This was a rise of 36.3% from the first quarter of 2021.
Almost half of this – €9.5m – came from the Netherlands alone. As the Dutch online gambling market opened in October 2021, there is no comparative data for the first quarter of 2021.
Revenue from Curaçao was €3.6m, up by 32%, while revenue from Malta fell considerably from €9.4m in Q1 2021 to €3.1m.
For the rest of Europe, revenue was €2.1m, a rise of 15.1%. Revenue from the rest of the world was €775,000, up by €703,000 after only a minimal total in this area a year earlier.
“We expect to grow our presence in Ontario over the next several months through agreements with additional large, well-known operators.” said Yaniv Spielberg, chief strategy officer for Bragg Gaming.
The total cost of revenue increased by 23.7% to €9.3m. This meant gross profit reached a record-breaking €10m, a rise of 50.6% year-on-year.
Selling, general and administrative expenses grew to €10.2m, up by 43.7%.
This, along with a gain on remeasurement of warrant liabilities at €37,000, left the operating loss at €228,000, a decline of 54.3% from the loss recorded in Q1 of 2021.
After net interest expenses of €67,000, the pre-tax loss was €295,000. However this was still 48% less than in Q1 2021.
Income taxes at €425,000 brought the final net loss to €720,000, more than €350,000 less year-on-year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also broke previous records, at €3m, up from €2.3m.
“Our momentum continued in the first quarter as the successful execution of our growth initiatives focused on offering more higher-margin proprietary and third-party exclusive games and our igaming player account management, combined with ongoing expansion into new regulated igaming markets, drove strong growth in our operating results,” said Spielberg.