Michigan commercial and tribal operators reported a combined $372.1 million in internet gaming (iGaming) and online sports betting gross receipts in March, an 18.9% increase from February 2026.

Monthly Gross Receipts

March iGaming gross receipts totaled $322.1 million, the highest to date. The previous high was $315.8 million recorded in December 2025. March online sports betting gross receipts reached $50.0 million.

Monthly Adjusted Gross Receipts

Combined adjusted gross receipts (AGR) totaled $341.8 million for March, including $309.1 million from iGaming and $32.7 million from online sports betting.

Compared with February 2026, iGaming AGR increased 17.9% and online sports betting AGR rose 28.6%. Year-over-year, iGaming AGR was up 25.6%, while online sports betting AGR increased by $18.1 million.

Monthly Handle

Online sports betting handle totaled $485.1 million, a 26.1% increase from February 2026.

Monthly State Taxes and Payments

Operators submitted $66.4 million in taxes and payments to the State of Michigan in March, including:

• iGaming taxes and fees: $64.1 million

• Online sports betting taxes and fees: $2.3 million

Monthly City of Detroit Taxes and Payments

The three Detroit casinos reported $16.1 million in wagering taxes and municipal services fees paid to the City of Detroit in March, including:

• iGaming taxes and fees: $15.4 million

• Online sports betting taxes and fees: $684,547

Monthly Tribal Operators’ Payments

Tribal operators reported $8.2 million in payments to governing bodies in March.

Additional Information

A revenue distribution table for online gaming and sports betting is available on the agency’s website.

As of March 2026, 15 commercial and tribal operators have been authorized to offer iGaming and/or online sports betting in Michigan. Of those, 12 operators offer online sports betting, while all 15 offer iGaming. Detailed results by operator are available on the MGCB website.

Detroit’s three commercial casinos reported $112.3 million in aggregate revenue (AGR) for March 2026. Table games and slots generated $111.5 million, while retail sports betting produced $810,424 in qualified adjusted gross receipts (QAGR).

March market shares were:

• MGM, 47%

• MotorCity, 31%

• Hollywood Casino at Greektown, 22%

Table Games and Slot Revenue

March 2026 table games and slot revenue decreased 4.5% compared with March 2025 and increased 11.5% from February 2026. For the period Jan. 1-March 31, revenue was down by 0.8% year-over-year.

Casino-level results compared with March 2025 were:

• MGM: down 3.5% to $51.9 million

• MotorCity: down 2.7% to $34.9 million

• Hollywood Casino at Greektown: down 8.9% to $24.7 million

The casinos paid $9.0 million in state gaming taxes in March, compared with $9.5 million in March 2025. They also reported submitting $13.3 million in wagering taxes and development agreement payments to the City of Detroit.

Retail Sports Betting Revenue

Detroit casinos reported $8.95 million in total retail sports betting handle for March. Total gross receipts were $826,098. QAGR increased 41.9% from March 2025 and 44.5% from February 2026.

March QAGR by casino:

• MGM: $166,676

• MotorCity: $218,643

• Hollywood Casino at Greektown: $425,105

The casinos paid $30,634 in state taxes and submitted $37,442 in wagering taxes to the City of Detroit based on March retail sports betting activity.

Fantasy Contests

For February 2026, fantasy contest operators reported $491,317 in adjusted revenues and paid $41,271 in taxes.

Bragg Gaming Group has announced its financial results for the fourth quarter of 2025.

Fourth Quarter 2025 Financial Highlights:

• Revenue Growth: Record total quarterly revenue of €27.7 million in the fourth quarter:

• Revenue increase of 5.1% (excluding The Netherlands) compared to the prior year period in 2024;

• The Netherlands revenue decreased 4.6% year-over-year due to the market’s overall contraction caused by increased regulation and higher taxes;

• Brazil revenue increased 42.1% compared to the 2024 fourth quarter with continued growth in provider onboarding; and

• US recurring revenue grew 55.0% year-over-year, driven by expanded high-margin proprietary content footprint; and

• Including the impact of The Netherlands, total revenue grew 1.9% year-over-year.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for the quarter was €0.1 million, a €0.6 million improvement from an operating loss of €0.7 million in the same period of 2024. Net loss for the quarter was €1.3 million, or €0.05 per common share, compared to €0.7 million, or €0.03 per common share, in the same period of 2024. Adjusted EBITDA for the 2025 fourth quarter was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.

• Strategic Market Expansion in the US and Brazil: Expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.

Full Year 2025 Financial Highlights:

• Revenue Growth: Record total annual revenue of €106.1 million in 2025, an increase of 4.0% compared to €102.0 in the year ended December 31, 2024.

• Operating Loss, Net Loss and Adjusted EBITDA: Operating loss for 2025 was €5.3 million, compared to €3.5 million in 2024. Net loss for 2025 was €8.1 million, or €0.32 per common share, compared to €5.1 million, or €0.21 per common share, in 2024. Full year 2025 Adjusted EBITDA was €16.6 million (representing an Adjusted EBITDA Margin of 15.6%), compared to €15.8 million (representing an Adjusted EBITDA Margin of 15.5%) in 2024.

• Balance Sheet Strength: During the year ended December 31, 2025, the Company fully repaid a US$7.0 million secured promissory note and entered into a financing agreement with a Tier One Canadian financial institution for certain revolving credit facilities in a maximum aggregate amount of up to US$6.0 million, replacing its prior debt at less than half the borrowing cost. During the second half of the year, the Company drew C$4.5 million in principal and US$1.1 million in overdraft in respect of Term CORRA loans. Cash and cash equivalents as of December 31, 2025 amounted to €6.7 million.

Fourth Quarter 2025 and Recent Business Highlights:

• Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, US & Canada.

• Player Account Management (PAM) Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc (LSE: ENTL), one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.

• Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to “go live” for private operators on July 1, 2027.

• Ambitious Artificial Intelligence (AI) Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s Ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.

• Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The Company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the Company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.

• Greater Board of Directors Alignment with Shareholders: From January 1, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).

Matevž Mazij, Chief Executive Officer at Bragg, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”

Board Changes

The Company also announced the appointment of Thomas Winter to its Board of Directors. Mr. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.

Mr. Winter brings deep knowledge of and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Mr. Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over $1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Mr. Winter played a key role as COO at both businesses before being appointed CEO.

“I would like to thank Kent for his many contributions to the Company. I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders,” said Holly Gagnon, Chair of the Bragg Board.

2026 Outlook

The Company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million (representing an Adjusted EBITDA Margin of 16.0% to 18.0%).