Bragg Gaming concluded 2022 on a high note, posting unprecedented earnings of €23.7 million (approximately $25.5 million) in the final quarter. This signifies a 50% surge in comparison to the corresponding period the previous year.
This accomplishment represents Bragg’s most substantial quarterly earnings thus far. The firm also witnessed a 62% rise in gross earnings, attaining €13 million. These remarkable financial figures illustrate a considerable enhancement to Bragg’s margin framework, with gross profit margin currently standing at 55%, a 3.9 percentage point increase year-on-year.
The online gaming content supplier also encountered substantial expansion in its adjusted EBITDA, which escalated by 128% to €3.6 million.
These numbers culminated in an outstanding year for Bragg, with overall earnings for the 2022 fiscal year reaching €84.7 million, a 45% year-over-year increase. Moreover, adjusted EBITDA for the 2022 fiscal year expanded by 64% to €12.1 million.
Building upon this exceptional yearly performance, the company has revised its projections for the 2023 fiscal year. Bragg now anticipates earnings to range between €93 million and €97 million, with adjusted EBITDA projected to be within €14.5 million to €16.5 million.
“Bragg wrapped up a pivotal year with yet another record-setting quarter,” remarked Yaniv Sherman, Chief Executive Officer of Bragg. “Our Q4 earnings, gross earnings, and Adjusted EBITDA considerably surpassed our forecasts, indicating robust expansion compared to Q4 2021.”
“These unprecedented outcomes underscore Bragg’s sustained impetus as we effectively broaden our operations, transitioning from predominantly catering to the Central European online gaming market to evolving into a global, content-driven online gaming supplier with a presence in North America and Europe,” Sherman concluded.
Bragg experienced a bustling conclusion to 2022, commencing operations in Michigan alongside BetMGM and penetrating the Belgian market through a partnership with Napoleon Sports and Casino.
“We are crafting something exceptional at Bragg,” remarked Chief Executive Officer Yaniv Sherman, emphasizing the seamless amalgamation of Wild Streak Gaming and Spin Games. “With our internal studios generating fresh titles, we are evolving into a more prominent contender on the worldwide scene.”
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