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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

Surrey Resident Wins Record-Breaking $80-Million Lotto Max Jackpot

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Justin Simporios is normally a sound sleeper who “can fall asleep anywhere” – but he had a very sleepless night, after learning he won an $80-million Lotto Max jackpot from the May 9, 2025 draw. This is the largest lottery jackpot ever won in B.C. and is also the largest jackpot ever won by a single individual in Canada.  

“It was 10:30 p.m.,” recalled Simporios of the moment he realized he won. “I saw that someone won $80 million in Surrey. I was joking and told my wife ‘we’re millionaires!’ and she told me to stop making that joke. After, I manually checked each number before scanning [using the BCLC Lotto! I cried and shouted, ‘we’re millionaires!’” 

The Surrey resident woke up his wife to share the news. “She was in complete disbelief and a bit mad at me because our daughter wasn’t feeling well.” Simporios’ wife luckily agreed this was a good reason to wake her.  

While still in disbelief about his win, Simporios is ultimately most excited to share his windfall with his family. “I want to help my family and my wife’s family. I’ll pay off my sister’s medical school debt and help my mom retire early – just giving my family a head start in life.”  

Giving back to the community in Surrey and B.C. is also a key priority for Simporios. “I’ve struggled before and needed help. Even if I can give an ounce of happiness, I want to help where we can. This feels like a dream.”  

As an avid LA Lakers fan, Simporios mentioned he would like to see LeBron James play before James retires. He also plans to visit his family in the Philippines for a family reunion. “My wife and kid have never visited!”   

On how it feels to win a record-breaking jackpot?   

“The biggest change will be having more time with my wife and family. We want to live with a purpose – to help the community around us.”  

Simporios purchased the winning ticket at the Walmart Supercentre in Central City on King George Boulevard in Surrey. 

So far in 2025, B.C. lottery players have redeemed more than $101 million from Lotto Max. Lotto Max is a nationwide lottery game drawn on Tuesdays and Fridays after 7:30 p.m. (PST).  

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BCLC offers socially responsible gambling entertainment while generating income to benefit all British Columbians. Players can visit PlayNow.com to learn how to set time and money limits. 

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Canada

AGCO calls on media platforms to step up the fight against unregulated online gambling sites

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AGCO calls on media platforms to step up the fight against unregulated online gambling sites

 

The Alcohol and Gaming Commission of Ontario (AGCO) has contacted more than a dozen traditional and digital media platforms, calling on them to stop promoting unregulated online gambling and sports betting sites like Bodog to Ontario residents.

Operated by Il Nido Inc., Bodog is an offshore operator actively targeting Ontarians by advertising on popular traditional and digital media platforms. Despite blocking players in Quebec and Nova Scotia from accessing their unregulated gambling and sports betting sites, Bodog continues to allow Ontarians to access these sites while advertising heavily on traditional and digital media platforms targeting Ontarians.

Under the Gaming Control Act, 1992, Bodog and other online gambling sites are required to register with the AGCO and sign an operating agreement with iGaming Ontario in order to operate in Ontario. Ontario’s regulated igaming framework requires operators to meet comprehensive requirements related to game integrity, player protection, anti-money laundering and information privacy. Bodog’s efforts to direct Ontarians to unregulated gambling undermine player protection and other safeguards which exist in the regulated market, as well as fair market principles.

By airing ads for Bodog and other unregulated operators, legitimate media platforms are providing a veneer of legitimacy to unregulated and high-risk sites and creating confusion for Ontarians. The AGCO is therefore calling on these platforms to take a stand against the promotion of unregulated online gambling sites and remove the ads. By doing so, broadcasters and digital media companies will help reduce the risks these sites pose to Ontarians and support the long-term sustainability of Ontario’s regulated igaming market – all key objectives of the AGCO.

The AGCO will continue to work with its partners – both in Ontario and internationally – to combat these unregulated sites and protect the public.

“The AGCO is committed to protecting Ontario players and ensuring they have the safest experience by playing on regulated igaming sites. By refusing to carry advertising from unregulated and high-risk operators like Bodog, media organizations can exemplify social responsibility and play an important role in protecting Ontarians and supporting Ontario’s regulated market.”  – Dr. Karin Schnarr, Chief Executive Officer and Registrar, AGCO.

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Canada

OLG Selects Caesars Entertainment as the Service Provider for Windsor Casino

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The Ontario Lottery and Gaming Corporation has selected Caesars Entertainment as the Service Provider in the Windsor Casino procurement process. This is the final procurement process in the OLG’s land-based gaming modernization initiative.

Tom Reeg, CEO of Caesars Entertainment, said: “We are thrilled to be selected as the service provider for the Windsor Casino by the OLG. Caesars has a long history of managing Windsor and looks forward to continuing to deliver exceptional guest service and experiences at the property.”

Caesars and its predecessor companies have partnered with the OLG to operate Caesars Windsor (fka. Casino Windsor) since the opening of the temporary facility in 1994. Caesars will assume responsibility for gaming and non-gaming operations of the Windsor casino on behalf of the OLG under a 20-year operating agreement, which is expected to begin in 2026.

OLG requires an 18-month restriction on any organizational changes consistent with other gaming bundle modernizations in Ontario. Unionized employees will continue to be governed by the terms of their collective agreement.

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