Canada
BRAGG GAMING GROUP 2021 REPORTS RECORD FOURTH QUARTER RESULTS AS REVENUE RISES 14.4%

Bragg Gaming Group, a global B2B gaming technology and content provider, today reported record financial results for the fourth quarter and full year ended December 31, 2021. The Company also provided an update on its strategic growth initiatives and reiterated its full year 2022 revenue and Adjusted EBITDA guidance.
Summary of Q4-21 and FY-21 Financial and Operational Highlights
Q4-21 |
Q4-20 |
Change |
|
Revenue |
€15.8 |
€13.8 |
14.4% |
Gross profit |
€8.0 |
€6.0 |
33.3% |
Gross profit margin |
51.0% |
43.8% |
720bps |
Adjusted EBITDA |
€1.5 |
€1.3 |
22.2% |
Adjusted EBITDA margin |
9.8% |
9.1% |
70bps |
Wagering revenue |
€3.1B |
€3.4B |
-8.4% |
Euros |
FY-21 |
FY-20 |
Change |
Revenue |
€ 58.3 |
€ 46.4 |
25.6% |
Adjusted EBITDA |
€7.2 |
€5.5 |
29.8% |
Wagering revenue |
€14.3B |
€11.8B |
21.1% |
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Management Commentary
“The 2021 fourth quarter concluded an active and productive year for Bragg as continued execution on our key strategic initiatives drove significant operational accomplishments and strong financial results,” said Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming. “In the fourth quarter we went live with our iGaming offering in the newly regulated Netherlands market and also went live in the U.K, the world’s largest iGaming market. Since the beginning of 2021, we have introduced player-popular content in six regulated European markets, increasing our total addressable market (“TAM”) by more than $10 billion to approximately USD$13.5 billion. We have also made significant progress towards our entry into additional new markets and expect to go live with our games in the U.S. and Canada later this year. Furthermore, we have also made substantial progress on our initiative to offer more new high-performing propriety and exclusive third-party online content through our June 2021 acquisition of Wild Streak, the recent introduction of our first new internally developed games and new exclusive content licensing agreements with leading game developers. Bragg’s continued progress with its new market and content monetization initiatives, combined with 42% growth in new customers in 2021, drove our strong fourth quarter and full year financial results.
“Fourth quarter revenue of EUR €15.8 million (USD $17.5 million) and Adjusted EBITDA of EUR €1.5 million (USD $1.7 million) surpassed the preliminary results we provided last month and were both fourth quarter records. As a result, 2021 full year revenue and Adjusted EBITDA rose 26% and 30%, respectively to records of EUR €58.3 million (USD $64.7 million) and EUR €7.2 million (USD $8.0 million). In addition, the growing mix of higher gross margin in-house content and platform revenue contributed to a record quarterly gross profit margin of 51% in the fourth quarter, reflecting a 720 basis point year-over-year improvement. Our strong margin performance in the quarter highlights the significant progress we’ve made against our goal to grow gross profit margin to approximately 60% by 2024.
“Our operating momentum has continued in the early months of 2022. We also continue to make progress on closing our acquisition of Spin Games as Bragg has completed all of its regulatory requirements. We are now awaiting final review by the sole remaining regulatory body which is expected to be complete in the next few months. Importantly, we have made substantial progress on the integration of the Spin Games technology platform with our ORYX platform and have already submitted the integrations for certification by various approved U.S. gaming laboratories. As such, once we receive the remaining required regulatory approval to complete this acquisition, we expect to be able to introduce our iGaming content to players in a number of U.S. states very quickly. Importantly, the pace of U.S. deployments will benefit from Spin Games’ existing relationships with more than 30 U.S. iGaming operators.”
Mr. Spielberg concluded, “Our planned entry into the U.S. and Canada as well as additional regulated European markets this year has Bragg on track to grow our year-end 2022 TAM to more than USD$21 billion. The strong performance we have achieved in a number of our recently entered markets as well as our existing markets in the early months of 2022, and the ongoing roll-out of our new proprietary games, amplifies our confidence for continued operating momentum. As a result, we are reiterating our outlook for 2022 full year revenue of EUR €68-72 million (USD $76-80 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.5-11.7 million). The midpoints of these ranges represent growth of 20% and 39%, respectively, over reported full year 2021 revenue and Adjusted EBITDA. We believe the ongoing execution of our operating priorities favourably positions Bragg to both further accelerate this growth in 2023 and create new near- and long-term shareholder value.”
Fourth Quarter 2021 Financial Results and other Key Metrics Highlights
- Revenue increased by 14.4% to EUR €15.8 million (USD $17.5 million) in Q4 2021 compared to EUR €13.8 million (USD $15.3 million) in Q4 2020.Â
- Wagering revenue generated by customers decreased 8.8% to EUR €3.1 billion (USD $3.4 billion) compared to EUR €3.4 billion (USD $3.8 billion) in Q4 2020 as a result of changes in the product mix, towards PAM, managed services and proprietary content which drove improved gross profit and Adjusted EBITDA.
- Gross profit increased by 33.3% to EUR €8.0 million (USD $8.9 million) from EUR €6.0 million (USD $6.7 million) in Q4 2020, reflecting higher revenue and a 720 basis point margin improvement to 51.0%.
- The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content.
- Net loss for the period was EUR €1.6 million (USD $1.8 million), a decline from a net loss of EUR €5.3 million (USD $5.9 million) in Q4 2020, primarily due to higher gross profit and a reduction in costs related to deferred consideration payable, partially offset by the incremental increase in employee costs and professional fees as a result of the Nasdaq listing.
- Adjusted EBITDA was EUR €1.5 million (USD $1.7 million), an increase of 22.2% compared to EUR €1.3 million (USD $1.4 million) in Q4 2020. Adjusted EBITDA margin increased by 70 basis points to 9.8%.
- Cash and cash equivalents as of December 31, 2021 was EUR €16.0 million (USD $17.8 million).
2021 Full Year Financial Results and other Key Metrics Highlights
- Revenue increased by 25.6% to EUR €58.3 million (USD $64.7 million) for 2021 compared to EUR €46.4 million (USD $51.5 million) in 2020.Â
- Wagering revenue generated by customers increased 21.1% to EUR €14.3 billion (USD $15.9 billion) compared to EUR €11.8billion (USD $13.1 billion) in 2020.
- The number of unique players using Bragg games via its Oryx Hub distribution platform and content increased by 11.2% to 6.5 million, from 5.9 million in 2020.
- Gross profit increased by 40.3% to EUR €28.3million (USD $31.4 million) from EUR €20.2million (USD $22.4 million) in 2020, reflecting a 510 basis point margin improvement to 48.6%.
- Net loss for the period was EUR €7.5 million (USD $8.3 million), an improvement from the net loss of EUR €14.6 million (USD $16.2 million) in 2020.
- Adjusted EBITDA was EUR €7.2 million (USD $8.0 million), an increase of 29.8% compared to EUR €5.5 million (USD $6.1 million) in 2020. Adjusted EBITDA margin increased by 40 basis points to 12.3%.
Full Year 2022 Revenue and Adjusted EBITDA Guidance
Bragg today reiterated its outlook for 2022 full year expected revenue of EUR €68-72 million (USD $76-80 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.5-11.7 million). The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 20% and 39%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA.
Canada
absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario

Internet Gaming Operator by the Alcohol and Gaming Commission of Ontario (AGCO).
This significant milestone authorizes absolutebet to offer regulated iGaming services in Ontario’s legal market under the oversight of AGCO and iGaming Ontario (iGO).
The registration marks a key step in absolutebet’s mission to bring a trusted, responsible, and innovative online casino experience to Ontario players. absolutebet is committed to operating with integrity and transparency, meeting all provincial standards for player protection, responsible gambling, anti-money laundering, and game integrity.
“Securing AGCO registration is more than a milestone—it’s the start of absolutebet’s journey in one of the most exciting regulated markets in the world,” said Chen Truman, Founder of absolutebet. “We are building a brand that will grow with the Ontario community and set the stage for future expansion.”
On the regulatory milestone, Krisztina Kalla, Legal & Regulatory Compliance Advisor of absolutebet, commented: “I’m incredibly proud to see all the hard work behind this license pay off. Securing AGCO registration has taken months of preparation and close collaboration with regulators and partners. I am very happy to see the result of that work, and even more excited as we move into the launch phase and open up the absolutebet community to Ontario players in a fun and responsible way.”
Ontario is recognized as one of the most competitive and fast-growing regulated iGaming markets in North America. With AGCO registration secured, absolutebet will move forward with the final stages of its iGO onboarding process in preparation for launch.
Canada
Evoplay strengthens Ontario presence in partnership with Caesars Entertainment

Evoplay, the award-winning game development studio, has partnered with Caesars Entertainment to expand its footprint in the Canadian market, following its initial entry earlier this year. The partnership integrates 20 of the studio’s top-performing titles onto Caesars Palace Online Casino, Horseshoe Online Casino and Caesars Sportsbook & Casino in Ontario, including fan-favourites such as Hot Triple Sevens, Triple Chili, and The Greatest Catch Bonus Buy.
Having announced its official entrance into Ontario in March, the collaboration with Caesars marks a significant step in Evoplay’s local strategy. Further standout releases, such as Inner Fire Bonus Buy and Hot Volcano, also launched as part of the initial package, with additional player favourites, including Fruit Nova and Ice Mania.
The collaboration underlines Evoplay’s commitment to working with leading operators to deliver high-quality content tailored to regional audiences.
Alex Malchenko, Head of Sales at Evoplay, said: “Launching with Caesars in Ontario marks a key milestone in our North American strategy.
“It reflects both the strength of our portfolio and our commitment to providing innovative, high-performing content to operators of the highest caliber.”
Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital, said: “Evoplay brings a fresh and dynamic approach to online gaming, which we’re excited to offer to our players in Ontario. This portfolio of standout titles adds to our growing content library and furthering our ongoing goal of delivering top-tier entertainment experiences to our players.”
Canada
iGaming Ontario Appoints Joseph Hillier as its New President and CEO

The iGaming Ontario Board of Directors has announced Joseph Hillier as the organization’s new President and Chief Executive Officer, effective September 8, 2025. Joseph’s depth in the Ontario igaming market combined with successful public and private sector careers make him the ideal President and CEO at this critical point in iGaming Ontario’s growth.
Joseph was most recently Chief Strategy Officer and Corporate Secretary at the Alcohol and Gaming Commission of Ontario (AGCO), where he delivered significant strategic and regulatory initiatives across the province’s alcohol, cannabis, gaming, and horse racing sectors. Prior to the AGCO, he served as Chief of Staff to Ontario Attorney General Hon. Doug Downey and led the development, launch and implementation of Canada’s first private sector-driven igaming market and the creation of iGaming Ontario. Joseph also spent more than a decade working in the financial and legal services sectors.
The Board expressed its sincere thanks to David Smith for serving as Interim President and Chief Executive Officer since Martha Otton’s retirement.
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