Global B2B gaming content provider Bragg Gaming Group raised its revenue guidance for the full year 2022 to €76-80 million ($78-82 million) from €68-72 million ($70-74 million) as it reported record-breaking financial results during the second quarter of 2022 ending on June 30.
Revenue Rises 34.2% Year-On-Year
Global gaming technology provider Bragg did exceptionally well in the first quarter of 2022 with a significant improvement in its overall financial results compared to the same period in 2021. Revenue in Q22022 grew to €20.8 million ($21.3 million) from €15.5 million ($15.9 million) in Q22021, which marks an increase of 34.2%.
Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) grew an astounding 62.9% in the period from April to June 2022 to €3.1 Million ($3.2 Million) compared to the €1.9 million ($1.9 million) reported in the second quarter of 2021.
The most impressive increase, however, was in gross profit for the second quarter of 2022, which amounted to €11.6 million ($11.9 million), a whopping 65.5% increase from the modest €7.0 million ($7.2 million) reported in the second quarter of 2021. Bragg CEO Yaniv Sherman commented on the company’s strong performance:
Our operating momentum highlights our continued success in serving a growing base of customers in an expanding number of regulated global iGaming markets, with turnkey iGaming solutions that power their businesses, including proprietary and exclusive third-party content.
Bragg CEO Yaniv Sherman
The record-breaking results led to an increase not only in the outlook for the full year revenue but also of Adjusted EBITDA to €10-11 million ($10-11 million) from the previous guidance of €9.5-10.5 million ($9.7-10.7 million)
Growth Expectations for 2022
Bragg is making great progress following an ambitious growth roadmap. The company is about to release circa 22 new games in 2022, which is an increase of 120% compared to the number of games released in 2021. These are being developed in the company’s four own game studios. The main focus of the new products will be customization to the preferences of local players in the North American and European markets.
Especially in North America Bragg expects to achieve significant growth through partnerships with market-leading operators. Bragg plans for an even greater increase in product design and development in 2023. A major factor for the company’s increased content design and production capabilities, especially in the North American and European markets, is the acquisition of Spin Games, which Bragg completed in June. Additionally, Bragg is going to expand its portfolio by distributing games from other established providers.