Bragg Gaming Group
Bragg Gaming Announces Preliminary Unaudited Results for the Year Ended December 31, 2024 and 2025 Strategic Initiatives and Guidance
Bragg Gaming Group announced its preliminary unaudited results for the year ended December 31, 2024 based on information currently available to management and certain strategic initiatives and issued financial guidance for 2025, highlighting anticipated double-digit growth in Revenue and Adjusted EBITDA driven by a strategic focus on proprietary and exclusive content.
Anticipated Full Year 2024 Results Highlights
The Company expects the financial results for full year 2024 to include the following highlights: Revenue not less than EUR 102 million, an increase of 9% from EUR 93.5 million for 2023, Adjusted EBITDA of not less than EUR 15.4 million, an increase of 1% from EUR 15.2 million for 2023.
Anticipated Financial Highlights for 2025
Revenue Guidance: Revenue for the year ended December 31, 2025, is expected to reach between EUR 117.5 million and EUR 123.0 million, representing double digit growth compared to the Company’s anticipated 2024 revenue.
Adjusted EBITDA Guidance: Adjusted EBITDA is forecasted to range between EUR 19.0 million and EUR 21.5 million, supported by a shift toward higher-margin product offerings.
Strategic Business Drivers
The Company is expecting to realize its anticipated 2025 results in part, as a result of certain strategic initiatives, including:
• Shift in Revenue Concentration: The percentage of revenue from the Company’s proprietary and exclusive content business is expected to increase providing a more margin-accretive mix and improving profitability with reduced reliance on third party content revenue by year end.
• Growth in Key Markets: Content-focused products, including proprietary, exclusive and aggregated content are projected to drive significant revenue growth in North America and Brazil, which are expected to contribute up to 10% and 15% of revenue, respectively by year-end.
• Brazil’s Growth Potential: The Company believes that its proprietary and exclusive content and aggregation businesses are strategically positioned to capture a significant share of Brazil’s $1.5 billion iGaming market, projected to more than double to over $3.3 billion by 2029, according to H2 Gambling Capital.
• US Market Penetration: The Company believes that it is strategically positioned for significant growth in the US market by leveraging its proprietary and exclusive content portfolio. Through integration with top-tier operators such as DraftKings, FanDuel, Rush Street, Caesars and BetMGM, and licenses in all key iGaming states, the Company’s content is accessible to over 90% of the US iGaming market, valued at over $9.5 billion, according to H2 Gambling Capital. Under the leadership of Neill Whyte, Chief Commercial Officer, and Garrick Morris, SVP (Commercial, US & Canada), veterans of the iGaming industry with multi-decade successful market penetration experience under their belt, the Company has strong leadership to garner enhanced market share. It is expected that proprietary and exclusive content growth in the US will be further driven by the recently announced technology and content partnership with Caesars Entertainment Inc. This partnership, which leverages the Company’s cutting-edge technology and innovative development strengthens the Company’s profile in a competitive and dynamic market.
• Stronger Penetration in Major European Markets: Bragg aims to expand content distribution in key Western European markets, including Italy, UK, Spain, and Sweden, by leveraging existing integrations with top operators and implementing targeted sales strategies.
• Expand Exclusive Partnerships: The Company plans to increase its roster of partner studios to enhance the release cadence of titles in North America. Additionally, Bragg aims to grow exclusive content distribution in Central European markets, including the Czech Republic and Germany, through strategic partnerships with studios such as Gamomat and King Show Games.
• Stability in PAM Business: The Company’s PAM business is expected to remain flat year-over-year, an overall positive, despite the anticipated contraction of the Netherlands market in 2025 due to regulatory changes made in the fourth quarter of 2024.
• Enhanced Technology Profile: The Company continues to innovate with technologies such as FUZE, which provides bonuses, free rounds, tournaments, jackpots, recommendation engine and other engagement and promotional tools seamlessly across all iGaming, Sportbetting and iLottery products, requiring no additional integration. These advanced features enhance player experience and contribute to the growth of the Company’s product portfolio revenue.
• Data and AI Enhancements: By leveraging extensive gaming data, the Company generates actionable insights and employs AI-driven optimizations to elevate player experiences and enhance operator profitability, thereby accelerating profitable growth in proprietary and exclusive content verticals. Opportunities to leverage AI to reduce costs and enhance product margins are also being actively explored.
• Pipeline Opportunities: A robust pipeline of opportunities is under development, which, if realized, could further enhance 2025 performance but are not yet reflected in the current guidance.
• Stock Appreciation Rights Plan: Bragg has also introduced a new Stock Appreciation Rights (SAR) plan for its executive management team, further aligning management interests with those of shareholders. The SAR plan has been implemented under the Company’s Amended and Restated Omnibus Equity Incentive Plan and pays out only if the Company’s share price increases over a three-year period, with a full payout contingent on achieving a four-fold increase from a base price of $5 CAD. This structure ensures that executive compensation is firmly tied to delivering significant shareholder value. Additionally, the plan includes accelerated vesting provisions in the event of a change of control, preserving alignment with shareholder interests in all value-creation scenarios. SAR award payouts may be settled through the payment of cash, the issuance of shares, or through a combination of both, subject to the discretion of the Company’s Board and availability of shares under the Company’s equity incentive plan at the time.
“I am pleased with where we believe 2024 results will land and very excited about the strong growth trajectory outlined in our 2025 guidance. Our strategic investments in proprietary and exclusive content as well as various Data, Player journey and AI enhanced engagement features, are expected to drive our growth in 2025. By focusing on margin-accretive products, we are well-positioned to boost both revenue and profitability while pursuing opportunities in key markets such as Brazil and the United States. Our PAM product remains a top-tier performer, and while our 2025 growth will largely come from the content side of the business, we have exciting prospects to expand our PAM offering. Additionally, I’m particularly proud of the strong executive team that we have assembled at Bragg this past year. The recently announced Caesars deal highlights their impressive capabilities,” said Matevž Mazij, CEO of Bragg.
The post Bragg Gaming Announces Preliminary Unaudited Results for the Year Ended December 31, 2024 and 2025 Strategic Initiatives and Guidance appeared first on Gaming and Gambling Industry in the Americas.
Bragg Gaming Group
Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch
Bragg Gaming Group has announced the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania.
Fanatics Casino is America’s fastest growing online casino and is available in Michigan, New Jersey, Pennsylvania, and West Virginia on iOS, Android, and desktop. Players are invited to dive into a world of thrills as Fanatics Casino brings the casino floor directly to a customer’s fingertips, whether on-the-go or in front of a computer. Players can explore a wide array of classic and modern casino games, including slots, blackjack, roulette, progressive jackpots and video poker. Each game is crafted to deliver authentic casino action, ensuring endless entertainment.
Players in these states will benefit from access to Bragg’s full catalog, including titles from Bragg’s in-house proprietary content development studios, a roster which includes Atomic Slot Lab and Indigo Magic and Wild Streak Gaming, all through Bragg Gaming’s Remote Games Server (RGS) technology, delivered via the Bragg HUB platform.
In addition, titles from Bragg’s multiple studio partners, including Incredible Technologies, Bluberi, King Show Games, and Sega Sammy Creation will also be available to players in all three regulated markets along with top-performing titles like “Cai Fu Emperor Ways” and “Queenie” and a host of other elevated content from Bragg’s Atomic Slot Lab studio.
This roster of studio partners, which is constantly being updated, now also includes Boomerang Studios, Four Leaf Gaming and Reflex Gaming, who will all launch titles on the Bragg RGS later this year.
This expansion is the latest step in Bragg’s drive to deliver engaging and game-changing content to players across the North American market.
The launch supports Bragg Gaming’s strategic goals by accelerating the growth of utilization of Bragg’s exclusive and proprietary content, and the diversification of revenue through expansion into North American markets.
Matevz Mazij, CEO Bragg Gaming Group commented: “With its history of connecting sports fans with merchandise they love and with sports betting and the strong cross sell between sports betting and iGaming, this launch represents a great opportunity to showcase Bragg’s amazing titles across the three biggest iGaming markets in the US.”
“We look forward to developing our relationship as a key partner of Fanatics Betting and Gaming in the North American market as we continue the roll-out with regular new game releases planned.”
Kieron Shaw, Manager of Fanatics Casino Games Content, said: “We’re thrilled to partner with Bragg Gaming Group to bring their diverse and engaging iGaming content to our players in New Jersey, Michigan, and Pennsylvania.”
“This collaboration is a significant step in our strategy to expand our iGaming offerings and capitalize on the substantial growth projected for these key markets. Bragg’s impressive catalogue, including titles from Wild Streak Gaming and their third-party studio partners, along with their innovative promotional tools, will undoubtedly enhance the gaming experience for our users and help us springboard our presence across these important states.”
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Bragg Gaming Group, a global B2B iGaming content and technology solutions provider, announced it has signed an agreement with Hard Rock Digital to develop a series of exclusive online casino games titles for its top-rated Hard Rock Bet Casino.
This deal further deepens Bragg’s existing partnership with the leading operator, which currently offers Bragg’s proprietary content from Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, alongside titles from a diverse selection of Bragg’s partner studios on Hard Rock Bet.
The partnership is set to drive the Company’s expansion in the key market, accelerate growth and position the US as Bragg’s fastest-growing market this year. The exclusive titles will first launch in New Jersey, with potential to offer the games on Hard Rock Bet in any future market expansion.
Garrick Morris, Bragg’s SVP of Commercial in US and Canada, said: “We are delighted to announce this new content development agreement with Hard Rock Digital, which reinforces our commitment to this partnership and offers us a new opportunity to showcase our game development expertise while bringing new, game changing, exclusive experiences to Hard Rock Bet Casino’s customers. This enhanced partnership highlights our focus on growing our footprint as a key online casino supplier in the US.”
Rich Criado, VP of Casino at Hard Rock Digital, said: “We’re excited to strengthen our partnership with Bragg and collaborate with their talented team to create exclusive new experiences for our players. These upcoming games are designed to stand out among the over 2900 titles already available on Hard Rock Bet Casino, and we can’t wait to bring them to our players.”
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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.
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