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.”