B2B gaming platform technology provider Bragg Gaming Group saw its revenue increase by 74.6 per cent in 2020, up to €46.4m, as compared to €26.6M for full year 2019.
Betting revenue generated by customers increased by 73.5 per cent to €11.8bn whilst adjusted EBITDA increased by 432.8 per cent, up to €5.5m from €1m. Margins increased significantly from 3.9 per cent to 11.9 per cent, achieved by reaching higher scale and practising firm cost control.
“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 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.”
The year saw the successful launch of 54 B2B operators during the period, across a number of global jurisdictions, including 21 operators during the fourth quarter.
Bragg said it continues to focus on expanding its global footprint, particularly in the burgeoning US gaming market, where the total addressable market (TAM) for iGaming is anticipated to be greater than 40B at 100 per cent legalisation, the TAM for sports betting is expected to grow to more than $22bn once gaming is legalised in all states. It will also target Canada, where the TAM for both sports betting and iGaming is projected to be $5-8bn upon full legalisation.