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BRAGG Bragg Gaming Group Announces Record Fourth Quarter and Full Year 2020 Results Full year revenue up 74.6 % year over year ; a 58.4 % CAGR since FY 2018 Fourth quarter revenue up 75.7 % from the comparable period in the previous year TORONTO , March 25 , 2021 ( GLOBE NEWSWIRE ) B2B gaming platform technology provider Bragg Gaming Group ( TSX : BRAG , OTC : BRGGF ) ( " Bragg " or the " Company " ) today released its annual financial results for the three months and year ended Dec 31 , 2020 . " 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 . " " 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 Richard Carter , Chair of the Board at Bragg . " 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 underling operating profit margin and to expand rapidly into new markets , particularly the burgeoning U.S. market . Our extensive experience and wide - ranging industry networks within this constantly expanding market will add significant value for Bragg shareholders . We are now extremely well - positioned to capitalize on the strong growth in the online gaming sector globally . " FY 2020 financial highlights • Revenue¹ increased by 74.6 % in 2020 , up to € 46.4M ( C $ 68.7M² ) , as compared to € 26.6M ( C $ 39.3M ) for full year 2019 , representing a yearly 58.4 % CAGR since FY 2018 Wagering revenue generated by customers increased by 73.5 % to € 11.8B ( C $ 17.5B ) as compared to € 6.8B ( C $ 10.1B ) during full year 2019 . Adjusted EBITDA³ increased by 432.8 % , up to € 5.5M ( C $ 8.2M ) from € 1.0M ( C $ 1.5M ) the previous year , with margins increasing significantly from 3.9 % to 11.9 % , achieved by reaching higher scale and practising firm cost control . • Net loss for the period was € 14.6M ( C $ 21.6M ) compared to a net loss of € 11.9M ( C $ 17.7M ) in the comparable period , due primarily to the re - measurement of deferred and contingent consideration and the accretion of liabilities for the ORYX earn - out . • Cash and cash equivalents as of December 31 , 2020 amounted to € 26.1M ( C $ 38.6M ) compared to € 0.7M ( C $ 1.0M ) on December 31 , 2019 . Q4 2020 financial highlights • Revenue increased by 75.7 % to € 13.8M ( C $ 20.4M ) , compared to € 7.8M ( C $ 11.6M ) for the fourth quarter of 2019 , representing a quarterly growth of 12.4 % CAGR since Q1 2019 • Quarter over quarter revenue increase of 18 % , from € 11.7M ( C $ 17.3M ) in the third quarter to € 13.8M ( C $ 20.4M ) in the fourth quarter . Wagering revenue generated by customers up by 50.1 % to € 3.2B ( C $ 4.7B ) compared to € 2.1B ( C $ 3.2B ) in the fourth quarter of 2019 . • Increase of 70.1 % in unique players using Bragg games and content , up to 2.50M from 1.47M during the comparable quarter in 2019 . • Adjusted EBITDA was € 1.3M ( C $ 1.9M ) , up 70.8 % compared to € 0.7M ( C $ 1.1M ) , with a decrease in margins from 9.4 % to 9.1 % , primarily as a result of professional fees and corporate costs incurred through up - listing from the TSX - Venture Exchange to the Toronto Stock Exchange . • Net loss for the period was € 5.3M ( C $ 7.9M ) , in line with Q4 2019 results of € 5.3M ( C $ 7.9M ) . Selected fourth quarter and full year key performance indicators Euros ( Thousands ) Q4-20 Q4-19 % Revenue 13,778 Adjusted EBITDA 1,259 7,841 737 75.7 % FY 2020 46,421 FY 2019 % 26,592 74.6 % 70.8 % 5,546 1,041 432.8 % Adjusted EBITDA margin 9.1 % 9.4 % -0.3 % 11.9 % 3.9 % 205.2 % Operational Q4-20 Q4-19 Wagering revenue 3.2B 2.1B % 50.1 % FY 2020 FY 2019 % 11.8B 6.8B 73.5 % Unique players 2.50M 1.47M 70.1 % 5.87M 2.75M 113.6 % Revenue / top 10 customers 66 % 67 % -1.6 % 58 % 72 % -18.8 % Business highlights