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BRAGG GAMING SEES MULTI-YEAR GROWTH; RAISES 2022 REVENUE OUTLOOK

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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.”

Canada

BetVictor Canada launches Tracy McGrady Safer Gambling campaign

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BetVictor Canada launches Tracy McGrady Safer Gambling campaign

 

BetVictor Canada has launched its new out-of-home advertising campaign across the streets of Toronto to promote NBA legend Tracy McGrady as its Safer Gambling Ambassador.

Two mobile digital trucks strategically targeting high-traffic areas near Scotiabank Arena, Rogers Centre, and major sporting events will provide prime audience exposure for the campaign, scheduled around Toronto Maple Leafs, Toronto Raptors, and Toronto Blue Jays home games.

To further enhance the campaign’s reach, BetVictor Canada has partnered with Clear Media Group to leverage digital taxi tops across Toronto, providing city-wide exposure with 100 taxis displaying key brand messaging. These digital taxi tops will run during peak evening hours (5:00pm – 9:00pm) on select dates until April 5th, 2025.

The campaign coincides with Problem Gambling Awareness Month, a nationwide grassroots campaign held each March that seeks to increase public awareness of problem gambling and promote prevention, treatment, and recovery services.

BetVictor Canada offers an array of tools and services to help its Canadian customers bet and play safely and responsibly, across a host of sports betting markets and online casino games.

Mark Harper, Head of Emerging Markets at BV Group, said: BetVictor is delighted to be participating in the National Council of Problem Gambling campaign in March, to help increase public awareness of problem gambling and the need to promote prevention, treatment and recovery services.

“In using our Safer Gambling Ambassador, Tracy McGrady, to raise awareness about BetVictor’s safer gambling tools such as loss limits, time alerts and product restrictions we are dedicated to ensuring all players have a safe gambling experience. #PGAM2025.”

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AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers

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AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers

 

The Alcohol and Gaming Commission of Ontario (AGCO) has served BetMGM Canada Inc. with an Order of Monetary Penalty (OMP) of $110,000 for violations of the Registrar’s Standards for Internet Gaming.

In two separate incidents in 2024, BetMGM engaged marketing companies who offered cash to members of the public in return for opening new BetMGM accounts. The marketing activities occurred in public forums, such as a major national trade conference. Under AGCO’s Standards, operators are responsible for the conduct of their third-party suppliers who are contracted to support the operator’s Ontario gaming business, and must require their third-parties to meet Ontario laws, regulations and standards (Standard 1.19).

Ontario is one of the first jurisdictions in the world to establish and enforce rules that strictly limit high-risk inducement advertising and marketing in the online gambling industry. Registered iGaming operators are prohibited from offering gambling inducements, bonuses and credits as part of their broad public advertising and marketing activities (Standard 2.05). These Standards exist to protect Ontarians from predatory advertising and promotional marketing practices in order to limit the risk of gambling-related harm.

A registered operator served with an OMP by the AGCO has the right to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), which is an adjudicative tribunal independent of the AGCO and part of Tribunals Ontario.

QUOTE

“Responsible gambling safeguards and the protection of Ontarians on registered gaming sites is among our key priorities. The AGCO monitors the activities of all registered operators and their third-party suppliers to ensure they are meeting our high standards and we continue to take strong action to ensure they operate within the public interest.”

Dr. Karin Schnarr, Chief Executive Officer and Registrar – AGCO

ADDITIONAL INFORMATION

BetMGM Canada Inc. failed to comply with the Registrar’s Standards for Internet Gaming. Specifically, the licensee failed to comply with the following provisions of the Standards:

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  • 1.19 Operators are responsible for the actions of third parties with whom they contract for the provision of any aspect of the Operator’s business related to gaming in Ontario and must require the third party to conduct themselves in so far as they carry out activities on behalf of the operator as if they were bound by the same laws, regulations, and standards.
  • 2.05 Advertising and marketing materials that communicate gambling inducements, bonuses and credits are prohibited, except on an operator’s gaming site and through direct advertising and marketing, after receiving active player consent.

Contrary to the Standards, BetMGM Canada Inc. and/or their affiliates allegedly engaged in the following activities:

a) On or about January 13 and 14, 2024, BetMGM representatives were alleged to have attended the National Franchise Show and were offering $100 in cash to new players for opening a new account and depositing $15.
b) On or about March 11, 2024, BetMGM acknowledged that its marketing affiliate “Above the Street” had engaged in prohibited inducement marketing. The conduct resulted in 377 player sign-ups and $127,180.00 in commissions to “Above the Street”.
c) On or about April 13, 2024, another BetMGM marketing affiliate “Maple Leaf Marketing” engaged in prohibited inducements and marketing to induce on-site activations and acquire new players. The conduct resulted in 94 player sign-ups and about $34,000.00 in commissions paid to “Maple Leaf Marketing”.
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BCLC Launches “What’s played here stays here” Campaign

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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.

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