Canada
Bragg Gaming Group Fourth-Quarter Revenue Rises 50.3% to a Record €23.7 Million

Gross profit rises 61.6% to €13.0 million (US$14.0 million) reflecting higher revenue and 390 basis point improvement in gross profit margin to 54.9%
Adjusted EBITDA improves by 128.3% to €3.6 million (US$3.9 million)
Full-year 2022 revenue rises 45.3% to €84.7 million (US$91.1 million) and adjusted EBITDA grows 64.0% to €12.1 million (US$13.0 million)
Updates full-year 2023 guidance for revenue of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA of €14.5-16.5 million (US$15.6-17.7 million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, today reported record financial results for the fourth quarter and full year ended December 31, 2022. The company also provided an update on its strategic growth initiatives and updated its growth targets for 2023 revenue and adjusted EBITDA.
Chief Executive Officer commentary:
“Bragg Gaming Group concluded a transformational 2022 with another quarter of record results as fourth quarter revenue, gross profit and adjusted EBITDA grew significantly compared to the fourth quarter of 2021 and exceeded our prior expectations,” said Yaniv Sherman, Chief Executive Officer for Bragg Gaming Group. “In the fourth quarter of 2022, we generated year over year revenue growth of 50.3% to €23.7 million (US$25.5 million), a 61.6% increase in gross profit to €13.0 million (US$14.0 million), a 390-basis point improvement in gross profit margin to 54.9%, and a 128.3% increase in adjusted EBITDA to €3.6 million (US$3.9 million). These record results highlight Bragg Gaming Group’s ongoing substantial momentum as we continue to successfully diversify our operations from serving primarily central-European iGaming markets to become a global, content-led, iGaming solutions provider with extensive distribution across North America and Europe. Our successful execution on our operating priorities is also evident in our record full-year results, as revenue, gross profit and adjusted EBITDA grew 45.3%, 59.2% and 64.0%, respectively, over the 2021 full-year period.
“With the full integration of our Wild Streak Gaming and Spin Games acquisitions and our four game development studios hitting their stride and consistently growing their game development output, Bragg Gaming Group has the foundation to scale as a global business. Reflecting our content-led focus, since the beginning of 2022, we have launched our new proprietary and exclusive third-party content with six operators in three US markets as well as in multiple additional global iGaming markets.
“Our ability to generate consistent revenue and margin growth reflects our approach to differentiate our iGaming content by internally developing a steady stream of player-popular games (20 games across the globe in 2022) complemented by exclusive third-party games from leading development studios (23 games in 2022). This approach provides our operating partners with content that engages their players at higher levels as the peak revenue generation of our newest premium proprietary and third-party games has been excellent and the performance tail for these games is significantly longer than similar games. We are confident that the acceleration of our development of proprietary games and third-party exclusive games will help us gain further market share in our existing markets as well as in new markets, particularly in North America.
“We are executing well on our many growth opportunities to deliver profitable revenue growth and increasing cash flow going forward. In addition to our content focus, our growth drivers include our ability to provide an industry-leading PAM and our state-of-the art FUZE game-optimization technology to drive higher player engagement, which results in higher revenues and lifetime player value for iGaming operators. We also expect the development and introduction of proprietary games in North America and Europe will accelerate in the second half of 2023, which will further benefit our margins and drive our operating momentum. As a result, our outlook for 2023 revenue of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA of €14.5-16.5 million (US$15.6-17.7 million) – with the midpoints of the ranges representing year-over-year growth of 12% and 28%, respectively – demonstrates the strength of our operating model. We are excited about the opportunities 2023 presents as we continue to execute on our strategic priorities to create long-term shareholder value.”
Fourth-quarter 2022 and recent business highlights:
* Bragg Gaming Group’s new content went live in Michigan with BetMGM
* Entered Belgium market with debut partner Napoleon Sports and Casino
* Entered into an agreement with Sega Sammy Creation Incorporated (SSC) for the exclusive rights to distribute select titles from SSC’s popular content portfolio to iGaming operators in the US, UK and other global markets
* The company’s new content recently went live in New Jersey with Caesars Sportsbook & Casino, DraftKings, Rush Street Interactive’s Betrivers.com, and Resorts Digital Gaming.
Fourth-quarter 2022 financial results and other key metrics highlights:
* Revenue increased by 50.3% to €23.7 million (US$25.5 million) compared to €15.8 million (US$17.0 million) in 4Q21.
* Wagering revenue generated by customers of €5.1 billion (US$5.5 billion) increased from €3.1 billion (US$3.3 billion) in 4Q21.
* Gross profit increased 61.6% to €13.0 million (US$14.0 million) from €8.0 million (US$8.6 million) in 4Q21, representing a gross profit margin of 54.9%. Gross profit in 4Q22 reflects a change in product mix towards turn-key Player Account Management (PAM) customers, managed services and proprietary content, resulting in improved gross profit and adjusted EBITDA compared to the year-ago period.
* Net loss for the period was €0.9 million (US$1.0 million), an improvement from a net loss of €2.0 million (US$2.2 million) in 4Q21, primarily due to the higher gross profit partially offset by an increase in total employee costs, depreciation and amortization, IT and hosting costs, transactional and exceptional costs, sales and marketing expense and other operational and travel costs.
* Adjusted EBITDA was €3.6 million (US$3.9 million), an increase of 128.3% compared to €1.6 million (US$1.7 million) in 4Q21, representing an adjusted EBITDA margin of 15.4%, compared to 10.1% in 4Q21.
2022 full-year financial results and other key metrics highlight:
* Revenue increased by 45.3% to €84.7 million (US$91.1 million) compared to €58.3 million (US$62.7 million) in 2021.
* Wagering revenue generated by customers of €17.7 billion (US$19.0 billion) increased from €14.3 billion (US$15.4 billion) in 4Q21.
* Gross profit increased 59.2% to €45.1 million (US$48.5 million) from €28.3 million (US$30.4 million) in 2021, representing a gross profit margin of 53.2%.
* Net loss for the period was €3.5 million (US$3.8 million), an improvement from a net loss of €7.5 million (US$8.1 million) in 2021, primarily due to the higher gross profit partially offset by an increase in selling, general and administrative expenses and a gain on the remeasurement of deferred consideration.
* Adjusted EBITDA was €12.1 million (US$13.0 million), an increase of 64.0% compared to €7.4 million (US$8.0 million) in 2021, representing an adjusted EBITDA margin of 14.2%, compared to 12.6% in 2021.
* Cash flow from operations was €5.8 million (US$6.2 million), an increase of €5.7 compared to €0.1 million (US$0.1 million) cash flow from operations in 2021.
* Cash and cash equivalents as of December 31, 2022 was €11.3 million (US$12.2 million) and net working capital, excluding deferred consideration, was €6.6 million (US$7.1 million).
Updated full-year 2023 revenue and adjusted EBITDA guidance:
Bragg Gaming Group provided an update on its expectation for 2023 full-year revenue adjusted EBITDA growth with revenue expected to rise approximately 10% to 15% to a range of €93-97 million (US$100.0-104.3 million) and adjusted EBITDA expected to increase approximately 20% to 36% to a range of €14.5-16.5 million (US$15.6-17.7 million). Given the stronger than previously anticipated 4Q22 revenue and adjusted EBITDA, Bragg Gaming Group’s updated guidance reflects an increase from the initial expectations provided at the time the company reported 3Q22 results in November 2022.
Investor conference call:
The company will host a conference call today, March 21, 2023, at 8:30am Eastern Time, to discuss its fourth-quarter and full-year 2022 results. During the call, management will review a presentation that will be made available to download at https://Investors.Bragg.Group/Financials/Quarterly-Results/Default.aspx. To join the call, please use the below dial-in information:
Participant Toll-Free Dial-In Number (US/Canada): (888) 210-4227
Participant Toll Dial-In Number (International): (646) 960-0341
United Kingdom: Toll-Free: +44 800 358 0970
United Kingdom: Toll Dial-In: +44.20.3433.3846
Conference ID: 2522980
Or join the webcast at https://Investors.Bragg.Group/Events-And-Presentations/Events/Default.aspx.
A replay of the call will be available until March 28, 2023, following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980.
Canada
High Roller Submits Gaming License Application in Ontario

High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
Canada
IAGR announces program for IAGR2025 conference in Toronto

The International Association of Gaming Regulators (IAGR) has released the program for its upcoming annual conference, to be held in Toronto from 20-23 October.
With the theme ‘Resilient regulation: Exploring what works, why and what’s next’, the event brings together global regulators and thought leaders to examine how regulatory frameworks can evolve to meet today’s challenges.
The four-day program explores timely issues, including the rise of AI and behavioural analytics, the impact of converging technologies, cross-border collaboration and the continued push to strengthen responsible gambling policies.
IAGR President Ben Haden said the program offers a strong preview of the content and conversations delegates can expect in Toronto.
‘This year’s program showcases the breadth and complexity of the challenges facing gambling regulators worldwide, from protecting player wellbeing to tackling illegal markets and understanding new technologies,’ Haden said.
‘I encourage regulators, researchers and policy professionals from around the world to join us in Toronto. The conference is a space to learn, share experience, challenge assumptions and shape the future of effective, collaborative regulation.’
Confirmed speakers and panellists include:
- Andrew Rhodes, CEO, Gambling Commission, Great Britain
- Anders Dorph, Director, Danish Gambling Authority, Denmark
- Dr Karin Schnarr, CEO and Registrar, Alcohol and Gaming Commission of Ontario, Canada
- Mark Vander Linden, Director of Research and Responsible Gaming and Carrie Torrisi, Chief of Sports Wagering Division, Massachusetts Gaming Commission, United States
- Bashir Are, CEO, Lagos State Lotteries and Gaming Authority, Nigeria
- Teo Chun Ching, Chief Executive, Gambling Regulatory Authority, Singapore
- Ladipo Abiose Akolade, Founder, GamblePause Initiative Africa, Nigeria
- Rasmus Kjaergaard, CEO, Mindway AI, Denmark
- Tracy Parker, Senior Vice President, Accreditation, Advisory and Insights, Responsible Gambling Council, Canada
- Pedro Romero, Chief of Safer Gambling Partnerships, BetBlocker, Gibraltar
- Sonia Wasowska, Head of Supervision, General Commercial Gaming Regulatory Authority, United Arab Emirates
- Steven Blackburn, Partner, Ashurst Risk Advisory, Australia
The event will be held at The Westin Harbour Castle on Toronto’s waterfront.
Canada
Edmonton Elks, Play Alberta Connect on New Partnership

Home field advantage has a new name, as the Edmonton Elks announced that Play Alberta Field at Commonwealth Stadium is now the home of the Elks.
The field naming rights are part of a broader multi-year agreement between Play Alberta and the EE, making Play Alberta the official sports betting partner of the Club.
“We couldn’t be more excited to expand our partnership with Play Alberta. This partnership is about more than just putting a name on the field – it’s about building something meaningful for our fans and our community. Play Alberta is an Alberta-based organization that shares our values and our commitment to giving back. Together, we’re creating new ways for fans to connect with our team and experience the game day atmosphere in a whole new way,” said Elks President and CEO Chris Morris.
The expanded relationship between the Elks and Play Alberta will allow the game day experience to continue to grow. Fans can look forward to unique activations and promotions around the stadium, including the chance to win game tickets and memorabilia.
“Since Play Alberta’s launch five years ago, our team has made it a priority to connect with the communities where our players live and work. We are very excited to join the Edmonton Elks on the field on game days during upcoming CFL seasons. Play Alberta Field at Commonwealth Stadium allows us to partner with the Elks and showcase two brands built for Albertans in a historic Edmonton location,” said Alberta Gaming, Liquor and Cannabis Chief Executive Officer Kandice Machado.
The Elks open their 76th season on Saturday, June 7 in Vancouver when they take on the B.C. Lions. Edmonton’s home opener at Play Alberta Field at Commonwealth Stadium is slated for Thursday, June 19 against the Montreal Alouettes.
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