Bragg Gaming Group
Bragg Gaming Group First Quarter Revenue Rises 4.2% to EUR 23.8 Million

Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record financial results for the first quarter of 2024.
Matevž Mazij, Chief Executive Officer for Bragg, commented: “We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets. Year-over-year revenue increased by 4.2% to EUR 23.8 million, largely propelled by organic growth from our current client base, the addition of new customers in multiple jurisdictions, and impressive results from our in-house Wild Streak Gaming casino games studio.
“Although gross profit and Adjusted EBITDA saw modest decreases in the first quarter stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability. Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.
“Additionally, as we continue to make encouraging progress on our strategic alternatives review process, it’s important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities.
“With that in mind and in response to the increasing demand and growth in the iGaming marketplace, subsequent to quarter end, we took two significant steps to further fuel our growth initiatives. First, we secured a USD 7.0 million investment through a promissory note, enhancing our balance sheet flexibility as we continue to execute our strategy and explore strategic alternatives to maximize shareholder value.
“Second, we bolstered our leadership team with the appointment of Neill Whyte as our new Chief Commercial Officer. With over 18 years of iGaming experience and a proven track record of driving growth through successful commercial partnerships, Neill’s expertise will be invaluable as we leverage our extensive content and product portfolio to expand in existing and new markets. This key hire is another testament to how we are scaling our organization for sustained growth and profitability.
“While the strategic review process progresses, we remain bullish on the opportunities ahead as the trend of iGaming regulation continues worldwide. We see exciting potential in newly regulating markets like Brazil, Peru and Finland, as well as untapped opportunities in regions like Africa that we are actively exploring.
“The strategic moves we have made have established Bragg as a vital content provider for premier international iGaming operators, reinforcing our base for reliable and lucrative growth. Equipped with the appropriate strategies, financial resources, and talent, we are well-prepared to maintain our business momentum while pursuing initiatives that foster cash flow growth and deliver increased value to our shareholders.”
Bragg
Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands

Triple-digit revenue growth in the U.S.; significant increase in profitability through improved product mix
- 27%1 Revenue Growth Excluding the Netherlands, Driven by U.S. Revenue Growth of 150%
- Gross Profit Margin Jumps to 56.0%, Driven by Proprietary Content Growth
- Adjusted EBITDA Rises 19.7%, Reflecting Strong Operational Leverage
- Robust 63.5% YoY Growth in Cash from Operations, to EUR 4.5 Million (USD 5.0 Million)
- 62% YoY Proprietary Content Revenue Growth, Reaching a Record 15.5% of Total Revenue
Bragg Gaming Group announced its financial results for the first quarter of 2025. The Company delivered diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets.
Summary of Financial and Operational Highlights
Euros (millions)(1) | 1Q25 | 1Q24 | Change |
Revenue | € 25.5 | € 23.8 | 7.1 % |
Gross profit | € 14.3 | € 11.9 | 20.3 % |
Gross profit margin | 56.0 % | 49.9 % | 612 bps |
Adjusted EBITDA(2) | € 4.1 | € 3.4 | 19.7 % |
Adjusted EBITDA margin | 16.0 % | 14.3 % | 169 bps |
Operating Income (Loss) | € (1.7) | € (1.3) | 32.5 % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg commented: “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.
“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%1, driven in part by triple-digit growth in the U.S.”
127% YoY revenue growth excluding revenue derived from Bragg’s customers licensed and operating in the Netherlands jurisdiction
Key Highlights:
- Improved Margins and Cash generation: Adjusted EBITDA margins increased 169bps year over year; excluding non-recurring exceptional costs and FX impacts, EUR 0.9 million of free cash generated.
- Improved Revenue Diversification: Continued decreasing reliance on the Netherlands and lower-margin BetCity, replaced by growth in margin-accretive revenue in new markets.
- US Market Growth: Bragg experienced triple-digit growth in U.S. revenue derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth; U.S. expected to contribute up to 15% of revenue this year.
- Brazil Launch: Successfully launched content in the newly regulated Brazilian iGaming market, a key strategic territory expected to contribute up to 10% of revenue this year.
- Strategic Partnerships: Announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio.
- Key milestone: first game launched, Caesars Palace Signature Multihand Blackjack Surrender, under recently announced games development and technology partnership with Caesars Digital.
- Leadership Appointments: Appointed Holly Gagnon as Chair of the Board.
- Debt Reduction: Repaid USD 5 million of its secured credit note and is on track to finalize a new credit facility with improved terms.
2025 Outlook
Bragg remains focused on expanding its presence in regulated markets, enhancing its proprietary and exclusive content offerings, and leveraging its technology to drive continued growth and profitability in 2025 and beyond. The Company is actively advancing a robust pipeline of opportunities to drive strong momentum in the business.
The Company anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025, with revenue guidance projected at between EUR 117.5 million and EUR 123.0 million, and Adjusted EBITDA in the range of between EUR 19.0 million and EUR 21.5 million, driven by a strategic focus on proprietary and exclusive content, and continued momentum in growth markets such as the U.S. and Latam.
The post Bragg Gaming Group Reports 7.1% First Quarter 2025 Revenue Rise to EUR 25.5 Million (USD 28.6 Million); 27% Revenue Growth Achieved Excluding the Netherlands appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming to Release First Quarter 2025 Results on May 15

Bragg Gaming Group confirmed that it will release its first quarter 2025 financial results prior to the opening of the financial markets on Thursday, May 15, 2025. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij and Chief Financial Officer, Robbie Bressler, to discuss the Company’s financial results and provide a business update. During the call, management will review a presentation that will be available on the day of the call.
The post Bragg Gaming to Release First Quarter 2025 Results on May 15 appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming Group to Settle USD 5 Million of Secured Promissory Note; Short-term Extension Agreement Reached for Remaining USD 2 Million

Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has reached an agreement with its lenders, certain entities controlled by Doug Fallon, to repay USD 5 million of its outstanding USD 7 million secured promissory note and to extend the maturity of the remaining USD 2 million until June 6, 2025 (the Note).
The company is in the process of securing a new revolving credit facility from a third-party lender. This facility is expected to offer more favorable terms than the existing Note, including lower borrowing costs and improved drawdown flexibility.
“This partial repayment and extension will further strengthen our balance sheet and reflects our confidence in the business. With a reduced need for working capital support, we’re focused on finalizing a new facility to secure standby credit, allowing for greater financial flexibility and enabling us to pursue strategic growth opportunities,” said Robbie Bressler, CFO of Bragg.
All other terms of the original Note remain unchanged. Bragg intends to repay the remaining USD 2 million balance on or before the amended June 6, 2025 maturity date.
The post Bragg Gaming Group to Settle USD 5 Million of Secured Promissory Note; Short-term Extension Agreement Reached for Remaining USD 2 Million appeared first on Gaming and Gambling Industry in the Americas.
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