Bragg Gaming has lauded the momentum across its existing operations, with the business anticipating exceeding previously stated revenue and adjusted EBITDA targets. Along with praising the company’s continued content and platform expansion and new market approach, the igaming technology, and online casino content supplier increased its full-year guidance.

Bragg expects 25% growth for 2022

The firm anticipates around €15.4 million ($17.6 million) payment for the fourth quarter, with adjusted EBITDA of roughly €1.3 million ($1.5 million). As a result, Bragg anticipates full-year sales of about €58 million ($66.1 million) and adjusted EBITDA of approximately €7 million ($8 million) in 2021, representing a 25% and 26% increase over 2020, respectively. This compares to earlier guidance of €55-€56 million ($63-$64 million) in revenue and €6.6-€6.8 million ($7.5-$7.8 million) in adjusted EBITDA. In addition, the company increased its sales forecast for the current year, from €59m-€61m ($67m-$70m) to €68m-€72m ($78m-$82m), and adjusted EBITDA from €6m-€7m ($7m-$8m) to €9.5m-€10.5m ($10.8m-$12m). Bragg now has a TAM of roughly US$12.5 billion, which Bragg plans to grow to over $18 billion by the end of 2022.

This, it claims, reflects its expectations for initial activations in numerous US igaming areas this year, as well as Ontario and a variety of other global markets. Yaniv Spielberg, Bragg Gaming’s chief strategy officer, commented that continued execution of the company’s igaming content and platform expansion, as well as new market efforts, is sustaining Bragg’s operating momentum and resulting in near- and long-term financial growth. These factors contributed to stronger-than-expected financial performance in the fourth quarter of 2021, and as a result, we now anticipate exceeding our previously disclosed revenue and adjusted EBITDA guidance for the entire year of 2021. Additionally, Bragg anticipates concluding the Spin Games transaction by the end of the first quarter of 2022.

Quotes from the Press Release

“As we near completion of our acquisition of Spin Games, whose existing relationships with leading US igaming operators will significantly accelerate our entry into the market, and as we continue to make consistent progress in entering new regulated global igaming markets, we remain on track to significantly grow our year-end 2022 TAM to more than $18 billion, more than six times what it was at the beginning of 2021,” Spielberg added.

“We also anticipate that our TAM will grow in the coming years as additional states legalize igaming. As a result, Bragg is well-positioned to meet our revised financial targets for 2022 and then accelerate our growth in 2023.”