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New York, NY – February 17, 2022 – According to a year-end data report released by the European Gaming and Betting Association (EGBA) in partnership with H2 Gambling Capital, online gambling revenue in Europe is expected to grow by 19% this year, to US$99.5 billion gross gaming revenue (GGR). The growth in Europe’s online gambling market is expected to continue and be accelerated by the pandemic. Indeed, online GGR is expected to grow by around 9% per year and reach 41% of total gambling revenue in Europe by 2026, up from 26% in 2019. In addition, we see a fast increase in mobile gaming usage among consumers. Maarten Haijer, Secretary General, EGBA said that there is still significant scope for online development in markets such as France, Germany, Italy and Spain, where the online share of the total gambling market is still relatively small despite the online markets in these countries being relatively mature. Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG), Penn National Gaming (NASDAQ:PENN), Scientific Games Corporation (NASDAQ:SGMS), Enthusiast Gaming Holdings Inc (NASDAQ:EGLX) (TSX:EGLX), and Bally’s Corporation (NYSE:BALY) are companies playing in the online gambling sphere.
Global gaming technology and content specialist Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG) is expecting multi-year growth in its business based on the success of the continued expansion of its iGaming content and platform and new market strategy. Thanks to Bragg‘s current operating momentum, the company expects 2021 full year revenue of approximately US$66.1 million and adjusted EBITDA of approximately US$8.0 million. Bragg also raised its full-year 2022 revenue and adjusted EBITDA guidance to a Range of US$78-82 million and adjusted EBITDA ranging from US$10.8-12 million, reflecting a year-over-year growth of 21% and 43%, respectively.
“The ongoing execution of our iGaming content and platform expansion and new market initiatives are driving Bragg’s consistent operating momentum leading to near- and long-term financial growth,” said Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming. “These factors contributed to stronger than expected financial results in the 2021 fourth quarter and as a result we now expect to exceed our previously provided guidance for full-year 2021 revenue and Adjusted EBITDA.”
Bragg expects to complete the acquisition of Spin Games by the end of the first quarter of 2022. As of January 2021, Bragg has released its popular content to gamers in the following regulated iGaming markets: Switzerland, Germany, Greece, Netherlands, United Kingdom, and the Czech Republic.
ORYX Gaming, a Bragg Gaming Group company, has recently launched its exclusive iGaming content in the Czech Republic in partnership with the SYNOT group, via its SYNOT INTERACTIVE platform. It marks ORYX’s entry into the Czech Republic and strengthens its presence in Central Europe.
For more information about Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG), click here.
Online Gambing Companies Continue to Expand
Penn National Gaming (NASDAQ:PENN) announced on February 3 that its subsidiary theScore Bet has obtained registration as an Internet gaming operator with the Alcohol and Gaming Commission of Ontario (AGCO). theScore Bet was the first prospective operator in Ontario to receive Gaming Labs International certification for Ontario, attesting to the gaming platform’s compliance with the Registrar’s Standards for Internet Gaming, as well as RG Check iGaming accreditation from the Responsible Gaming Council (RGC). Before launching its Internet gaming services on April 4, theScore Bet must meet all remaining regulatory requirements and sign an operating agreement with iGaming Ontario.
Scientific Games Corporation (NASDAQ:SGMS), a long-time sports betting provider in international markets, has launched large-scale retail and digital sports betting and lottery operations in Azerbaijan. The national lottery, Azerloterya, launched sports betting in mid-January with technology from Scientific Games under a 10-year agreement to supply exclusive retail and digital lottery instant games, sports, draw games, and an omnichannel lottery game system. Scientific Games has also recently launched sports betting in Turkey and with the Western Canada Lottery Corporation through a joint venture with Demirören.
Enthusiast Gaming Holdings Inc (NASDAQ:EGLX) (TSX:EGLX), a media and content platform for gaming and esports fans to connect and engage, announced preliminary unaudited financial results for the three months ended December 31, 2021. Fourth quarter 2021 revenue is expected to be $56.9 million, up 34% year-over-year, while 2021 full-year revenue is expected to come in at $167.4 million, a 130% year-over-year increase. During Q4, Enthusiast Gaming completed League of Legends U.GG community acquisition and development of the U.GG desktop application. The company renewed or engaged business with key partners such as Proctor & Gamble, HBO Max, TikTok, Disney, and Square Enix.
Bally’s Corporation (NYSE:BALY), a global casino entertainment company with a growing omnichannel presence of online sports betting and iGaming offerings, has been awarded one of nine licenses to conduct online sports betting in New York State. With New York’s premier professional sports franchises comprised of some of the most prestigious teams in all of sports and a diverse base of dedicated sports fans, this license provides Bally’s with significant opportunities to showcase its best sports betting and increase its player database.
Bragg Gaming Group is poised for strong growth in the years to come as online gambling is gaining market share worldwide.
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