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Bragg Gaming Group

Bragg Gaming is Live in Brazil’s Regulated iGaming Market

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Bragg’s proprietary and exclusive content and aggregation businesses are well-positioned to fuel double digit top- and bottom-line growth in 2025, targeting Brazil’s USD 1.4 billion iCasino market, which is expected to reach USD 3.7 billion by 2029.  

Bragg Gaming Group a provider of iGaming content and platform technology solutions to the iGaming industry is proud to confirm that it is live as a supplier to licensed operators in the Brazilian market, following the introduction of regulated online casino operations in the territory on January 1, 2025.

The newly regulated Brazilian online casino market is projected to be worth USD 1.4 billion in 2025, and is expected to reach USD 3.7 billion by 2029 according to H2 Gambling Capital.

As a specialist regulated iGaming market supplier, Bragg believes it is well positioned to capitalize on the launch and projected growth of the Brazilian market and that revenue from the Brazilian market could represent up to 10% of the Company’s total revenue in 2025.

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Bragg is currently live with approximately one-third of licensed iCasino operators in Brazil, with prominent partners including Superbet, KTO, Betano, Novibet, Sportingbet and Betboo.  The Company expects integrations to reach over half of licensed operators in Brazil by the end of Q2 2025.

Bragg’s current content offerings include key proprietary content titles such as Egyptian Magic by Atomic Slot Lab and Crazy Diamonds by Indigo Magic. Accelerating proprietary content growth is a strategic priority for the Company, as fully-owned IP typically delivers higher gross profit margins, driving bottom-line growth and supporting a balanced, margin-accretive product mix.

Complementing its proprietary content offering, the Company has also introduced exclusive online casino games in the jurisdiction from its carefully selected “Powered by Bragg” partners including Bluberi, Sega Sammy Creation and King Show Games. Additionally, the Company intends to develop strategic relationships with local studio partners which will enhance Bragg’s ability to deliver content tailored to Brazilian players.

Bragg’s content strategy in Brazil, key to its top-line growth plans, also includes online casino content aggregation through its Bragg HUB delivery platform. Bragg HUB provides a comprehensive iGaming content service, offering over 10,000 online casino game titles including from leading content providers in Brazil. This offering is enhanced by the Fuze™ player engagement platform, featuring tools for acquisition, cross-selling, conversion, and retention, including bonuses, free rounds, jackpots, and an AI-powered game recommendation engine.

The Company serves Brazilian operators from its Bragg São Paulo office, led by LatAm Regional Director Sara Mosallaee and Senior Account Manager Amanda Alexandrini, providing fully localized support.

Matevz Mazij, Chief Executive Officer at Bragg Gaming Group commented: “We’re delighted to expand into the newly regulated market in Brazil, and to be there for our customers on the first day of launch with our in-demand content portfolio and player engagement platform.

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“At Bragg we have extensive experience of delivering highly localized iGaming content and technology solutions in regulated markets, and we now expect the Brazilian market to become a key territory for us and a significant driver of our growth in the wider LatAm region.

“This latest regulated market launch sets us on a strong trajectory for 2025, helping us deliver our strategic objectives of increased revenue through proprietary, exclusive and aggregated online casino content, while at the same time adding geographical diversity to our revenue streams, promoting stable, long-term growth for the Company.”

Neill Whyte, Chief Commercial Officer at Bragg Gaming Group added: “We’ve been working hard to make sure we have the right content, the right people and the right structures in place to support our Brazilian operator partners from day 1 of market launch, and I’m proud to say we are now live in this exciting market which offers so much potential.

“We’re already partnered or are in talks with approximately half of the Brazilian iGaming operator market, and that leaves plenty of room for growth. We will be busy in the coming months showcasing our games and technology solutions with both existing customers and potential new partners as we continue to grow our presence in Brazil and across the LatAm region.”

The post Bragg Gaming is Live in Brazil’s Regulated iGaming Market appeared first on Gaming and Gambling Industry in the Americas.

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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

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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.

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(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

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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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Bragg Gaming Group

Bragg Gaming to Release First Quarter 2025 Results on May 15

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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.

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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

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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.

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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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