Bragg Gaming Group has announced stellar Q3 2022 earnings, demonstrating substantial annual growth. Their revenue hit €20.9 million, a remarkable 62% surge compared to the corresponding period last year.
This achievement can be partially attributed to a strategic pivot towards providing comprehensive client management tools and unique content, which demonstrably resonated with users. Consequently, betting volume experienced a considerable uptick, soaring from €3.2 billion in Q3 2021 to an impressive €4.6 billion this year.
This expansion is mirrored in their financial performance, with a 58% rise in gross profit, reaching €10.4 million. Notably, their adjusted EBITDA also witnessed positive momentum, hitting €2.2 million – a 52% jump compared to the prior year.
Bragg CEO, Yaniv Sherman, emphasized their advancements in delivering high-value content and services to an expanding worldwide audience, particularly within the burgeoning North American market. With a robust cash reserve, including a recent injection from convertible debt, Bragg Gaming Group seems well-situated for sustained success.
Were achieving significant progress in our key strategic goals. We’re generating a greater volume of exclusive content, securing sole distribution agreements for highly desirable third-party material, and broadening both our clientele and the number of regulated sectors we cater to. Our entry into the Dutch market serves as a perfect illustration – we’ve collaborated with numerous operators there and rapidly ascended to a dominant position.
Furthermore, we’ve incorporated Wild Streak Gaming and Spin Games into the Bragg portfolio through acquisitions, launched two new internal game development studios, and implemented some company-wide modifications to optimize our processes. These collective efforts are contributing to the solidification of Bragg’s standing as a premier global gaming enterprise.”
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