Bragg Gaming sees multi-year growth based on continued content and platform expansion and new market strategy; Preliminary Fourth Quarter and Full Year 2021 Revenue and Adjusted EBITDA Exceed Previous Guidance; Increases revenue outlook for 2022

Content of the article

Stays on track to increase 2022 year-end addressable totalThe market has increased approximately sixfold since the start of 2021

Forecasts fourth quarter 2021 revenue of approximately €15.4 million ($17.6 million) and adjusted EBITDA of approximately €1.3 million ($1.5 million )

Forecasts full-year 2021 revenue of approximately €58.0 million ($66.1 million) and adjusted EBITDA of approximately €7.0 million ($8.0 million) )

Raises full-year 2022 revenue outlook to a range of €68-72 million ($78-82 million) and adjusted EBITDA outlook to a range of 9, €5–10.5 million (US$10.8–12.0 million)


Content of the article

TORONTO — Bragg Gaming Group ( NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), a global provider of iGaming technology and content, today announced that it expects multi-year growth in its business based on the success of its continued expansion of the iGaming content and platform and its new market strategy. The momentum of Bragg’s current operations has resulted in expected full-year 2021 revenues and adjusted EBITDA exceeding guidance previously provided by the company. Bragg also raised its full-year 2022 revenue and adjusted EBITDA guidance, which now reflects year-over-year growth of 21% and 43%, respectively, on revenue and adjusted EBITDA forecast for full year 2021, and provided an update on the expected timing of the closing of its proposed acquisition of Spin Games.

  • Bragg expects to report revenue of approximately €15.4 million ($17.6 million) and adjusted EBITDA of approximately €1.3 million ($1.5 million) for the fourth quarter of 2021.
  • Accordingly, the Company expects to report full-year 2021 revenue of approximately €58.0 million ($66.1 million) and adjusted EBITDA of approximately 7.0 million euros ($8.0 million).
    • Updated full-year 2021 revenue and adjusted EBITDA guidance compares to the company’s previously provided guidance of €55-56 million (US$63-64 million) and EBITDA adjusted from 6.6 to 6.8 million euros (7.5 to 7.8 million US dollars).
    • The expected results for revenue and adjusted EBITDA for 2021 represent growth of 25% and 26%, respectively, compared to the full year 2020.
  • Bragg also raised its full-year 2022 revenue forecast to a range of 68-72 million euros ($78-82 million) from the previous range of 59-61 million. euros (67 to 70 million dollars). The midpoint of the new full-year 2022 revenue forecast represents 21% growth over the full-year 2021 revenue forecast.
  • The company also raised its guidance for full-year 2022 adjusted EBITDA to a range of 9.5-10.5 million euros ($10.8-12.0 million) from to the previous range of €6-7 million ($7-8 million). The midpoint of the new adjusted EBITDA forecast for full year 2022 represents a growth of 43% compared to the adjusted EBITDA forecast for full year 2021.
  • Bragg expects to complete the acquisition of Spin Games by the end of the first quarter of 2022.
    • The expected timing of the acquisition’s closing is reflected in the Company’s revised upward full-year 2022 revenue guidance, although the previously provided 2022 revenue guidance provided for an earlier closing of this deal.


Content of the article

  • As of January 2021, Bragg’s Gaming has released its popular content to players in the following regulated iGaming markets: Switzerland, Germany, Greece, Netherlands, United Kingdom and Czech Republic.
    • H2 Gambling Capital predicts that the total addressable market for online casinos (“TAM”) in 2022 for these six countries will be approximately US$9.5 billion.
  • The company’s current TAM is around US$12.5 billion and Bragg expects it to grow further to over US$18.0 billion by the end of 2022, reflecting his expectations. for initial activations this year in several US iGaming markets and in Ontario, as well as other global iGaming markets.

Yaniv Spielberg, Chief Strategy Officer of Bragg Gaming, said: “The ongoing execution of our content and iGaming platform expansion and new market initiatives are driving Bragg’s ongoing operational momentum, driving short and long term financial growth. These factors contributed to stronger than expected financial results in the fourth quarter of 2021 and as a result, we now expect to exceed our previously provided guidance for full year 2021 revenue and adjusted EBITDA.

“Looking ahead, our strong team of senior executives and experienced operations teams continue to execute strategies that lead to new areas of growth, as evidenced by the strong initial performance we are delivering in our markets. iGaming recently entered. Due to the continued momentum in our business, we are raising our outlook for the full year 2022 revenue range by approximately 17% at the midpoint, compared to our previously provided guidance, the midterm expectation of 70 million euros representing 21% per year. – growth over the year.

“As we move closer to completing our acquisition of Spin Games, whose existing relationships with major U.S. iGaming operators will significantly accelerate our market entry, and will continue to progress steadily as we enter new markets. iGaming’s regulated global markets, we remain on track to significantly increase our 2022 year-end MRA by approximately sixfold from the start of 2021 to over US$18 billion. TAM continues to grow as more states approve iGaming over the next few years. As such, Bragg is well positioned to meet our increased financial projections for 2022 and then continue to accelerate our growth in 2023.”


Content of the article

About Bragg Gaming Group

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a growing global gaming technology and content group and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has grown to include operations across Europe, North America and Latin America and is growing to become an international force in the global online gaming market.

Through its wholly owned subsidiary ORYX Gaming, Bragg provides proprietary, exclusive and aggregated casino content through its in-house Remote Gaming Server (RGS) and distribution platform ORYX Hub. ORYX offers a complete turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services.

Based in Nevada, Wild Streak Gaming is Bragg’s 100% owned premium American gaming content studio. Wild Streak has a popular portfolio of casino games that are offered by land-based, online and social casino operators in global markets including the US and UK.

In May 2021, Bragg announced plans to acquire Nevada-based Spin Games, a B2B gaming technology and content provider currently serving the US market. Spin holds licenses in major US states regulated by iGaming and provides Tier 1 operators in the region. Learn more.

See the source version on



For Investor Relations at Bragg Gaming Group, please contact:
Yaniv Spielberg, Chief Strategy Officer at Bragg Gaming Group
[email protected]
Joseph Jaffoni, Richard Land and James Leahy at JCIR
212-835-8500 or [email protected]




Postmedia is committed to maintaining a lively yet civil discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour to be moderated before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications. You will now receive an email if you receive a reply to your comment, if there is an update to a comment thread you follow, or if a user follows you comments. See our Community Guidelines for more information and details on how to adjust your email settings.