Bragg Gaming Group has celebrated the company’s “substantial” sales and EBITDA rise in 2020, as it seeks to build on stable ground to sustain potential market share gains and entry points.
Bragg adds that the company is continuing to pursue strategic M&A opportunities as it strives to extend its global presence, especially in the emerging US gaming industry.
The organisation also pledges to keep investing in its technical infrastructure, improve operating efficiencies, and expand its data mining, gamification, and incentives functionality.
Extraordinary progress in 2020
Adam Arviv, interim CEO of Bragg said: “We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered.
“We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
Revenue rose by 75.7 percent to €13.8 million in the fourth quarter of 2020, relative to €7.8 million a year ago, with adjusted EBITDA up 70.8 percent to €1.3 million (2019: €700,000) and a net loss of €5.3 million.
Revenue increased by 74.6 percent to €46.4 million (2019: €26.6 million), with adjusted EBITDA of €5.5 million (2019: €1 million) and a net loss of €14.6 million (2019: €11.9 million).
Strong foundations to support future market share gains
Richard Carter, chair of the Board at Bragg said: “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.
“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.”
United States remains top priority
Bragg insists that the United States remains a top priority for the company, with estimates putting the potential addressable market for igaming at more than $40 billion at full legalisation. It goes on to say that if sports betting is legalised in all 50 states, the market is predicted to rise to more than $22 billion.
In addition, the firm says it will approach Canada, where the TAM for both sports betting and igaming is expected to be $5 billion to $8 billion until fully legalised.