Bragg Gaming Group, Inc. (NASDAQ: BRAG) (TSX: BRAG) is engaged as a global iGaming technology company, which operates across Europe, North America, Latin America, and more. The company’s wholly-owned subsidiaries include ORYX Gaming and Wild Streak Gaming, which both provide casino gaming online, social, and in-person. Shares of the gaming company are jumping 28% during trading on Tuesday, February 8, 2022. Over the past three months, Bragg Gaming Group has seen average daily volume of 48,240 shares. However, volume of 462,962 shares or dollar volume of around $3.19 million, exchanged hands during trading on Tuesday.
Shares of Bragg Gaming Group are rallying after the company released strong preliminary fourth quarter & full-year 2021 financial results, and later raised 2022 revenue guidance in anticipation of continued multi-year growth outlook. The company says the estimate Q4 2021 revenue to come in approximately $17.6 million and an adjusted EBITDA of $1.5 million. On a full-year basis, the international gaming company estimates revenue of around $66.1 million and an adjusted EBITDA of $8 million for 2021.
Looking forward to full-year 2022, Bragg Gaming Group sets new revenue outlook range of $78 million – 82 million and an adjusted EBITDA range of $10.8 million – 12 million. The outlook estimates represent year-over-year growth of 21% and 43% respectively compared to 2021.
Aside from the preliminary financial results, Bragg Gaming said it expects to complete its acquisition of Spin Games by the end of the first quarter 2022. Management notes the expected timing of the acquisition closing has been factored in to its 2022 guidance figures.
“As we move closer to completing our acquisition of Spin Games, whose existing relationships with leading U.S. iGaming operators will significantly accelerate our entry into the market, and continue to make consistent progress with entering new regulated global iGaming markets, we remain on track to substantially grow our year-end 2022 TAM approximately six-fold compared to the beginning of 2021 to more than USD$18 billion. We also expect our TAM will continue to expand as new states approve iGaming over the next several years. As such, Bragg is favorably positioned to achieve our increased 2022 financial projections and to then continue to accelerate our growth in 2023,” said Chief Strategy Officer, Yaniv Spielberg.
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