Bragg Gaming enjoys strong 34% revenue growth for Q2

The global business-to-business gaming technology and content provider, Bragg Gaming Group, released its financial results for the second quarter ended June 30, 2022. The company said Tuesday that it has seen record results.

Overall, Bragg Gaming's revenue in Q2, 2022 hit €20.8m ($21.3m), marking an increase of 34.2% when compared to the €15.5m ($15.9m) in revenue reported for the same period last year. The gross profit of the company increased by 65.5% to €11.6m ($11.9m), while the gross profit margin increased by 1060 basis points to a record 55.9%.

Another increase was observed in adjusted EBITDA. Bragg Gaming unveiled that its adjusted EBITDA for Q2, 2021 halted at €1.9m ($1.9m). However, this year, adjusted EBITDA increased by 62.9% to €3.1m ($3.2m). Adjusted EBITDA margin increased as well to 14.9%, up 260 basis points.

Focusing on wagering revenue, the company reported another increase. While in Q2 2021, Bragg's wagering revenue halted at €3.8bn ($3.9bn), this year, it soared. In total, for Q2 this year, the company reported €4.2bn ($4.3bn) in wagering revenue, marking a year-over-year increase of 9%.

Besides its financial results, Bragg also updated its outlook for the full year 2022 and adjusted EBITDA guidance. In a statement dated August 9, 2022, the company acknowledged that it raised its outlook for expected revenue for this year to a new range of €76-80m ($78-82m). On the other hand, Bragg raised its outlook for 2022 full-year adjusted EBITDA to €10-11m ($10-11m).

Yaniv Sherman, Bragg Gaming's Chief Executive Officer, shared his excitement about the recent results. He explained that the operating highlights reaffirm the company's ongoing success. Sherman acknowledged that the company continues to grow its presence in new regulated iGaming markets while at the same time expanding its customer base.

According to Bragg's CEO, after the acquisition of Spin Games back in June, the company is well-positioned and licensed to grow its footprint in North America and Europe as well. This, according to him will help the company "achieve further and consistent progress" on its strategic goals.

"Our content development and distribution efforts, led by our four in-house game studios, are focused on leveraging proprietary design, game mechanics and math capabilities to develop games that address local player preferences across European and North American markets," explained Sherman.

Focusing on content, the company's CEO revealed that it expects to release 22 proprietary titles this year. When compared to last year, this would mark an increase of 120%. Last but not least, Sherman said that based on the recent results, the company expects to grow further which in turn will help deliver both long and short-term shareholder value.

Image credit: Pixabay.com