Thursday, B2B gaming platform technology provider Bragg Gaming Group (TSE:BRAG) (OTCMKTS:BRGGF) released its annual financial results for the three months and year ended Dec 31, 2020.
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Bragg Gaming Group's Revenue Up 74.6% YoY
The results are staggering, with full year revenue up 74.6% year over year. Furthermore Bragg Gaming Group’s fourth quarter revenue is up 75.7% from the comparable period last year.
“We’ve made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we’ve delivered,” said Adam Arviv, Interim Chief Executive Officer of Bragg. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
The considerable earnings spike can be attributed to some of Bragg’s key strategic activities in 2020. First and foremost, Bragg has been rapidly building a global list of partnerships, adding 54 B2B operators over the FY period. This figure includes the addition of 21 operators in the fourth quarter alone. The list of novel partnerships features entry into international markets including Switzerland, Bulgaria, Portugal, Latvia, Czech Republic and Spain.
Bragg also announced significant progress in revenue diversification thanks to its year of global expansion. 58% of revenue is now derived from the top 10 customers, as compared to 72% in 2019.
New CEO To Assume Role Beginning May 1st
The earnings announcement came only days after Bragg Gaming Group announced its new CEO, Richard Carter, set to assume the role beginning May 1st. Carter brings five years of experience as CEO at the interactive sports betting provider SB Tech, leaving after a successful 3.3 billion dollar merger with DraftKings and a major American acquisition corp.
“We’re particularly pleased with the overall performance of Bragg during 2020 and believe we have built strong foundations to support future market share gains and new market entry,” said Carter. “Adam and I have taken active leadership roles within Bragg to ensure the future success of the Company. We’re aligned in our strategy to grow the group’s underlying operating profit margin and to expand rapidly into new markets, particularly the burgeoning U.S. market.”
After notable success overseas, Bragg now has plans to turn its focus to the Canadian and American markets where the total addressable market for iGaming is set to reach $8 and $40 billion respectively upon full legalization. With rapidly growing ventures in the international and domestic markets, Bragg Gaming Group is rapidly establishing itself as a global force in the iGaming industry and will be one to watch in 2021.
