Bragg Gaming sees 18% revenue rise in Q1 2023
In its latest financial report, Bragg Gaming has detailed a just over 18% increase in its revenue in the first few months of the year.
The company made just under 23 million euros in the quarter, up from the prior year’s 19.4 million euros of revenue. In turn, the firm’s gross profits went up by a slightly higher margin of 22%, going from 10 million euros to 12.2 million euros. Its profit margin increased as well, from under 52% to 53.5%.
Bragg’s adjusted EBITDA went up by just over 28%, from 3 million euros to 3.9 million euros. This led to an increased EBITDA margin of 17%, in contrast to under 16% recorded in the year prior. The company’s operational cash flow experienced an increase as well, going from 3.9 million euros to 6.4 million euros.
One of the main sources of the provider’s rapid growth is its increasing betting handle, as players placed a total of 5.2 billion euros worth of wagers across Bragg’s technology offerings. This is over 35% higher than the figure recorded in the same period last year, which was at 3.8 billion euros.
The company has been experiencing a period of healthy growth for the past little while, as the firm saw record financial performance in its FY2022 analysis as well.