The igaming and technology company Bragg Gaming forecasts revenue of €15.4 million in the fourth quarter, up 11.5 percent from Bragg’s 2020 numbers. EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter is expected to be around €1.3 million, unchanged from Q4 2020.
This surge helped with the company’s predicted full-year sales of €58.0 million (£48.8 million/$66.1 million) in 2021, with adjusted EBITDA expected to climb 27.7% to €7.0 million.
As a result, Bragg has upped its sales targets for full-year 2022 from €59 million to €61 million to €68 million to €72 million, implying a potential 24.1 percent year-on-year growth.
Adjusted EBITDA for 2022 was also increased, from €6.0 million to €7.0 million to €9.5 million to €10.5 million. This might result in a 50.0 percent hike.
Bragg ascribed the rise in these financial ranges to the company’s present operations’ vigor. Bragg’s Oryx Gaming business has been operational in a number of regulated markets since January 2021, including the Netherlands, Switzerland, and Greece.
Bragg’s expansion is expected to continue in 2022 and 2023, and this statement comes from Yaniv Spielberg, the company’s chief strategy officer.
Their continued igaming content and the expansion of the platform, as well as new market efforts, Spielberg stated, are supporting Bragg’s consistent operating momentum, resulting in near- and long-term financial growth.
Bragg is close to finalizing its $30 million acquisition of Spin Games, bolstering its capacity to grow in a total addressable market (TAM) worth an estimated $9.5 billion by speeding up its expansion in the United States.
As they near the completion of the acquisition of Spin Games, existing relationships with leading US igaming operators will also be influenced, accelerating their grand entry into the new market. If they continue to make consistent progress in entering newly regulated igaming global markets, the overall growth by the end of 2022 could be six-fold compared to the $18bn in the initial months of 2021.