Bragg Gaming Reports Fourth Quarter and Full Year 2023 Financial Results

March 26, 2024



TORONTO, March 26, 2024 – Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B content-driven iGaming technology provider, today reported record financial results for the fourth quarter and full year ended December 31, 2023. The Company also provided an update on its strategic growth initiatives and updated its growth targets for 2024 revenue and Adjusted EBITDA.

Summary of FY23 and 4Q23 Financial and Operational Highlights

Euros (millions)(1) 4Q23 4Q22 Change
Revenue € 23.4 € 23.7 (1.4)%
Gross profit € 12.0 € 13.0 (7.3)%
Gross profit margin 51.5 % 54.9 % -330 bps
Adjusted EBITDA(2) € 2.8 € 3.7 (23.7)%
Adjusted EBITDA margin 11.9 % 15.4 % -350 bps
Wagering revenue € 6.1 B € 5.1 B 18.1 %


Euros (millions)(1) FY23 FY22 Change
Revenue € 93.5 € 84.7 10.4 %
Gross profit € 49.9 € 45.1 10.8 %
Gross profit margin 53.4 % 53.2 % 20 bps
Adjusted EBITDA € 15.2 € 12.1 26.3 %
Adjusted EBITDA margin 16.3 % 14.2 % 210 bps
Wagering revenue € 22.4 B € 17.7 B 26.6 %

(1) Bragg’s reporting currency is Euros. The exchange rate provided is US $1.00 = €0.93. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.

(2) Adjusted EBITDA is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented:

“Through Bragg’s strategic efforts to establish the business as a premier content-focused iGaming B2B provider and our meticulous control over expenses, we achieved growth in revenue, gross profit, and Adjusted EBITDA in 2023, along with a 210bps improvement in Adjusted EBITDA margin to 16.3%. 2023 revenue rose 10.4% to EUR 93.5 million (USD 100.5 million), gross profit increased by 10.8% to EUR 49.9 million (USD 53.7 million), and adjusted EBITDA increased by more than 26% to EUR 15.2 million (USD 16.3 million). These achievements are attributed, in part, to a reconfiguration of our revenue mix, favoring higher-margin products like internally developed proprietary content, and our comprehensive Player Account Management (“PAM”) platform, all while maintaining stringent cost control measures.

In the Netherlands, the Company maintains its dominant position as the leading PAM provider, serving five customers with our PAM solutions in the region. We are experiencing growth in the Czech market and are exploring new opportunities for expanding with our PAM platform, content aggregation, player engagement tools, and managed services in various international jurisdictions.

Upon closer examination of the Dutch market, it is evident that challenges have arisen due to increased competition and new regulations since July. These challenges are expected to persist, with further adjustments anticipated in 2024. Additionally, in Q4 2023, the Company extended its agreement with Entain Plc to supply its PAM platform to, Entain’s Dutch iGaming operator, until 2025. However, this extension required renegotiating terms. These dynamic variables reduce customer concentration, and at the same time our broader business is thriving and poised for sustained, increasingly profitable growth.

Additionally, the global distribution of our proprietary and exclusive third-party content is rapidly expanding, particularly among an increasing number of Tier 1 operators. We anticipate a further surge in the global adoption of these games in 2024. Last year, we successfully launched a total of 29 nw proprietary online titles worldwide, including 26 proprietary titles newly introduced to the European online casino markets and 15 proprietary titles newly introduced to the North American online casino markets. We expect to maintain or exceed this pace of game releases this year.

By continuously expanding our portfolio of higher-margin proprietary and exclusive third-party games to a wider range of new partners at an accelerated pace, we are well positioned for long term growth in top-line revenue, gross profit, and Adjusted EBITDA, along with improved operating margins.

Our strategic actions have positioned Bragg as an essential content source for leading international iGaming operators, strengthening our groundwork for consistent and profitable development. With confidence, we affirm our readiness with the appropriate strategies, financial strength, and infrastructure to maintain our business momentum while executing initiatives that foster cash flow growth and generate added value for our shareholders.”

Full Year and Fourth Quarter 2023 Business Highlights

  • The Company’s signed several Tier-1 content distribution agreements including with Betsson, 888/William Hill, and PokerStars.
  • The Company launched content in new regulated markets including in Belgium with Napoleon Sportsbook and Casino, in Italy with Microgame and in Mexico with Caliente.
  • Proprietary and exclusive games roll-out continued including with multiple new U.S. operators and in international markets including in Spain, U.K. and Switzerland.
  • Positive proprietary and exclusive content traction in North America from the fourth quarter onwards.
  • Fourth quarter highlights included launching proprietary content, aggregation and Fuze™ player engagement with Superbet in Brazil, rolling out new content with BetMGM in New Jersey, and announcing a PAM extension with including content and product delivery.

Fourth Quarter 2023 Financial Results and other Key Metrics Highlights

  • Revenue decreased by 1.4% to EUR 23.4 million (USD 25.2 million) compared to EUR 23.7 million (USD 25.5 million) in 4Q22 reflecting the revised commercial terms agreed with a key strategic partner that took effect during the quarter.
  • Wagering revenue generated by customers of EUR 6.1 billion (USD 6.6 billion) increased from EUR 5.1 billion (USD 5.5 billion) in 4Q22.
  • Gross profit decreased by 7.3% to EUR 12.0 million (USD 12.9 million) from EUR 13.0 million (USD 14.0 million) in 4Q22 with gross profit margins decreased by 330bps to 51.5% from 54.9% mainly related to the revised commercial terms agreed with a key strategic partner that took effect during the quarter
  • Adjusted EBITDA decreased by 23.7% to EUR 2.8 million (USD 3.0 million) from EUR 3.7 million (USD 4.0 million) in 4Q22 with Adjusted EBITDA margins decreasing by 350bps to 11.9% from 15.4% due to the decline in the gross profit offset by improvement in costs optimisation.
  • Operational loss for the period was EUR 0.4 million (USD 0.4 million), a decrease of EUR 0.6 million (USD 0.6 million) from the same period in the previous year in 4Q22, primarily due to the lower gross profit while reducing selling, general and administrative expenses.

2023 Full Year Financial Results and other Key Metrics Highlight

  • Revenue increased by 10.4% to EUR 93.5 million (USD 100.5 million) compared to EUR 84.7 million (USD 91.1 million) in 2022.
  • Wagering revenue generated by customers of EUR 22.4 billion (USD 24.1 billion) increased from EUR 17.7 billion (USD 19.0 billion) in 2022.
  • Gross profit increased 10.8% to EUR 49.9 million (USD 53.7 million) from EUR 45.1 million (USD 48.5 million) in 2022, representing a gross profit margin of 53.4%.
  • Adjusted EBITDA ended EUR 15.2 million (USD 16.3 million), an increase of 26.3% compared to EUR 12.1 million (USD 13.0 million) in 2022, representing an Adjusted EBITDA margin of 16.3%, compared to 14.2% in 2022.
  • Cash flow from operations was EUR 11.7 million (USD 12.6 million), an increase of EUR 6.0 million (USD 6.5 million) compared to EUR 5.8 million (USD 6.2 million) of cash flow from operations in 2022.
  • Cash and cash equivalents as of December 31, 2023 was EUR 8.8 million (USD 9.5 million) and net working capital, excluding deferred consideration and convertible debt, was EUR 5.1 million (USD 5.5 million).

Full Year 2024 Revenue and Adjusted EBITDA Guidance

Bragg provided an update on its expectations for 2024 full year revenue and Adjusted EBITDA growth with revenue expected to rise 9.1% to 16.6% to a range of EUR 102-109 million (USD 109.7-117.2 million) and Adjusted EBITDA expected to increase up to 21.7% to a range of EUR 15.2-18.5 million (USD 16.3-19.9 million). The midpoints of the 2024 revenue and Adjusted EBITDA guidance ranges represent growth of 12.8% and 10.9%, respectively, over the reported full year 2023 revenue and Adjusted EBITDA.

Review of Strategic Alternatives

The Board of Directors confirms that it has formed an ad hoc special committee, chaired by independent Board member Don Robertson, to undertake a review of the Company’s strategic alternatives. The special committee has been appointed to consider and explore strategic alternatives, which may include the sale of the Company or of its assets, a merger, financing, further acquisitions, or other strategic alternatives. No timetable to complete the strategic review process has been established, nor have any decisions been made relating to strategic alternatives at this time. There can be no assurances that any transaction will be completed.

The Company will not be providing further comment on the status of the strategic review process at this time and intends to provide further updates as circumstances warrant and in accordance with applicable securities laws. While the strategic review process is ongoing, the Company’s management remains committed to executing the Company’s strategy and business plan with the full support of the Board.

Investor Conference Call

The Company will host a conference call today, March 26, 2024, at 8:30 a.m. (Toronto Time), to discuss its fourth quarter and full year 2023 results. During the call, management will review a presentation that will be made available to download at

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

Participant Toll-Free Dial-In Number (US and Canada): 1 (800) 715-9871
Participant Toll Dial-In Number (International): 1 (646) 307-1963
UK Toll Free: +44.800.358.0970
Conference ID: 1909159

A webcast of the call and presentation may also be viewed at:

A replay of the call will be available until April 2, 2024, following the conclusion of the live call. To access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 1909159.

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”), including, without limitation, statements with respect to the following: the Company’s strategic growth initiatives and corporate vision and strategy; financial guidance for 2024, expected performance of the Company’s business; expansion into new markets; the impact of the new German regulatory regime, expected future growth and expansion opportunities; expected benefits of transactions; the outcome of the strategic alternatives review process; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing readers to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. 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 contained in this press release or the conference call 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 any public health measures on 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; the growth of Company’s business, the meeting minimum listing requirements of the stock exchanges on which the Company’s shares trade; which may not be achieved or realized within the time frames stated or at all; the integration of technology; 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 related to the Company’s business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; 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 favorable 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; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. 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.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

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. Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in Company’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2023.

About Bragg Gaming Group

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content, and its cutting-edge technology. Bragg Studios offer high-performing, data-driven and passionately crafted casino gaming titles from in-house brands Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic and Oryx Gaming. Its proprietary content portfolio is complemented by a range of exclusive titles from carefully selected studio partners which are Powered By Bragg: games built on Bragg remote games server (Bragg RGS) technology, distributed via the Bragg Hub content delivery platform and available exclusively to Bragg’s customers. Bragg’s modern and flexible omnichannel Player Account Management (Bragg PAM) platform powers multiple leading iCasino and sportsbook brands and is supported by expert in-house managed operational and marketing services. All content delivered via the Bragg Hub, whether exclusive or from Bragg’s large, aggregated games portfolio, is managed from a single back-office and is supported by powerful data analytics tools, as well as Bragg’s Fuze™ player engagement toolset. Bragg is licensed or otherwise certified, approved and operational in multiple regulated iCasino markets globally, including in New Jersey, Pennsylvania, Michigan, Ontario, the United Kingdom, the Netherlands, Germany, Sweden, Spain, Malta and Colombia.

Find out more.


Yaniv Spielberg
Chief Strategy Officer
Bragg Gaming Group
[email protected]

James Carbonara
Hayden IR
646-755-7412 or [email protected]

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