This week, the prominent supplier and aggregator of iGaming content, Bragg Gaming Group, published its financial records for the second quarter of 2022. For the period of April 1, 2022, through June 30, 2022, the corporation generated a gross profit of US$11.9 million. The company also gave an update on its strategic growth initiative and more.
Bragg Gaming Group made its inception in 2018, and since then it has quickly transformed into a key iGaming player in the gambling industry. Over the years, the company has also expanded into numerous regulated markets in Europe, and North and Latin America, where it is able to distribute content via its subsidiaries ORYX Gaming, Wild Streak Gaming, and Spin Games.
An Impressive Q2 Performance
For Q2 of 2022, the gaming leader reported a revenue of US$21.3 million, which is an increase of 34.2% in comparison to the same quarter in 2021. Wagering revenue recorded by customers hit US$4.3 billion, which was also an increase on Q2 of 2021 with US$3.9 billion. The revenue reflects a change in product mix to PAM, managed services and proprietary content.
In addition to that, gross profit was boosted by 65.5% to US$11.9 million from US$7.2 million in Q2 of 2021. Thus, reflecting higher revenue and 1 1,060 basis point year-over-year margin improvement to a quarterly record 55.9%. Also, net income for the quarter amassed to US$0.1 million, which is an improvement over the net loss of US$2.4 million from 2021.
Adjusted EBITDA amounted to US$3.2 million. This is an improvement of 62.9% in comparison to the one from Q1 of 2021 with US$1.9 million. While Adjusted EBITDA margin increased by 260 basis points to 14.9%, which comes from the company’s increased scale and an improvement in the product mix of online gaming and turnkey services.
With its Q2 2022 report, the company also published its full-year outlook for expected revenue and Adjusted EBITDA. The corporation projects revenue to hit US$78-82 million, while it expects Adjusted EBITDA to amass to approximately US$10-11 million. If met, the two predicted ranges would provide a year-on-year increase of 34% and 46% respectively.
It is also worth mentioning, that in Q2 of 2022, the gaming leader also made its long-awaited debut on home turf as it launched operations in Ontario. The company joined the province’s new and regulated iGaming market overseen by the Alcohol and Gaming Commission of Ontario. And it is now able to offer its products to other operators in the jurisdiction.
On a more recent note, at the end of this July, Bragg Gaming Group appointed Mark Clayton to its Board of Directors. Mr. Clayton will now bring his 32 years of experience in the industry to the stage. In addition to that, the gaming conglomerate revealed that Cristina Romero has resigned from the company’s Board of Directors effective immediately.
Source: “Bragg Gaming Group Reports Record Second Quarter Results as Revenue Rises 34.2% to €20.8 Million (USD $21.3 Million)”, BusinessWire, August 9, 2022