Bragg’s revenue for the fourth quarter was €23.7m (£20.8m/$25.5m), a rise of 50.3% year-on-year, while revenue for the full year was €84.7m, up by 45.2%. Yaniv Sherman, CEO at Bragg, described the results as “transformational” and highlighted Bragg’s growth throughout the year.
In March 2022, Bragg was granted supplier licenses in Ontario and the Bahamas. It completed its $30.0m acquisition of Spin Games in June and secured $8.7m in funding from Lind Global Fund in September. Bragg also announced in September that it would consolidate all its companies and businesses under a single brand.
The majority of Bragg’s revenue for the year came from its operations in the Netherlands, followed by Curaçao and Malta. The cost of revenue for the full year increased by 32.1% from 2021, resulting in a gross profit of €45.0m, a rise of 59.1%. Selling, general and administrative expenses also grew, bringing the operating loss to €828,000, significantly less than the loss recorded in 2021.
For the fourth quarter, Bragg’s gross profit was €13.0m, a rise of 61.1%. The adjusted EBITDA for the year increased by 128.3%. Wagering revenue generated in the fourth quarter was €5.1m, 65.4% higher than in Q4 2021. The operating profit for the quarter was €162,000, and the net loss was €900,000.
Based on these results, Bragg has updated its full year 2023 guidance, projecting revenue between €92.0m and €97.0m, representing a growth of 12%. The adjusted EBITDA for 2023 is projected to be between €14.5m and €16.5m, reflecting a year-on-year growth of 28%.
