Bragg Gaming reports Q4 2022 revenue of €23.7m, up 50% year-on-year

Bragg Gaming has generated €23.7m ($25.5m) in revenue for Q4 2022, a 50% rise from the prior-year period.  

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The figure marks a record fourth quarter for Bragg, which also saw gross profits grow by 62% to €13m. These greater revenue figures represented a 390-basis point improvement in Bragg’s gross profit margin to 55%.  

The iGaming supplier also saw adjusted EBITDA improve by a significant 128% to €3.6m.

These figures complete a full year (FY) of results for Bragg; its €84.7m in FY 2022 revenue marked a rise of 45% year-on-year. In addition, FY 2022 adjusted EBITDA grew by 64% to €12.1m. 

Furthermore, this impressive yearly return has resulted in updated full-year guidance for 2023. The company now expects to generate revenue between €93-97m and adjusted EBITDA of €14.5-16.5m.  

Bragg CEO Yaniv Sherman said: “Bragg concluded a transformational 2022 with another quarter of record results, as fourth-quarter revenue, gross profit and adjusted EBITDA grew significantly compared to the fourth quarter of 2021 and exceeded our prior expectations. 

“These record results highlight Bragg’s ongoing substantial momentum as we continue to successfully diversify our operations from serving primarily central-European iGaming markets to become a global, content-led, iGaming solutions provider with extensive distribution across North America and Europe.” 

Q4 2022 saw Bragg complete notable business, including its launch in Michigan with BetMGM and its entry into the Belgium market with debut partner Napoleon Sports and Casino. 

Sherman added: “With the full integration of our Wild Streak Gaming and Spin Games acquisitions and our four game development studios hitting their stride and consistently growing their game development output, Bragg has the foundation to scale as a global business.” 

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