Bragg Gaming has praised the momentum across its current operations, as the group expects to exceed previously stated revenue and adjusted EBITDA guidance.
Alongside praising its ongoing content and platform expansion and new market strategy, the igaming tech and content provider has also increased its guidance for 2022.
For the fourth quarter, Bragg expects to achieve approximately $17.6m in revenue with an adjusted EBITDA in the region of $1.5m. For the full year, the group believes it will report revenues of approximately $66.1m and an adjusted EBITDA of $8m, representing a 25% and 26% growth respectively YoY.
This full year expectation is higher than the previous guidance issued by the provider of $63m-$64m in revenue and an adjusted EBITDA between $7.5m-$7.8m.
Bragg has also increased its expectations for 2022, as it now anticipates revenue to be between $78m-$82m (previously $67m-$70m) with an adjusted EBITDA between $10.8m-$12m (previously $7m-$8m).
The company expects its TAM, currently approximately $12.5bn, to further increase to more than $18bn by the end of 2022, reflecting its anticipations for initial activations in several US igaming markets, as well as Ontario and other global markets.
Chief Strategy Officer Yaniv Spielberg commented: “The ongoing execution of our igaming content and platform expansion and new market initiatives are driving Bragg’s consistent operating momentum leading to near-and long-term financial growth.
“These factors contributed to stronger than expected financial results in the 2021 fourth quarter, and as a result, we now expect to exceed our previously provided guidance for full year 2021 revenue and adjusted EBITDA.”
Bragg also projects the completion of the Spin Games acquisition by the end of Q1 2022.
Spielberg added: “As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading US igaming operators will significantly accelerate our entry into the market, and continue to make consistent progress with entering new regulated global igaming markets, we remain on track to substantially grow our year-end 2022 TAM approximately six-fold compared to the beginning of 2021 to more than $18bn.
“We also expect our TAM will continue to expand as new states approve igaming over the next several years. As such, Bragg is favorably positioned to achieve our increased 2022 financial projections and to then continue to accelerate our growth in 2023.”