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Bragg reported a revenue increase of 74.6% from 2019 to 2020
On the 25th of March, Bragg Gaming Group announced its financial results for the last three months of 2020, and for the full year. Bragg reported a whopping 74.6% increase in revenue, from C$39.3M in 2019 to C$68.7M in 2020. There was a 73.5% increase in wagering revenue generated by customers, and a 432.8% increase in EBITDA, from C$1.5M in 2019, to C$8.2M in 2020. This was achieved by reaching a higher scale and practicing cost control. Their net loss for the period was (C$21.6M) compared to a net loss of C$17.7M in 2019. There was a quarter over quarter revenue increase of 18% Q3 to Q4 in 2020.
The majority of Bragg’s revenue is generated on a revenue share basis, with Bragg earning a percentage of the gross gaming revenue (GGR) from operators using its platform.
Bragg Gaming Group is a major player in the online gaming industry. In 2020, they were named to the TSXV Venture 50 List of Top Performers for 2020, and founder Adam Arviv was named to the list of ‘Hot 50 of 2021 Rising Stars and Emerging Leaders’.
Recently, Bragg has been trailblazing the online gaming industry with their ‘plug and play’ style business solutions to businesses around the world. Their business model has enabled them to increase stability, with their consumer base increasing by 300% in the last 2 years. In fact, the company has not lost a customer in the last 5 years.
They are also expanding into new markets, primarily in the US, Canada and Mexico. They are doing so through technology and partnerships. They have even announced expansions into Germany, Croatia and Switzerland, where they partnered the largest Swiss casino operator Grand Casino Luzern.
“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, Interim Chief Executive Officer of Bragg. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.” In May 2021, Richard Carter will assume the role of CEO of Bragg.
““I’m excited to lead Bragg on our mission to become a significant force in the B2B gaming space,” Carter said. “2020 was a very successful year for the company and we are well positioned to maintain this momentum into 2021 and beyond”.
This article does not necessarily reflect the opinions or the management of EconoTImes.
