Bragg Gaming (TSX:BRAG) is a Toronto-based company that operates as a technology and content supplier to the gaming industry around the world. Shares of this reeling TSX stock have plunged 37% in 2022 as of close on November 29. The stock is down 49% year over year.
Canadian investors should be eager for exposure to the online gambling market. Straits Research estimated that the global online gambling market was valued at US$57 billion in 2021. The report projects that this market will rise to US$153 billion by 2030. That would represent a compound annual growth rate (CAGR) of 11% over the forecast period.
This company unveiled its third quarter fiscal 2022 earnings on November 10. Bragg Gaming delivered revenue growth of 62% to €20.9 million. Meanwhile, gross profit jumped 58% to €10.4 million and adjusted EBITDA climbed 51% from the prior year to €2.2 million.
Bragg Gaming was powered by growth in its global base of customers across its iGaming markets. That included solid growth in North America. This company is a content-led business that aims to bolster the number of proprietary games it develops as well as an increase in third-party games.
Looking ahead, this company reiterated its 2022 outlook for the full year. Bragg projects revenues between €76-80 million and adjusted EBITDA between €10-11 million. Shares of this TSX stock possesses a Relative Strength Index (RSI) of 32. That puts Bragg just outside of technically oversold territory.
