Bragg Gaming Breaks Revenue Record In Second Quarter

Bragg Gaming Group, the increasingly powerful Canadian business-to-business iGaming technology and content supplier, has announced that its revenue in the second quarter of 2022 has broken the previous company record.

The Canadian company reported a total revenue of 20.8 million euros, a figure which represents an increase of 34.2 percent year-on-year and also a new quarterly record for the business.

Moreover, Bragg Gaming Group also reported new quarterly records in gross profit, gross profit margin and earnings before interest, tax, depreciation and amortization (EBITDA).

Yaniv Sherman, Chief Executive Officer of Bragg Gaming, explained that the company’s growth during the quarter was mainly due to its expansion to new markets. In fact, in March 2022 the supplier was granted a license to operate in Ontario, while in May it received permission to supply its games in Pennsylvania.

Moreover, the Bragg Gaming CEO pointed out that the company’s reach has grown after the company completed the acquisition of Spin Games in June for 30 million dollars.

The company’s cost of revenue also grew in the second quarter to 9.1 million euros, 8.2 percent higher than what was reported in the second quarter of 2021. That left Bragg Gaming with a gross profit of 11.6 million euros, a figure which represents a massive 65.5 percent increase year-on-year.

After taking interest and taxes into account, net income was 90,000 euros, not a big sum but definitely a great improvement from the loss of 2.3 million euros that was reported in the second quarter of 2021.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter amounted to 3.1 million euros, an increase of 62.9 percent compared to the second quarter of the previous year.

The first quarter of 2022 also brought record-breaking results for Bragg Gaming, so the full first half of the year also delivered impressive results: 40.2 million euros in revenue of 21.6 million euros gross profit. Adjusted EBITDA for the first half of 2022 amounted to 6.1 million euros.

SOURCE: “Bragg Gaming Group Reports Record Second Quarter Results as Revenue Rises 34.2% to €20.8 Million“. Bragg Gaming. August 9, 2022.