Bragg Gaming Group reports 50% rise in Q4 revenue

The company reported that its revenue rose 50.3% and that its gross profit went up by 61.6%.

Bragg Gaming Group (trading under BRAG on both NASDAQ and TSX) recently reported its summary of operational and financial highlights for the fourth quarter of 2022.

Of note, the company reported that its revenue rose 50.3% to €23.7m ($25.5m). It also reported a 61.6% rise in gross profit, up to €13.0m ($14.0m).

Speaking on the results, Bragg CEO Yaniv Sherman called the year “transformational” for the company, noting that gross profit, revenue and adjusted EBITDA exceeded what Bragg achieved at the same time the year prior.

Some recent business highlights that Bragg focused on in the report included its content partnership with BetMGM, its partnership with Napoleon Sports and Casino and its recent agreement with Sega Sammy Creation to exclusively distribute select SSC titles.

Following this latest report, Bragg has updated its expectations for 2023. It expects revenue to rise 10-15% and adjusted EBITDA to climb by 20-36%. These numbers are an increase from Bragg’s previous expectations provided last November in its report for the third quarter of 2022.

The company recently held a conference call for its investors on March 21 to discuss both its fourth-quarter results as well as its results for the rest of 2022. Company management provided investors with a presentation of all relevant information while on the call.

Back in January, Bragg Gaming Group launched its new content and technology with DraftKings in the US state of New Jersey.

Bragg noted that the launch further expands the reach of its proprietary content in the US.

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