Canada
BRAGG GAMING GROUP REPORTS RECORD THIRD QUARTER RESULTS AS REVENUE RISES 62.3% TO €20.9 MILLION (USD $20.9 MILLION)

Bragg Gaming Group, a global B2B gaming technology and content provider, today reported record financial results for the third quarter ended September 30, 2022. The Company also provided an update on its strategic growth initiatives, reiterated its full year 2022 revenue and Adjusted EBITDA guidance and established initial growth targets for 2023 revenue and Adjusted EBITDA.
Summary of 3Q22 Financial and Operational Highlights
Euros (millions)(1) | 3Q22 | 3Q21 | Change | |||||
Revenue | € | 20.9 | € | 12.9 | 62.3 | % | ||
Gross profit | € | 10.4 | € | 6.6 | 58.0 | % | ||
Gross profit margin | 50.0 | % | 51.4 | % | -137 | bps | ||
Adjusted EBITDA(2) | € | 2.2 | € | 1.5 | 51.6 | % | ||
Adjusted EBITDA margin | 10.7 | % | 11.5 | % | -76 | bps | ||
Wagering revenue | € | 4.6 | B | € | 3.2 | B | 42.4 | % |
- Bragg’s reporting currency is Euros. The exchange rate provided is US$1.00 = €1.00. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
- Adjusted EBITDA is a non-IFRS For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
“Our record third quarter results reflect significant year-over-year revenue, gross profit and Adjusted EBITDA growth highlighting our progress in providing value-added content and services to a growing global base of customers across regulated iGaming markets, including in North America,” said Yaniv Sherman, Chief Executive Officer for Bragg. “In the third quarter of 2022, we generated third quarter records for revenue of
€20.9 million (USD $20.9 million), gross profit of €10.4 million (USD $10.4 million), gross profit margin of 50.0%, and Adjusted EBITDA of €2.2 million (USD $2.2 million). Our operating momentum has been consistent throughout the year as for the first nine months of 2022 revenue, gross profit and Adjusted EBITDA have improved significantly, compared to the same period in 2021.
“We continue to make steady progress on our strategic initiatives, including the development of new proprietary content, securing exclusive distribution agreements for popular third-party content and expanding our customer base and the number of markets we serve, including the Dutch market where we have established a leading position following our launch with multiple operators since the market opened. We have also integrated the Wild Streak Gaming and Spin Games acquisitions, established two new in-house game studios, and adjusted other areas throughout the organization to further streamline our operations and better position Bragg to scale as a global business.
“As a content-led business, we are focused on accelerating the number of proprietary games we develop and growing the number of exclusive third-party games from leading studios, such as Sega Sammy Creation, Bluberi and Bally’s Interactive’s Gaming Arts and King Show Games studios, we can offer our customers. Our library of proprietary and exclusive third-party games has grown consistently throughout 2022 and that growth will accelerate in 2023 and beyond. We also continue to further differentiate our content library through new exclusive iGaming content distribution agreements with leading third-party game development studios. Our expanding library of proprietary and exclusive third-party content will serve us well as we deploy these new games over our newer tech stack with customers in markets we already serve, as well as when we enter new markets, particularly in North America.”
Mr. Sherman concluded, “Our positive Adjusted EBITDA, combined with capital we raised in the third quarter positions us to continue to invest to drive further growth. Reflecting our strong performance through the first nine months of the year and our expectations for consistent operating execution in the fourth quarter, we are reiterating our guidance for 2022 full year revenue and Adjusted EBITDA. Looking ahead, we expect our consistent execution against our strategy and growth initiatives will drive further revenue and Adjusted EBITDA growth in 2023. Our expectation that we will continue to deliver top-line and Adjusted EBITDA growth in what is currently a highly dynamic and volatile environment is a testament to our team members ability to execute on our focused strategies, which positions us well to deliver near- and long-term shareholder value.”
Third Quarter 2022 and Recent Business Highlights
- Since July 1, 2022, Bragg’s new Remote Game Server (“RGS”), powered by the Oryx tech stack, has gone live in Connecticut and Ontario as well as in Michigan where the Company’s new proprietary, US-focused content is live with three major iGaming operators.
- In September, Bragg raised net proceeds of USD $8.4 million of growth capital through an investment by Lind Global Fund II LP in the form of a USD $8.7 million convertible debt security which has a face value of USD $10.0 million.
- In September, the Company entered into an iGaming content development partnership with Bally’s Interactive (formally Gamesys), pursuant to which Bally’s Interactive online brands such as Virgin Casino, JackpotJoy and Vera&John will launch content from Bragg’s proprietary slots studios along with a range of exclusive proprietary and third-party titles from Bragg’s existing and future portfolio. Bragg will also distribute titles on an exclusive basis via its RGS from a select number of Bally’s Interactive’s third-party partner studios, marking a new and exclusive distribution channel for iGaming content from certain developers including Gaming Arts and King Show Games.
- In October, Bragg entered into an agreement with Sega Sammy Creation (“SSC”) for the exclusive rights to distribute select titles from SSC’s popular content portfolio to iGaming operators in the U.S., U.K. and other global markets.
Third Quarter 2022 Financial Results and other Key Metrics Highlights
- Revenue increased by 3% to €20.9 million (USD $20.9 million) compared to €12.9 million (USD$12.9 million) in 3Q21.
- Wagering revenue generated by customers of €4.6 billion (USD $4.6 billion) increased from €3.2 billion (USD $3.2 billion) in Wagering revenue in 3Q22 reflects a change in product mix towards turn-key customers (Player Account Management or PAM), managed services and proprietary content, resulting in improved gross profit and Adjusted EBITDA.
- Gross profit increased 58% to €10.4 million (USD $10.4 million) from €6.6 million (USD $6.6 million) in 3Q21, representing a gross profit margin of 50.0%.
- Net loss for the period was €2.0 million (USD $2.0 million), an improvement from a net loss of €2.5 million (USD $2.5 million) in 3Q21, primarily due to higher gross profit that was offset by an increase in IT and hosting costs, professional fees, transnational and exceptional costs, sales and marketing expense and higher depreciation and amortization.
- Adjusted EBITDA was €2.2 million (USD $2.2 million), an increase of 6% compared to €1.5 million (USD $1.5 million) in 3Q21, representing an Adjusted EBITDA margin of 10.7%.
- Cash and cash equivalents as of September 30, 2022 was €17.2 million (USD $17.2 million) which reflects in part the €8.3million (USD $8.4 million) in net proceeds from the convertible debt security issued in September.
Full Year 2022 Revenue and Adjusted EBITDA Guidance
Reflecting its expectation for continued steady operating performance in 4Q22, Bragg reiterated its outlook for 2022 full year expected revenue and Adjusted EBITDA of €76-80 million (USD $76-80 million) and €10-11 million (USD $10-11 million), respectively. The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 34% and 46%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. Bragg also provided an initial expectation for 2023 full year revenue growth of low double- digit percentage and for 2023 full year Adjusted EBITDA growth of at least 20%.
Canada
AGCO Removes Cap on Seller Commission for Charitable Lottery Products

The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.
Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.
These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.
Important Reminders
• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.
• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.
• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.
• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.
For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.
Canada
Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation

Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.
Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growth – all of which is directed at scoring wins for our great clients.”
As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”
The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.
Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”
“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”
“Epic service, very good, I won the case!”
“Great service, friendly atmosphere, and support.”
Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.
“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.
“Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.
“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”
Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.
Canada
INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE

Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
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