gaming Group Q1 revenue up 36%

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.

bragg q1 2022 gi web image
Listen To Article

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.”

Premium+ Connections
Premium

1xBet Partners

 
Premium

GammaStack

 
Premium

PIN-UP Partners

 
Premium

Sport Generate

 
Premium

Revsharks

 
Premium

Galaxsys

 
Premium

Digitain

 
Premium

Lynon

 
 
Premium

RISK

 
Premium

Imagine Live

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...