Bragg Gaming Group, a provider of gaming technology and content for the worldwide iGaming sector, has announced its financial performance for the fiscal year 2023, demonstrating a generally favorable outcome. Throughout the year, the business saw revenue and profit expansion.
Despite a minor decline in revenue and profit in the fourth quarter as a result of changes to commercial contracts with important strategic allies, Bragg Gaming saw a 10.4% rise in revenue for the entire year, totaling €93.5 million. Gross profit increased as well, rising from €45.1 million in the previous year to €49.9 million in 2023.
The remarkable 26.6% increase in total stakes, which reached €22.4 billion, is noteworthy since it demonstrates the company’s expanding market share. Adjusted EBITDA increased significantly as well, rising 26.3% to €15.2 million in 2023.
In addition to its financial achievements, Bragg Gaming established a temporary special committee under the direction of independent board member Don Robertson. Although the committee’s precise mandate was not made clear in the text, it probably indicates the company’s dedication to strategic analysis and good governance.
Bragg Gaming Group is evaluating strategic alternatives, possibly encompassing a divestiture or amalgamation. While no resolutions have been reached, this action aligns with trends in the sector, such as 888’s potential withdrawal from the US market and Entain’s contemplation of divesting portions of its operations.
Chief Executive Officer Matevž Mazij underscored Bragg’s dedication to expansion, noting the prosperous introduction of 29 novel games in 2023, with aspirations to equal or surpass that figure this year. He posits that by augmenting their collection of exclusive games and securing new alliances, Bragg is favorably situated for sustained revenue and profit growth.
Our key initiatives have effectively positioned Bragg as a top-tier iGaming content creator with a worldwide footprint. This accomplishment has laid a solid groundwork for us to realize consistent and lucrative expansion. We firmly believe that we are strategically situated, possessing the appropriate roadmap, a robust financial standing, and a resilient framework to sustain this forward momentum. We are dedicated to executing plans that will propel cash flow expansion and yield value for our stakeholders, all while continuing to broaden our operational scope.”
Bragg’s latest endorsement by Peru’s Ministry of Foreign Trade and Tourism underscores their international presence. This green light empowers Bragg to deliver their casino game aggregation solutions within Peru, further cementing their position within the burgeoning Latin American market.
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