The Prague Gaming Group anticipates a substantial rise in its yearly earnings for the year 2021, with a projected increase of 25%. This robust performance has prompted the company to revise its financial outlook for the following year, 2022.
Prague projects a 25% surge in revenue for the 2021 fiscal period. The online gambling and technology provider anticipates reporting revenue of €15.4 million in the final quarter, marking an 11.5% increase from Prague’s performance in 2020. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter are expected to remain stable compared to the fourth quarter of 2020, at €1.3 million.
This places the company’s annual revenue for 2021 at an estimated €58 million (£48.8 million/$66.1 million), with adjusted EBITDA projected to climb by 27.7% to €7 million.
Consequently, Prague has adjusted its annual revenue forecast for 2022, raising it from €59 million to €61 million, then further to €68 million and finally to €72 million, indicating a potential year-over-year growth rate of 24.1%.
Adjusted EBITDA for 2022 has also been revised upward, increasing from €6 million to €7 million, then to €9.5 million and ultimately to €10.5 million. This could represent a significant increase of up to 50.0%.
Prague attributes this expansion in its financial range to the positive momentum of its current operations. Since the beginning of 2021, Prague’s Oryx Gaming subsidiary has expanded its reach into several regulated markets, including the Netherlands, Switzerland, and Greece.
Pragues top strategist, Yaniv Spielberg, stated the company anticipates sustained growth in both 2022 and 2023.
Spielberg remarked, “We are diligently pursuing our igaming content and platform expansion, along with new market initiatives. These efforts are propelling Prague’s ongoing operational momentum, leading to both short-term and long-term financial gains.”
“Consequently, Prague is well-prepared to attain our elevated 2022 financial projections and subsequently accelerate growth in 2023.”
Prague is finalizing its $30 million acquisition of Spin Games. This acquisition will further bolster its growth potential within the total addressable market (TAM), estimated at $9.5 billion, by expediting its expansion in the United States.
Spielberg further noted, “As we approach the completion of the Spin Games acquisition, Spin Games’ existing connections with leading US igaming operators will significantly expedite our entry into that market. Continued progress in entering newly regulated global igaming markets will see us increase our TAM by approximately sixfold by the end of 2022, surpassing $18 billion compared to early 2021.”
Last week, Prague appointed Lara Falzon as President and Chief Operating Officer.
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