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November 10, 2022 Casino, Online, iGaming, Finance, Results

Bragg Gaming achieves record-high revenue of $21.2m in Q3

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A combination of new studios, exclusive deals, and global expansion were major contributors.

iGaming technology provider Bragg Gaming reports that it reached record high revenue in Q3 2022, earning $21.2m during the quarter. This is an increase of 62.3% compared to the previous year. Gross profit is up 58% year-over-year, with an adjusted EBITDA of $2.2m.

“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 Gaming CEO Yaniv Sherman.

This record-breaking revenue comes on the tail of Bragg acquiring Wild Streak Gaming and Spin Games. Bragg has also opened two in-house game studios and has further expanded into the global gaming market.

Another contributor to Bragg’s success is the expanded use of its Remote Game Server (RGS) which is used to create games that can be played on all mobile devices and PCs. In Q3 2022, three major iGaming operators have begun using RGS in Connecticut, Michigan and Ontario.

Sherman commented: “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.

"This includes the Dutch market where we have established a leading position following our launch with multiple operators since the market opened.”

Bragg’s exclusive third-party content includes games from Sega Sammy Creation, King Show Games, Bluberi, and Bally’s Interactive’s Gaming Arts. In September, Bragg also entered into a partnership with Bally Interactive to use its games in iGaming sites such as Virgin Casino, JackpotJoy and Vera&John.

Bragg expects to continue to grow in Q4 2022 and throughout 2023.

“Our expectation that we will continue to deliver top-line and adjusted EBITDA growth in what is currently a highly dynamic and volatile environment is a testament to our team member's ability to execute our focused strategies, which positions us well to deliver near and long-term shareholder value,” Sherman summarized.

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