March 10, 2022 Online, Finance, Results

Bragg Gaming Group reports $64.7m revenue for 2021

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The company also stated its plan to acquire Spin Games remains a top priority.

Bragg Gaming Group has published its financial results for the fourth quarter and for the 2021 full year. The company reported increases in revenue and gross income for both periods.

During the fourth quarter, revenue increased by 14.4% and reached $17.5m. Adjusted EBITDA climbed to $1.7m, up 22.2% from last year’s same period.

The adjusted EBITDA margin rose by 70 basis points, reaching 9.8%.

The company reported a net loss during Q4 of $1.8m, almost one third of the net loss reported during the prior year period.

Gross profit rose by 33.3% and reached $8.9m.

The report also reflected similar trends for 2021’s fiscal year. Revenue jumped by 25.6%, climbing to $64.7m. Gross profit for the year yielded $31.4m, reflecting an increase of 40.3% from FY2020.

The company reported a $8.3m net loss, a smaller net loss than last year’s published figures.

Adjusted EBITDA climbed by 29.8% for the full year and reached $8m, while the adjusted EBITDA margin rose by 40 basis points and reached 12.3%.

Bragg also provided an update for its 2022 expansion plans. Chief Strategy Officer Yaniv Spielberg said the company is still focused on closing the deal for Spin Games. During 2021, Bragg received all required regulatory approvals from the Pennsylvania Gaming Control Board to acquire Spin Games.

“Our operating momentum has continued in the early months of 2022. We also continue to make progress on closing our acquisition of Spin Games as Bragg has completed all of its regulatory requirements. We are now awaiting final review by the sole remaining regulatory body which is expected to be complete in the next few months,” Spielberg said.

“Importantly, we have made substantial progress on the integration of the Spin Games technology platform with our ORYX platform and have already submitted the integrations for certification by various approved US gaming laboratories. As such, once we receive the remaining required regulatory approval to complete this acquisition, we expect to be able to introduce our iGaming content to players in a number of US states very quickly. Importantly, the pace of US deployments will benefit from Spin Games’ existing relationships with more than 30 US iGaming operators.”

Spielberg also commented on overall expansion in North America and the potential for future company growth.

“Our planned entry into the US and Canada as well as additional regulated European markets this year has Bragg on track to grow our year-end 2022 TAM to more than $21bn. The strong performance we have achieved in a number of our recently entered markets as well as our existing markets in the early months of 2022, and the ongoing roll-out of our new proprietary games, amplifies our confidence for continued operating momentum,” he said.

“We believe the ongoing execution of our operating priorities favorably positions Bragg to both further accelerate this growth in 2023 and create new near and long-term shareholder value.”

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