Bragg Gaming Group Reports FY 2023 Revenue of $100.5 Million and Updates 2024 Growth Targets

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Bragg Gaming Group, a leading global provider of iGaming tech, has recently unveiled its financial performance for the fourth quarter (Q4) and full year (FY) of 2023, presenting some promising figures that reflect its strategic endeavors and growth trajectory.

Bragg Gaming Group Revenue

Q4 2023 Performance Overview

In Q4 2023, Bragg reported a revenue decrease of 1.4%, amounting to $25.2 million. This decline was primarily influenced by revised commercial terms with a key strategic partner. However, amidst this, the betting handle witnessed a significant surge, reaching an impressive $6.6 billion.

Quarterly Adjusted EBITDA

Quarterly adjusted EBITDA experienced a decline of 23.7% to $3 million. The adjusted EBITDA margins also decreased by 350 basis points to 11.9%, attributed to a decline in gross profit offset by an improvement in cost optimization strategies.

Gross Profit

Gross profit for the quarter decreased by 7.3% to $12.9 million, while operational loss narrowed from $0.6 million in Q4 2022 to $0.4 million in Q4 2023.

FY 2023 Highlights

For the full fiscal year 2023, Bragg reported a revenue of $100.5 million, indicating a noteworthy increase of 10.4% year-on-year. The betting handle for the year stood at $24.1 billion. Moreover, the group witnessed a commendable rise in gross profit, up by 10.8% to $53.7 million, with a gross profit margin of 53.4%.

Adjusted EBITDA

Adjusted EBITDA for FY 2023 reached EUR 15.2 million, marking a substantial increase of 26.3% year-on-year. This translated into an adjusted EBITDA margin of 16.3%. Furthermore, the company generated $12.6 million in cash flow from operations.

Strategic Growth Initiatives and Future Outlook

Throughout 2023, Bragg Gaming Group embarked on several strategic initiatives aimed at expanding its market presence and enhancing its product offerings. The company secured Tier-1 content distribution deals with renowned entities such as Betsson, 888, and PokerStars. Additionally, Bragg successfully launched content in new regulated markets, including Belgium, Italy, and Caliente.

The company’s commitment to innovation was evident through the introduction of new games and the continuous supply of proprietary and exclusive content to operators across international markets.

Exploring Strategic Alternatives

In line with its growth objectives, Bragg’s board formed an ad hoc special committee chaired by independent board member Don Robertson. The committee is tasked with conducting a comprehensive review of strategic alternatives, which may include a potential sale, merger, financing, acquisitions, or other strategic moves.

CEO’s Vision and Optimism

Matevž Mazij, the CEO of Bragg Gaming Group, expressed optimism regarding the company’s future prospects. He reiterated the team’s dedication to establishing Bragg as a premier content-focused iGaming B2B provider. Mazij highlighted the expansion of Bragg’s global distribution and anticipated a surge in the global adoption of the company’s games in 2024.

Q4 AND FY2023 Results Commitment

Bragg Gaming Group’s Q4 and FY 2023 results underscore its commitment to innovation, strategic growth, and financial resilience. Despite encountering challenges, the company remains poised for long-term success, with a robust financial position and a clear strategic roadmap for future expansion and value creation.

FAQs About Bragg Gaming 2023 Revenue

1. What were Bragg Gaming Group’s revenue figures for Q4 2023?

In Q4 2023, Bragg Gaming Group reported a revenue decrease of 1.4% to $25.2 million.

2. What factors contributed to the decline in quarterly adjusted EBITDA?

The decline in quarterly adjusted EBITDA by 23.7% to $3 million was influenced by revised commercial terms with a key strategic partner.

3. How did Bragg’s full-year 2023 results compare to the previous year?

Bragg reported a revenue increase of 10.4% year-on-year, reaching $100.5 million for the full fiscal year 2023.

4. What was the adjusted EBITDA margin for FY 2023?

The adjusted EBITDA margin for FY 2023 was 16.3%, marking a substantial increase from the previous year.

5. What strategic initiatives did Bragg undertake in 2023?

Bragg secured Tier-1 content distribution deals with companies like Betsson, 888, and PokerStars, while also launching content in new regulated markets such as Belgium, Italy, and Caliente.

6. Who is leading Bragg Gaming Group’s review of strategic alternatives?

An ad hoc special committee, chaired by independent board member Don Robertson, is spearheading the review of strategic alternatives for Bragg Gaming Group.

7. What is Matevž Mazij’s outlook for Bragg’s future?

Matevž Mazij, CEO of Bragg Gaming Group, expressed optimism regarding the company’s future growth prospects, emphasizing their commitment to becoming a premier content-focused iGaming B2B provider.

8. How can investors stay informed about Bragg’s developments?

Investors can stay informed about Bragg Gaming Group’s developments through official press releases, financial reports, and updates provided by the company’s investor relations team.

9. What are some key financial metrics highlighted in Bragg’s Q4 and FY 2023 results?

Key financial metrics highlighted in Bragg’s Q4 and FY 2023 results include revenue, adjusted EBITDA, betting handle, gross profit, and cash flow from operations.