Bragg Gaming Group has released its financial report for the second quarter of 2022. The Canadian company reported strong growth throughout the quarter.
Overall company revenue reached $21.3m, reflecting a 34.2% increase when compared to the previous year’s quarter. Net income improved year-over-year, reflecting a gain of $100,000 during Q2. The company had experienced a net loss of $2.4m a year ago.
Gross profit grew by 65.5% and climbed to $11.9m during the second quarter. Adjusted EBITDA reached $3.2m, an increase of 62.9% when compared to last year’s corresponding quarter.
Bragg Gaming Group Chief Executive Officer Yaniv Sherman commented: “Our strong second quarter results include significant year-over-year growth, as well as quarterly sequential improvements for revenue, gross profit, gross profit margin and Adjusted EBITDA.
“Our operating momentum highlights our continued success in serving a growing base of customers in an expanding number of regulated global iGaming markets, with turnkey iGaming solutions that power their businesses, including proprietary and exclusive third-party content.”
The company operates in Nevada through its subsidiary, Wild Streak Gaming, which offers its portfolio of casino games to land-based, online and social media casino operators throughout the US and the UK.
Through Spin Games, Bragg is now live in four states, including Connecticut, New Jersey, Pennsylvania and Michigan. The company plans future exclusive game rollouts in additional US states later this year via its proprietary Atomic Slot Lab studio and from third-party sources.
Sherman went on to add that the company continues to expand its footprint throughout North America.
He said: “The North American iGaming market continues to grow. We expect to leverage our expertise and differentiated product and technology advantages to drive consistent growth with leading operators in these markets. This includes content localization and customization that addresses popular online and land-based themes.”
