Bragg Gaming Group informed strong results for the third quarter of 2025 including the following highlights:
- Revenue Growth: Total revenue of €26.8 million for the third quarter:
* Revenue increase of 20% (excluding The Netherlands) compared to the third quarter of 2024;
* The Netherlands revenue decreased by 22% year-over-year due to that market’s overall contraction caused by increased regulation and higher taxes;
* Brazil revenue increased by 80% compared to the third quarter of 2024 with continued growth in provider onboarding; and
* United States revenue grew by 86% year-over-year, driven by expanded high-margin proprietary content footprint; and
* Including the impact of The Netherlands, total revenue grew by 2% year-over-year.
- Net Loss and Adjusted EBITDA: Net loss for the third quarter of 2025 was €2.3 million, or €0.09 per common share, compared to €0.2 million, or €0.01 per common share, in the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was €4.45 million, up 9% from €4.08 million in the third quarter of 2024.
- Strategic Market Expansion: Launched content with Fanatics Casino across key iGaming states of New Jersey, Michigan and Pennsylvania, significantly expanding U.S. content footprint. Proprietary content revenue was up 35% in the third quarter of 2025 compared to the third quarter of 2024.
- Balance Sheet Strengthened: Entered into a new US$6 million financing agreement with the Bank of Montreal, replacing its prior debt at less than half the borrowing cost and strengthening its balance sheet to support a strategic shift toward higher-margin, cash-generating operations, with €2 million in annualized synergies realized and a 20% Adjusted EBITDA Margin targeted for second half of 2025.
Third quarter and recent business highlights:
- Bolstered Leadership Team: Appointed Luka Pataky, as EVP of AI and Innovation, and Matej Filipancic to the role of Global Sales Director.
- Enhanced Security: Took immediate action to mitigate any potential impact from a cybersecurity incident in mid-August. The Company reiterates that there is no indication that any personal information was affected, the incident did not have any impact on its ability to continue its operations, nor has it been restricted from accessing any data that was subject to the internal computer breach. Bragg has informed the appropriate authorities and relevant government regulators about the incident.
- Global Content Launches: Launched exclusive and aggregated content with several valued clients, including bet365 (Mexico), StarCasino (The Netherlands), Betsson (Brazil and Spain), Sol Casino (Spain), BetMGM (Brazil), and Napoleon (Romania). In addition, Bragg has launched proprietary and exclusive online casino content with CasinoTime (Ontario), Doradobet (Peru), Betty Casino (Ontario), bet365 (The Netherlands, Spain and Sweden), theScore (Ontario), Aposta Ganha (Brazil), and Soccerbet (Serbia, Montenegro and Bosnia and Herzegovina). Bragg has also launched proprietary online casino content with Luckia (Spain) and delivered Yggdrasil content to key regulated European iGaming markets.
- Significant U.S. Expansion: Expanded U.S. content footprint through the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania. Bragg has also agreed to aggregate Expanse online casino content, as well as a PAM promotion partnership with SCCG across the U.S. market.
- Enhanced Board Alignment with Shareholders: Today, the Company announces that effective January 1, 2026, its Board of Directors has approved a 15% reduction in all Board member fees, and approved that all director compensation will be in the form of non-cash Deferred Share Units (DSUs) instead of cash compensation.
Matevž Mazij, Chief Executive Officer for Bragg, commented: “Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model. The Company is successfully navigating evolving international regulatory and taxation developments with a view to pursuing markets and jurisdictions that offer opportunities to higher margin business.
“Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86% and 80%, respectively, highlighting our increasing scale in these high-potential regions. Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20% growth across the rest of its markets. We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model.
“Finally, the newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S. As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders. We look forward to updating investors as we progress.”
2025 outlook
The Company continues to anticipate full year 2025 revenue between €106 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
Source: GMB
