Wagering revenue generated by customers of €4.6bn increased from €3.2bn in the third quarter of 2021, reflecting a change in product mix towards turn-key customers managed services and proprietary content.

This, noted Bragg, resulted in improved gross profit and adjusted EBITDA. Gross profit for the period increased by 58% to €10.4m, representing a gross profit margin of 50%.

Net loss for the period was €2m, compared to a net loss of €2.5m in Q3 2021. Adjusted EBITDA amounted to €2.2m, a 52% rise from the prior-year period, with an adjusted EBITDA margin of 10.7%.

As of 30 September 2022, cash and cash equivalents were €17.2m, reflecting in part the €8.3m in net proceeds from the convertible debt security issued in September.

“Our record third quarter results reflect significant year-over-year revenue, gross profit and adjusted EBITDA growth highlighting our progress in providing value-added content and services to a growing global base of customers across regulated iGaming markets, including in North America,” said Bragg CEO Yaniv Sherman.

“We continue to make steady progress on our strategic initiatives, including the development of new proprietary content, securing exclusive distribution agreements for popular third-party content and expanding our customer base and the number of markets we serve, including the Dutch market where we have established a leading position following our launch with multiple operators since the market opened. 

“We have also integrated the Wild Streak Gaming and Spin Games acquisitions, established two new in-house game studios, and adjusted other areas throughout the organisation to further streamline our operations and better position Bragg to scale as a global business.”