Bragg Gaming Group reported record revenues of EUR22.9m ($227.7m/PS180.4m) in the first quarter, an increase of 18.1% on the previous year.
Yaniv Sherman is the CEO of Bragg. He said the increase in revenue was due to the expansion of certain markets including North America and Europe.
Sherman said, “We continued our momentum in the quarter. The strong growth reflects the success of our initiatives in diversifying the business to become a provider of content-driven igaming in an increasing number of North American markets and European ones.”
Sherman said that Bragg launched in 2023 with six operators “todate” in three North American market, along with eight operators in five European marketplaces.
Our start for 2023 shows our ability to deliver strong financial performance in the near term as we continue to execute successfully on our plan to drive profitable revenue growth and increase cash flow.
First quarter results
The total cost of revenue in the first quarter of 2022 was EUR10.6m. This is an increase of 13.9%. The gross profit for the full year was EUR12.2m. This represents a 22.0% increase.
Selling, general, and administrative costs increased by 16.7% to EUR11.9m in the third quarter. The loss on remeasurement was EUR64,000 while the gain on remeasurement was EUR270,000.
The operating income for the third quarter was EUR520,000. This represents an increase of EUR663,000.
The net income and other financing charges totaled EUR596,000. This leaves the loss before tax at EUR76,000.
The total loss for the quarter increased by EUR244,000 after excluding income tax of EUR400,000.
The EBITDA (earnings before tax, depreciation, and amortization) for the third quarter was EUR3.2m, an increase of 125.3%
