Bragg Gaming Group Announces Record Fourth Quarter and Full Year 2020 Results

March 25, 2021

Full year revenue up 74.6% year over year; a 58.4% CAGR since FY 2018

Fourth quarter revenue up 75.7% from the comparable period in the previous year

TORONTO, March 25, 2021 – B2B gaming platform technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) (“Bragg” or the “Company“) today released its annual financial results for the three months and year ended Dec 31, 2020.

“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.”

“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 U.S. 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 capitalize on the strong growth in the online gaming sector globally.”


FY 2020 financial highlights

●      Revenue[1] increased by 74.6% in 2020, up to €46.4M (C$68.7M[2]), as compared to €26.6M (C$39.3M) for full year 2019, representing a yearly 58.4% CAGR since FY 2018

●      Wagering revenue generated by customers increased by 73.5% to €11.8B (C$17.5B) as compared to €6.8B (C$10.1B) during full year 2019.

●      Adjusted EBITDA[3] increased by 432.8%, up to €5.5M (C$8.2M) from €1.0M (C$1.5M) the previous year, with margins increasing significantly from 3.9% to 11.9%, achieved by reaching higher scale and practising firm cost control.

●      Net loss for the period was €14.6M (C$21.6M) compared to a net loss of €11.9M (C$17.7M) in the comparable period, due primarily to the re-measurement of deferred and contingent consideration and the accretion of liabilities for the ORYX earn-out.

●      Cash and cash equivalents as of December 31, 2020 amounted to €26.1M (C$38.6M) compared to €0.7M (C$1.0M) on December 31, 2019.


Q4 2020 financial highlights

●      Revenue increased by 75.7% to €13.8M (C$20.4M), compared to €7.8M (C$11.6M) for the fourth quarter of 2019, representing a quarterly growth of 12.4% CAGR since Q1 2019

●      Quarter over quarter revenue increase of 18%, from €11.7M (C$17.3M) in the third quarter to €13.8M (C$20.4M) in the fourth quarter.

●      Wagering revenue generated by customers up by 50.1% to €3.2B (C$4.7B) compared to €2.1B (C$3.2B) in the fourth quarter of 2019.

●      Increase of 70.1% in unique players[4] using Bragg games and content, up to 2.50M from 1.47M during the comparable quarter in 2019.

●      Adjusted EBITDA was €1.3M (C$1.9M), up 70.8% compared to €0.7M (C$1.1M), with a decrease in margins from 9.4% to 9.1%, primarily as a result of professional fees and corporate costs incurred through up-listing from the TSX-Venture Exchange to the Toronto Stock Exchange.

●      Net loss for the period was €5.3M (C$7.9M), in line with Q4 2019 results of €5.3M(C$7.9M).

Screen Shot 2021-03-25 at 9.28.05 AM.png

Business highlights

●      Successful launch of 54 B2B operators[5] during the period, across a number of global jurisdictions, including 21 operators during the fourth quarter

●      Improved Customers[6]  revenue diversification, with 58% of revenue derived from the top 10 customers, as compared to 72% in 2019

●      Launched new exclusive content and completed the integration of key leading studios such as Peter & Sons, CandleBets and Arcadem

●      Expanded its geographic presence, with entry into a number of new global markets, including Switzerland, Bulgaria, Portugal, Latvia, Czech Republic and Spain

●      In January 2021, secured a joint venture Agreement with JVH gaming & entertainment group, the largest land-based casino in the Netherlands (JVH group) for iGaming platform (PAM) and turnkey services

●      In January 2021, the Company completed a private placement for €1.9M (C$3.0M), which included participation from the board of directors and management

●      In January 2021, the Company’s common shares and outstanding warrants began trading on the Toronto Stock Exchange senior market

●      In February 2021, Bragg announced the acceleration of its investment in the US and Canadian markets

●      The Bragg board of directors was augmented with the addition of prominent business leader Paul Godfrey in January 2021and high-profile gaming industry veteran Lara Falzon in March 2021


Ongoing strategy

•      Bragg recently announced the appointment of high-profile gaming industry executive Richard Carter to the role of CEO, effective May 1, 2021

•      Bragg is also in the process of signing on an experienced management team to work with Mr. Carter, extending the Company’s already sizeable competitive advantage in the global gaming industry

•      Bragg continues to focus on expanding its global footprint, particularly in the burgeoning U.S. gaming market, where the total addressable market (TAM) for iGaming is anticipated to be greater than 40B at 100 per cent legalization, the TAM for sports betting is expected to grow to more than $22B once gaming is legalized in all states

•      Bragg will also target Canada, where the TAM for both sports betting and iGaming is projected to be $5-8B upon full legalization

•      Bragg continues to invest in its technical infrastructure, in increasing operational efficiencies, and in deepening its data analytics, gamification and bonuses features

•      Bragg continues to explore strategic M&A opportunities in the U.S. and globally

Year-end 2020 conference call information

Bragg Gaming will host its FY 2020 earnings and business update call on Thursday, March 25, at 8:30am ET.  

Adam Arviv, Bragg’s Interim Chief Executive Officer, along with Ronen Kannor, Bragg’s Chief Financial Officer, and Yaniv Spielberg, Bragg’s Chief Strategy Officer, will host the call.

To join the call, please use the below dial-in information:

US/Canada: +1 270 215 9892

US/Canada (toll-free): + 1 866 997 6681

UK: 0 2031070289 or 0 8000288438

Passcode: 9537997


A reply of the call will be available for seven days following the conclusion of the live call. In order to access the replay, dial +1 404 537 3406   or +1 855 859 2056 (toll-free) and use the passcode 9537997.


About Bragg Gaming Group

Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology platform provider. With operations across Europe and North America, Bragg is expanding into an international force within the burgeoning global online gaming market. Bragg’s main brand is ORYX Gaming, an innovative business-to-business iGaming platform, casino content aggregator, managed sportsbook and managed services provider, offering cutting-edge content from leading studios.

For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
[email protected]

For media enquiries or interviews, please contact:
Keera Hart, Kaiser & Partners Communications

[email protected]


For investor enquiries, please contact:

David Gentry 

[email protected]




Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements or “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of COVID-19 on the business of the Company; the countercyclical growth of the business of the Company; the regulatory regime governing the business of the Company;  the operations of the Company; the products and services of the Company; the Company’s customers; acquisition opportunities; the growth of the Company’s business, which may not be achieved or realized within the time frames stated or at all; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favourable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; the estimated size of the gaming market globally; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Any forward-looking statement made by the Company in this news release or the earnings call is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Company nor any of its management or directors undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-IFRS Financial Measures

Statements in this news release make reference to “Adjusted EBITDA”, which is a non-IFRS (as defined herein) financial measure that the Company believes is appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company’s past financial performance and prospects for the future. The Company believes that “Adjusted EBITDA” provides useful information to both management and investors by excluding specific expenses and items that management believe are not indicative of the Company’s core operating results. “Adjusted EBITDA” is a financial measure that does not have a standardized meaning under International Financial Reporting Standards (“IFRS”). As there is no standardized method of calculating “Adjusted EBITDA”, it may not be directly comparable with similarly titled measures used by other companies. The Company considers “Adjusted EBITDA” to be a relevant indicator for measuring trends in performance and its ability to generate funds to service its debt and to meet its future working capital and capital expenditure requirements. “Adjusted EBITDA” is not a generally accepted earnings measure and should not be considered in isolation or as an alternative to net income (loss), cash flows or other measures of performance prepared in accordance with IFRS.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


[1] Revenue includes the Group’s share in games and content, and platform fees for management and turnkey solutions

[2] Bragg Gaming’s reporting currency is Euros. The exchange rate provided for Canadian dollars is 1.48. Due to fluctuating currency exchange, this rate is provided for convenience only and may differ from the rate used to calculate 2019 numbers.

[3] “Adjusted EBITDA” means earnings before interest, taxes, depreciation, and amortization after: adding back share based payments; adding back transaction and acquisition costs; adding back impairment of intangible assets and goodwill; deducting lease payments recorded as a depreciation and interest expense under IFRS standards; and adding back or deducting gain / loss on re-measurement of contingent and deferred consideration.

[4] “Unique players” refers to individuals who made money at least once during the period

5 “operator ” is a licensed entity that contracts directly or indirectly with the group for B2B gaming services

6 “customer ” is a licensed entity that contracts directly with the group for B2B gaming services



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