Revenues Rise for Bragg Gaming Group in 2021
Bragg Gaming Group has reported revenue increases for both the full year 2021 and the final quarter of the year. The company enjoyed a 14% year-on-year revenue increase to $17.5 million in Q4 2021.
Gross profit increased 33% to $8.9 million, up from $6.7 million in Q4 2020. The increase in gross profit represented a 720-basis point margin improvement to 51%. The company pointed out that the margin expansion is due to a steady move towards a greater amount of revenues coming from iGaming and turnkey services, which have low sales costs compared to games and content.
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Bragg also reported a rise of 22% in adjusted EBITDA and an EBITDA margin increase by 70 basis points to 10%. The company’s net loss also fell, from $5.9 million to $1.8 million.
However, it wasn’t all good news. Wagering revenue fell 9% in Q4 2021 compared to Q4 2020, which the company has said is due to changes in the product mix, managed services, and proprietary content.
The figures were similar for Bragg’s full-year results; it saw a revenue increase of 26% in 2021 to $65 million compared to $51 million in 2020. Gross profit for the year was up 40% from 2020, to $31.4 million, a 510 basis point margin improvement to 48.6%.
Similarly, net loss was down for the full year, just as it was for Q4. It fell from $16.2 million to $8.3 million at the end of 2021. Adjusted EBITDA was also higher, up 30% in 2020, while the company’s EBITDA margin increased by 40 basis points in 2021 to 12%.
Wagering revenue for the full year was up by 21%, despite the drop in Q4, which translated to an increase of $2.8 billion on the $13.1 billion from 2020.
The 2021 fourth quarter concluded an active and productive year for Bragg, as continued execution on our key strategic initiatives drove significant operational accomplishments and strong financial results.
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