Bragg Gaming Group witnessed a substantial 62% revenue leap in the third quarter of 2022, hitting €20.9 million (roughly $21.2 million). This notable upswing stems from a calculated move towards all-encompassing client management solutions and proprietary content, evident in a considerable rise in overall wagers made by Bragg’s clientele, skyrocketing from €3.2 billion in Q3 2021 to €4.6 billion this year.
This strategic pivot has not only propelled revenue expansion but also significantly enhanced Bragg’s profitability. The quarter’s gross profit experienced an impressive 58% climb to €10.4 million, yielding a robust gross margin of 50%. Although the company did post a net loss of €2 million for the quarter, this signifies a marked betterment compared to the €2.5 million loss documented in the corresponding period last year. Adjusted EBITDA exhibited strong results, reaching €2.2 million, representing a 52% year-on-year increase and reflecting a healthy adjusted EBITDA margin of 10.7%.
Bragg’s financial standing remains solid, with cash and cash equivalents amounting to €17.2 million as of September 30, 2022. This sum encompasses a sizable €8.3 million net income from a convertible bond issuance successfully finalized in September.
Yaniv Sherman, Bragg’s Chief Executive Officer, conveyed his contentment with the company’s achievements, remarking, “Our exceptional third-quarter outcomes, with substantial year-over-year gains in revenue, gross profit, and Adjusted EBITDA, underscore the strides we have taken in executing our strategic objectives centered on delivering premium content and services to an expanding global network of regulated iGaming patrons, including those in North America.”
Were achieving significant progress on our strategic roadmap. This encompasses crafting compelling fresh content, securing exclusive distribution agreements for sought-after third-party games, and broadening our presence into untapped markets and consumer segments. Our venture into the Netherlands serves as a prime illustration – we’ve forged partnerships with numerous operators there and have swiftly ascended to a prominent position within the market.
Furthermore, we’ve embraced Wild Streak Gaming and Spin Games into the Bragg fold via acquisitions, established a duo of new internal game development studios, and implemented a series of strategic refinements to maximize our operational efficiency as we solidify Bragg’s standing as a global gaming force.
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