Canada
BRAGG GAMING SEES MULTI-YEAR GROWTH; RAISES 2022 REVENUE OUTLOOK
Remains on Track to Grow 2022 Year-end Total Addressable Market Approximately Six-Fold Since Beginning of 2021
Expects 2021 Fourth Quarter Revenue of Approximately EUR €15.4 million (USD $17.6 million) and Adjusted EBITDA of Approximately EUR €1.3 million (USD $1.5 million)
Expects 2021 Full Year Revenue of Approximately EUR €58.0 million (USD $66.1 million) and Adjusted EBITDA of Approximately EUR €7.0 million (USD $8.0 million)
Raises Full Year 2022 Revenue Outlook to Range of EUR €68-72 million (USD $78-82 million) and Adjusted EBITDA Outlook to Range of EUR €9.5-10.5 million (USD $10.8-12.0 million)
Bragg Gaming Group, a global iGaming technology and content provider, reported that it sees multi-year growth in its business based on the success of its ongoing iGaming content and platform expansion and new market strategy. Momentum across Bragg’s current operations resulted in expected 2021 full year revenue and Adjusted EBITDA exceeding the Company’s previously provided guidance. Bragg also raised its 2022 full year revenue and Adjusted EBITDA guidance, which now reflect year-over-year growth of 21% and 43%, respectively compared to expected 2021 full year revenue and Adjusted EBITDA, and provided an update on the expected timing of the closing of its proposed acquisition of Spin Games.
- Bragg expects to report fourth quarter 2021 revenue of approximately EUR €15.4 million (USD $17.6 million) and Adjusted EBITDA of approximately EUR €1.3 million (USD $1.5 million).
- As a result, the Company expects to report full year 2021 revenue of approximately EUR €58.0 million (USD $66.1 million) and Adjusted EBITDA of approximately EUR €7.0 million (USD $8.0 million).
- The updated full year 2021 revenue and Adjusted EBITDA expectations compare to the Company’s previously provided guidance of EUR €55-56 million (USD $63-64 million) and Adjusted EBITDA of EUR €6.6-6.8 million (USD $7.5-7.8 million).
- The expected 2021 revenue and Adjusted EBITDA results represent growth of 25% and 26%, respectively, versus the full year 2020.
- Bragg also increased its guidance for full year 2022 revenue to a range of EUR €68-72 million (USD $78-82 million) from the prior range of EUR €59-61 million (USD $67-70 million). The midpoint of the new full year 2022 revenue guidance represents growth of 21% over the expected full year 2021 revenue.
- The Company also raised its guidance for full year 2022 Adjusted EBITDA to a range of EUR €9.5-10.5 million (USD $10.8-12.0 million) from the prior range of EUR €6-7 million (USD $7-8 million). The midpoint of the new full year 2022 Adjusted EBITDA guidance represents growth of 43% over the expected full year 2021 Adjusted EBITDA.
- Bragg expects to complete the acquisition of Spin Games by the end of the first quarter of 2022.
- The anticipated timing of the closing of the acquisition is reflected in the Company’s revised higher full year 2022 revenue expectation even though the previously provided 2022 revenue guidance contemplated an earlier closing of this transaction.
- Since January 2021, Bragg’s Gaming has gone live with its player-popular content in the following regulated iGaming markets: Switzerland, Germany, Greece, the Netherlands, the United Kingdom, and the Czech Republic.
- H2 Gambling Capital projects the aggregate 2022 online casino total addressable market (“TAM”) for these six countries will be approximately USD$9.5 billion.
- The Company’s current TAM is approximately USD$12.5 billion and Bragg expects this to further increase to more than USD$18.0 billion by the end of 2022, reflecting its expectations for initial activations this year in several U.S. iGaming markets and in Ontario, as well as in other global iGaming markets.
Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming, 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.
“Looking forward, our deep bench of experienced senior management and operational teams continue to implement strategies that are leading to new areas of growth, as demonstrated by the strong initial performance we are achieving in our recently entered iGaming markets. As a result of the ongoing momentum in our business, we are raising our outlook for full year 2022 revenue range by approximately 17% at the midpoint, compared to our previously provided guidance, with the midpoint expectation of EUR €70 million representing 21% year-over-year growth.
“As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading U.S. 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 USD$18 billion. 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.”
High Roller Technologies and Playtech announced a strategic partnership for Ontario, Canada, that will see Playtech provide its industry-leading technology to power High Roller’s platform and premium brand, ensuring a seamless, high-quality experience for players in the region.
Ben Clemes, Chief Executive Officer at High Roller, said: “Collaborating with Playtech in Ontario is an exciting step for High Roller as we continue to grow and evolve. Playtech’s well-established technology will be instrumental to our mission of providing a world-class entertainment experience for our players.”
Sergey Harutyunyan, Chief Revenue Officer at Playtech, said: “We are delighted to partner with High Roller as they expand into Ontario. Playtech’s technology is designed to support operators in regulated markets, and we look forward to working together to provide High Roller’s players with safe, innovative, and engaging gaming experiences.”
Ontario represents a key market for both companies, featuring a robust regulatory framework and fast-growing player base. Recently, High Roller announced the submission of its Internet Gaming Operator license application for Ontario, and subject to licensing and regulatory approval, High Roller anticipates launching live operations in H2 2025.
Ontario Lottery and Gaming Corporation (OLG) is supporting accessibility in the iGaming industry with the launch of Red Panda Tails of Wealth – the first digital slot game designed with built-in accessible features to support players with disabilities.
In the popular digital casino landscape, people with disabilities often face barriers to participation. Instead of waiting for change, OLG is driving it by introducing the industry’s first inclusive gaming experience that provides the same fun and excitement to all players.
“We are excited to launch Red Panda Tails of Wealth on olg.ca, which is the result of a focused effort to put accessibility at the forefront of game design. The game is a proof of concept that shows how removing barriers to play can move us towards a more inclusive future in the gaming industry,” said Dave Pridmore, OLG’s Chief Gaming Officer.
With nearly one-third (28%; StatCan 2022) of Ontarians reporting a disability, the launch of Red Panda Tails of Wealth breaks barriers and provides more equitable access to play for an often-overlooked audience.
While Red Panda Tails of Wealth mirrors the appearance and gameplay of other iCasino slot games in market, it is built with universal design principles to deliver a fun, inclusive and user-friendly experience for all players.
Key accessibility features include:
• Compatibility with assistive technologies like screen readers and keyboard navigation
• A high-contrast colour palette for enhanced visibility
• An accessible heads-up display engineered to integrate seamlessly into future games.
To develop this first-of-its-kind game, OLG collaborated with Pixiu Gaming and Light & Wonder Spark. To ensure the game was accessible and inclusive OLG partnered with Fable – a Toronto-based company that connects organizations with people with disabilities for digital accessibility insights.
The insights from people with disabilities collected via remote user testing sessions played a key role in helping OLG create a game that meets real-world accessibility needs.
“Our mission at Fable is to empower people with disabilities to participate, contribute, and shape society – and this is how true accessibility is achieved. We’re thrilled to partner with OLG, who recognize the importance of embedding the voices and experiences of people with disabilities throughout the development of their new game,” said Kate Kalcevich, Head of Innovation at Fable.
High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
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