Bragg Gaming Group knew it was having a good year last year, but it didn’t know how good until the final numbers were crunched. That has now happened, and the iGaming and technology provider was both surprised and impressed. As such, it anticipates a 25% increase in full-year revenue for 2021. Strong performance has prompted the supplier to raise its 2022 and 2023 forecasts, as well.
Bragg Earns Bragging Rights Over Revenue
Bragg is expected to report fourth-quarter revenues of $17.6 million. This is 11.5% more than Bragg’s 2020 results. The quarter’s adjusted earnings before interest tax, depreciation, and amortization (EBITDA) are expected to reach $1.48 million, the same as the last quarter of 2020.
This has resulted in a projected revenue of $66.1 million for 2021. Adjusted EBITDA is expected to increase 27.7% to $7.98 million.
Bragg has thus increased its revenue range for 2022 from $67.31-$69.6 million to $77.6-$82.16 million. This could result in a potential increase of 24.1% year on year.
The adjusted EBITDA for 2022 has also been increased, moving from $6.84-7.98 million to $10.83-$11.97 million. This would represent a 50.0% increase.
Motivated Expansion Leads to Success
Bragg, which recently appointed Lara Falzon its new president and COO, said that the current momentum was responsible for the increase in financial ranges. Bragg’s Oryx Gaming sub-company has been live since January 2021 in several regulated markets, including Greece, Switzerland, and the Netherlands. It also added White Hat Gaming last December.
Chief strategy officer at Bragg, Yaniv Spielberg, said that Bragg’s growth is likely to continue through 2022 and 2023. He added that Bragg’s constant operating momentum is driving Bragg to near- and long-term financial and economic growth.
As a result, Bragg is “favorably positioned” to reach its 2022 financial projections and then to continue its growth next year, he explained.
The executive asserted, “As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading US iGaming operators will significantly accelerate our entry into the market, and continue to make consistent progress with entering new regulated global iGaming markets, we remain on track to substantially grow our year-end 2022 TAM (total addressable market) approximately six-fold compared to the beginning of 2021 to more than USD$18bn.”
Bragg is currently completing the $30-million acquisition of Spin Games. This will allow Bragg to further strengthen its ability in an area worth $9.5 billion in TAM and accelerate its US expansion.