Canada
Bragg Gaming Group Announces Record Fourth Quarter and Full Year 2020 Results

Full year revenue up 74.6% year over year; a 58.4% CAGR since FY 2018
Fourth quarter revenue up 75.7% from the comparable period in the previous year
B2B gaming platform technology provider Bragg Gaming Group today released its annual financial results for the three months and year ended Dec 31, 2020.
“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 U.S. 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.”
FY 2020 financial highlights
- Revenue[1] increased by 74.6% in 2020, up to €46.4M (C$68.7M[2]), as compared to €26.6M (C$39.3M) for full year 2019, representing a yearly 58.4% CAGR since FY 2018
- Wagering revenue generated by customers increased by 73.5% to €11.8B (C$17.5B) as compared to €6.8B (C$10.1B) during full year 2019.
- Adjusted EBITDA[3] increased by 432.8%, up to €5.5M (C$8.2M) from €1.0M (C$1.5M) the previous year, with margins increasing significantly from 3.9% to 11.9%, achieved by reaching higher scale and practising firm cost control.
- Net loss for the period was €14.6M (C$21.6M) compared to a net loss of €11.9M (C$17.7M) in the comparable period, due primarily to the re-measurement of deferred and contingent consideration and the accretion of liabilities for the ORYX earn-out.
- Cash and cash equivalents as of December 31, 2020 amounted to €26.1M (C$38.6M) compared to €0.7M (C$1.0M) on December 31, 2019.
Q4 2020 financial highlights
- Revenue increased by 75.7% to €13.8M (C$20.4M), compared to €7.8M (C$11.6M) for the fourth quarter of 2019, representing a quarterly growth of 12.4% CAGR since Q1 2019
- Quarter over quarter revenue increase of 18%, from €11.7M (C$17.3M) in the third quarter to €13.8M (C$20.4M) in the fourth quarter.
- Wagering revenue generated by customers up by 50.1% to €3.2B (C$4.7B) compared to €2.1B (C$3.2B) in the fourth quarter of 2019.
- Increase of 70.1% in unique players[4] using Bragg games and content, up to 2.50M from 1.47M during the comparable quarter in 2019.
- Adjusted EBITDA was €1.3M (C$1.9M), up 70.8% compared to €0.7M (C$1.1M), with a decrease in margins from 9.4% to 9.1%, primarily as a result of professional fees and corporate costs incurred through up-listing from the TSX-Venture Exchange to the Toronto Stock Exchange.
- Net loss for the period was €5.3M (C$7.9M), in line with Q4 2019 results of €5.3M(C$7.9M).
Selected fourth quarter and full year key performance indicators
Euros (Thousands) | Q4-20 | Q4-19 | % | FY 2020 | FY 2019 | % |
Revenue | 13,778 | 7,841 | 75.7% | 46,421 | 26,592 | 74.6% |
Adjusted EBITDA | 1,259 | 737 | 70.8% | 5,546 | 1,041 | 432.8% |
Adjusted EBITDA margin | 9.1% | 9.4% | -0.3% | 11.9% | 3.9% | 205.2% |
Operational | Q4-20 | Q4-19 | % | FY 2020 | FY 2019 | % |
Wagering revenue | 3.2B | 2.1B | 50.1% | 11.8B | 6.8B | 73.5% |
Unique players | 2.50M | 1.47M | 70.1% | 5.87M | 2.75M | 113.6% |
Revenue/ top 10 customers | 66% | 67% | -1.6% | 58% | 72% | -18.8% |
Business highlights
- Successful launch of 54 B2B operators[5] during the period, across a number of global jurisdictions, including 21 operators during the fourth quarter
- Improved Customers[6] revenue diversification, with 58% of revenue derived from the top 10 customers, as compared to 72% in 2019
- Launched new exclusive content and completed the integration of key leading studios such as Peter & Sons, CandleBets and Arcadem
- Expanded its geographic presence, with entry into a number of new global markets, including Switzerland, Bulgaria, Portugal, Latvia, Czech Republic and Spain
- In January 2021, secured a joint venture Agreement with JVH gaming & entertainment group, the largest land-based casino in the Netherlands (JVH group) for iGaming platform (PAM) and turnkey services
- In January 2021, the Company completed a private placement for €1.9M (C$3.0M), which included participation from the board of directors and management
- In January 2021, the Company’s common shares and outstanding warrants began trading on the Toronto Stock Exchange senior market
- In February 2021, Bragg announced the acceleration of its investment in the US and Canadian markets
- The Bragg board of directors was augmented with the addition of prominent business leader Paul Godfrey in January 2021and high-profile gaming industry veteran Lara Falzon in March 2021
Ongoing strategy
- Bragg recently announced the appointment of high-profile gaming industry executive Richard Carter to the role of CEO, effective May 1, 2021
- Bragg is also in the process of signing on an experienced management team to work with Mr. Carter, extending the Company’s already sizeable competitive advantage in the global gaming industry
- Bragg continues to focus on expanding its global footprint, particularly in the burgeoning U.S. 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 $22B once gaming is legalised in all states
- Bragg will also target Canada, where the TAM for both sports betting and iGaming is projected to be $5-8B upon full legalisation
- Bragg continues to invest in its technical infrastructure, in increasing operational efficiencies, and in deepening its data analytics, gamification and bonuses features
- Bragg continues to explore strategic M&A opportunities in the U.S. and globally
Canada
BCLC Launches “What’s played here stays here” Campaign

BCLC’s new “What’s played here stays here” campaign is issuing an important reminder to British Columbians who choose to gamble – specifically that all net profit its operations generate stays in B.C. to help fund critical services like education, health care and community programs.
The campaign also reinforces that all other gambling websites operating in B.C. are illegal and take away funds from critical community programs and services.
“Across B.C. and Canada, we’ve seen incredible groundswell around the importance of buying and supporting local, and that’s no different for British Columbians who choose gambling for their entertainment. We want our B.C. players to know they can find a world-class gambling experience in their own backyard, whether it’s at one of our 33 casinos, 3,400 lottery retailers, or online at PlayNow.com, and that the proceeds from their play with BCLC make a positive impact at home in their community,” Pat Davis, President and CEO of BCLC, said.
Along with illegal online gambling websites, BCLC also competes with Washington State and Las Vegas casinos, all of which aggressively market to B.C. residents.
“BCLC continues to raise awareness that these gambling options do not support B.C.’s economy and take away funds from vital provincial and community-based programs and services. In a time when British Columbians are standing united, we want to reinforce that playing together with BCLC helps make B.C. even better,” Pat Davis added.
Canada
Online casino with a Nordic twist enters yet another market as it continues to deploy its ambitious international expansion plans

Winlandia.com, the online casino brand with a distinctly Nordic feel, has made its debut in Canada as it continues to expand its reach into international markets.
Winlandia is celebrating ten years of Nordic excellence and is now available for Canadian players, with its website available in both English and French.
Canadian players will get a real sense of Finnish Sisu when they sign up to Winlandia for the first time with a generous welcome bonus that is up for grabs.
When it comes to depositing, Winlandia has a well-stocked cashier including Visa, Mastercard, MuchBetter, Paysafecard, Payz, AstroPay and of course, Interac.
Players can expect instant deposits and fast withdrawals, so they get their winnings without delay.
The cool Nordic vibes extend to the online casino lobby where players can explore a vast portfolio of more than 9,000 slot, table, instant win, bingo, Slingo, arcade and live dealer titles.
Just some of the providers available include Pragmatic Play, NetEnt, Microgaming, Red Tiger, Play’n GO, Blueprint Gaming, IGT, Scientific Games, Nolimit City and Evolution Gaming.
Winlandia players will be able to benefit from its Personalization Platform that was implemented at the beginning of last year. This means players will get individual game recommendations based on real-time data, a bit like Netflix but for casino games, not movies.
Canadian players can also enjoy some of the most generous promotions in the market, including Daily Picks which sees free spins and other bonuses added to their account each day.
They can also take part in thrilling slot tournaments and go head-to-head with other players and where if they place high on the leaderboard, there are big prizes to be won.
Winlandia is powered by SkillOnNet and has quickly emerged as a top online casino brand in competitive markets such as Finland, Denmark and the UK.
The team behind the site is confident that Canadian players will be drawn to its comprehensive offering and unique Nordic flavour.
Winlandia has extended its collaboration with its premium affiliate partner, Gambling.com, as their exclusive launch partner for the Canadian market. Via their site assets like Gambling.com/ca, players will get an exclusive offer of 100% up to $5,000 + 150 Free spins on Big Bass Bonanza.
Christoffer Grönlund, Head of Acquisitions & PR at Winlandia, said: “Players in Canada can now enjoy an authentic Nordic online casino experience that includes thousands of casino games from the biggest providers offered alongside generous bonuses and promotions.
“Despite being an international brand, localisation is very important to us and that’s why we implemented the payment method Interac to our cashier and ensure we have the most popular game providers for the Canadian market in our game lobby.
“Canada is a big market and one that we are incredibly excited to enter this market together with our Premium Affiliate Partner Gambling.com/ca. We truly believe that their high volume of quality traffic of players will enjoy what we have to offer at Winlandia.”
Gary Connolly, Senior Key Account Manager at Gambling.com Group, added: “I’m excited to welcome Winlandia Casino as they prepare for their Canadian launch.
“With 10 years of Nordic excellence and trust, a standout design, and an impressive portfolio of over 9,000+ games, Winlandia is well-positioned for success in this market. Following strong results in the UK, I look forward to a successful partnership in Canada, where their fresh player base offers great conversion potential.”
Canada
GiG Launches Fourth Partner into Ontario as PowerPlay Enhances Its Gaming Experience with GiG’s Formidable Combination of Proprietary Platform, Sportsbook and AI technology

Gaming Innovation Group (GiG Software Plc) has announced a major new partnership with PowerPlay Online Casino & Sportsbook, with the brand now live having migrated to a premium technology supplier to propel growth in the regulated Canadian province of Ontario. The launch marks the fourth brand now active in the region powered by GiG’s cutting-edge iGaming technology, and further positioning GiG as a provider of choice for operators in regulated online markets in Canada, with Alberta next due in line once legislation passes.
GiG has established itself as one of the premier technology providers in Ontario, and PowerPlay will look to leverage a proven and powerful combination of GiG’s proprietary technology. The launch includes GiG’s award winning iGaming platform alongside a suite of next generation solutions, its feature packed Sportsbook, SportX, revolutionary rules based engine, LogicX and GiG’s innovative CMS.
PowerPlay has built a strong Canadian legacy, and its dedication to reliability and customer satisfaction has cemented its position as a trusted operator, ensuring players enjoy a world-class, secure, and seamless gaming experience. Now, with the migration to GiG’s cutting-edge technology, PowerPlay is poised to enhance its offerings even further.
With a growing emphasis on cutting-edge artificial intelligence and automation, PowerPlay can also now call on the full power of dynamic AI tools DataX and LogicX, with the incorporation of advanced machine learning models into their toolkit, enhancing decision-making processes and rule building helping to deliver significant increases in player acquisition and customer retention. Innovative sportsbook SportX will boost PowerPlay’s offering by providing advanced bet-builder capabilities, dynamic odds, and a comprehensive suite of localised features, including horse racing and virtual sports betting.
The launch carries significance as further evidence of GiG’s accelerated delivery cadence, as the fourth publicly announced partner launch this year. GiG has implemented a suite of strategic improvements over the past year, and is set to further escalate launches throughout 2025, reinforcing its commitment to seamless execution and growth.
GiG’s has been one of the forerunners of regulated market expansion in iGaming for over 10 years, facilitating smooth market entries in complex regulated environments not only in North America, but across key markets in Europe, Latin America and now the Philippines in Asia, strengthening its position as a reliable and strategic technology partner for operators globally.
Having regulated in April 2022, online gaming in Ontario has enjoyed significant growth under the guidance of the AGCO (Alcohol & Gambling Commission). As of the second quarter of the 2024-25 fiscal year , Ontario’s online gambling market reached CA$738 million in Gross Gaming Revenue (GGR), reflecting a 1.7% quarter-over-quarter growth and a 35.4% year-over-year increase, according to data supplied by the regulator.
James Coxon, Chief Operating Officer at GiG, commented: “GiG’s expertise in delivering market-leading technology is once again proving instrumental in helping partners like PowerPlay navigate the complexities of regulated markets. The successful launch into Ontario highlights our ability to facilitate seamless market entry while ensuring stability and scalability for long-term growth. Our continued focus on delivering brilliant basics, from secure platform infrastructure to optimised user experiences, is key to enabling partners to maximise their potential. We’re proud to be playing a role in PowerPlay’s success and the ongoing evolution of both the Ontarian market and the wider future of iGaming in Canada, reinforcing our reputation as a trusted partner in the regulated space.”
Dean Serrao, Chief Executive Officer at PowerPlay, commented: “The successful migration to GiG’s technology platform is a milestone for PowerPlay as we continue to grow in Ontario. This partnership allows us to offer an enhanced and seamless experience for our players, while leveraging GiG’s flexible and scalable solutions to expand our presence in the market. We are excited for what’s ahead and confident this move will help us strengthen our position as a leading brand in the province.”
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