Bragg Gaming Group reports $17.6m in Q4 revenue
The company also hopes to acquire Spin Games by the end of Q1.
Bragg Gaming Group has reported that it has seen multi-year growth in its business based on the success of its ongoing iGaming content and platform expansion, as well as new marketing strategy. The company’s current total addressable market (TAM) is approximately $12.5bn.
Bragg expects this to increase to more than $18bn by the end of 2022, reflecting its expectations for initial activations this year in several US iGaming markets and in Ontario, as well as in other global iGaming markets.
The company expects to report fourth quarter 2021 revenue of approximately €15.4m ($17.6m) and Adjusted EBITDA of approximately €1.3m.
Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming, said, “The ongoing execution of our iGaming content and platform expansion and new market initiatives are driving Bragg’s consistent operating momentum leading to near- and long-term financial growth. These factors contributed to stronger than expected financial results in the 2021 fourth quarter and as a result we now expect to exceed our previously provided guidance for full year 2021 revenue and adjusted EBITDA.”
Bragg also expects to complete the acquisition of Spin Games by the end of the first quarter of 2022.
“As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading US iGaming operators will significantly accelerate our entry into the market and continue to make consistent progress with entering new regulated global iGaming markets, we remain on track to substantially grow our year-end 2022 TAM approximately six-fold compared to the beginning of 2021 to more than $18bn,” said Spielberg. “We also expect our TAM will continue to expand as new states approve iGaming over the next several years. As such, Bragg is favorably positioned to achieve our increased 2022 financial projections and to then continue to accelerate our growth in 2023.”
The company also plans to raise its outlook during 2022.
Spielberg said, “Looking forward, our deep bench of experienced senior management and operational teams continue to implement strategies that are leading to new areas of growth, as demonstrated by the strong initial performance we are achieving in our recently entered iGaming markets. As a result of the ongoing momentum in our business, we are raising our outlook for full year 2022 revenue range by approximately 17% at the midpoint, compared to our previously provided guidance, with the midpoint expectation of €70m representing 21% year-over-year growth.”
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