This week, leading B2B iGaming supplier, Bragg Gaming Group, released its first-quarter results for 2022, during which the company generated record-setting numbers. In its financial report, the provider, reveals that it has accumulated over US$20.5 million in revenue for the quarter which concluded on March 31, 2022. It also gave an outlook on its projected revenue and Adjusted EBITDA for the whole of 2022.
Bragg Gaming Group is an international Canadian-based gaming technology company and owner of leading B2B companies that operate in the digital gaming industry. Through Its wholly-owned subsidiary ORYX Gaming, the conglomerate is able to deliver proprietary, exclusive, and aggregated casino content via its RGS server and ORYX Hub platform to its partners from Europe, North America, and Latin America.
Fiscal Numbers and Highlights for Q1 2022
For Q1 of 2022, Bragg Gaming Group has set a record-breaking revenue of US$20.5 million, which is an increase of 36.4% over the last year’s same quarter. Wagering revenue by players hit US$4.0 billion, which corresponds to the amount back from Q1 of 2021. This year’s wagering revenue reflects changes in the product mix towards PAM, managed services, and proprietary content, which boosted gross profit and Adjusted EBITDA.
The gaming provider also reports that gross profit spiked by 50.7% to US$10.6 million, which was US$7.0 million in Q1 2022. This points out to higher revenue and a 490-basis point year over year margin improvement to 51.8%. For Q1 of 2022, the company informs of a net loss of US$0.7 million, which is a decrease over last year’s US$1.2 million.
Adjusted EBITDA in the first quarter of the current year hit US$3.2 million, which was a 26.2% increase over last year’s US$2.4 million. Adjusted EBITDA margin dropped by 120 basis points to 15.3%, thus rendering the supplier’s higher investments in software development, product, and senior management functions to power growth initiative plans in mid-2021. The Adjusted EBITDA margin increased on a quarterly sequential basis by 550 basis points.
In addition to that, the iGaming company has also provided its outlook for the full 2022 expected revenue, which is estimated to be US$72-76 million. Its projected Adjusted EBITDA varies between US$10.0 and US$11.1 million. The averages of the 2022 revenue and Adjusted EBITDA guidance ranges suggest growth of 20% and 39%, respectively, over the reported full-year 2021 revenue and Adjusted EBITDA.
Q2 is Off to a Strong Start
After finishing Q1 of 2022 strong, Bragg Gaming Group continues to keep itself busy in Q2 as well. The iGaming leader has officially made its debut on home turf, as it was approved to operate in Ontario’s new online gaming and sports betting market for private operators. The jurisdiction is one of great potential and it has been valued at over US$2 billion for 2022 alone.
Then, at the end of April 2022, the company announced that it will be integrating content into the brand-new online betting website Betnation.nl. This integration will be done via the supplier’s ORYX Gaming, as the latter will supply it with its PAM platform. In addition to that, it will also launch a series of online titles on the Netherlands website.
Source: “Bragg Gaming Group Reports Record First Quarter Results as Revenue Rises 36.4% to €19.4 Million (USD $20.5 Million)”, BusinessWire, May 11, 2022