Bragg Gaming Group has lauded 2020’s “substantial” revenue and EBITDA growth, as the company aims to build upon strong foundations to support future market share gains and points of entry.
Striving to continue expanding its global footprint, particularly in the burgeoning US gaming market, Bragg adds that it is also continuing to explore strategic M&A opportunities.
The company further maintains commitment to continue investing in its technical infrastructure, increasing operational efficiencies, and deepening its data analytics, gamification and bonuses features.
“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 CEO of Bragg.
“We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
For the fourth quarter of 2020, revenue increased by 75.7 per cent to €13.8m compared to €7.8m a year earlier, with adjusted EBITDA up 70.8 per cent to €1.3m (2019: €700,000), and net loss remaining consistent at €5.3m.
For the full-year, revenue soared 74.6 per cent to €46.4m (2019: €26.6m), as adjusted EBITDA ascended substantially to reach €5.5m (2019: €1m), and net loss widening to €14.6m from €11.9m.
“We’re particularly pleased with the overall performance of Bragg during 2020 and believe we have built strong foundations to support future market share gains and new market entry,” said Richard Carter, chair of the Board at Bragg.
“Adam and I have taken active leadership roles within Bragg to ensure the future success of the company. We’re aligned in our strategy to grow the group’s underling operating profit margin and to expand rapidly into new markets, particularly the burgeoning US market.
“Our extensive experience and wide-ranging industry networks within this constantly expanding market will add significant value for Bragg shareholders. We are now extremely well-positioned to capitalise on the strong growth in the online gaming sector globally.”
Bragg maintains that the US continues to be a prime focus for the group, with its projections placing the total addressable market for igaming at greater than $40bn at 100 per cent legalisation. It adds that sports betting is expected to grow to more than $22bn once legalised in all states
Furthermore, the company says that it will also target Canada, where the TAM for both sports betting and igaming is projected to be $5bn-$8bn upon full legalisation.
