Bragg Gaming entered the third quarter of 2025 with a clear momentum, posting EUR 26.8 million in revenue, marking a significant 20% growth year-on-year when excluding the Netherlands from the equation. Despite challenges in the Dutch market, the company’s performance was buoyed by strong results in the United States and Brazil, showing a path forward in the competitive igaming landscape.
The United States emerged as a critical growth engine for Bragg, delivering an impressive 86% increase in revenue. This surge was largely driven by the robust demand for Bragg’s original content and successful launches in major states. Meanwhile, Brazil contributed to the success with an 80% growth year-on-year, thanks to an expanding roster of operator partners and new suppliers integrating with Bragg’s platform.
These two burgeoning markets were pivotal for the quarter, setting a new course for the company. However, when factoring in the Netherlands, where revenue dropped by 22% due to higher taxes and stringent regulations, the overall revenue growth settled at 2%. This highlights the impact of regulatory environments on business performance and the need for strategic market diversification.
Despite a net loss of EUR 2.3 million, compared to EUR 0.2 million the previous year, Bragg Gaming’s Adjusted EBITDA rose by 9% to reach EUR 4.45 million. This boost reflects enhanced operational efficiency and the strong performance of high-margin proprietary content. The numbers also represent the outcomes of restructuring efforts and tighter cost controls, aimed at streamlining the company’s operations.
A notable development in Q3 was Bragg’s move to secure a USD 6 million credit facility with the Bank of Montreal. This new financial arrangement replaced previous debt at less than half the cost, providing Bragg with enhanced financial stability. It also positions the company to support its strategy of achieving a 20% adjusted EBITDA margin by the second half of 2025.
In the realm of content, Bragg capitalized on its strengths by distributing proprietary and aggregated content to leading global igaming operators, including bet365, Betsson, BetMGM, Napoleon, CasinoTime, theScore, Aposta Ganha, and several Balkan entities. A significant milestone was achieved in the United States, where Bragg introduced new games and RGS technology with Fanatics Casino across key states like New Jersey, Michigan, and Pennsylvania. Expanding its future pipeline, Bragg also secured new agreements to strengthen its market position further.
Leadership changes also marked the quarter, with Luka Pataky appointed as Executive Vice President of AI and Innovation, and Matej Filipančič stepping in as Global Sales Director. In a strategic move to align with shareholder interests, the Board approved a 15% compensation reduction, with payments transitioning to Deferred Stock Units from January 2026.
Bragg’s CEO, Matevž Mazij, expressed confidence in the company’s trajectory, stating that the strong performance in the US and Brazil underscores the potential for long-term growth. He also emphasized that the new credit facility fortifies Bragg at a pivotal time. Holding steady on its full-year guidance, Bragg anticipates revenue between EUR 106 million and EUR 108.5 million, with adjusted EBITDA expected to fall between EUR 16.5 million and EUR 18.5 million for 2025.
However, not everyone is convinced of the robustness of Bragg’s strategy. Some industry analysts caution that while the US and Brazilian markets offer immense growth potential, they also present unique challenges, such as regulatory hurdles and intense competition. They argue that Bragg must remain vigilant and adaptable to sustain its growth trajectory amidst these dynamic market conditions.
In summary, Bragg Gaming’s third-quarter results paint a picture of a company leveraging its strengths in high-growth markets while navigating complex regulatory landscapes. As the company looks to the future, the coming year will be crucial in determining how effectively Bragg can sustain its momentum and capitalize on emerging opportunities in the igaming sector.
James Miller is a distinguished casino strategy expert with a wealth of experience in the gambling world. At CasinoNoDeposits.com, James focuses on crafting effective gaming strategies and providing insightful reviews to guide players towards making informed decisions. His deep understanding of casino mechanics and promotional offers makes him a valuable asset to the team. Dedicated to educating players, James ensures that every piece of content is accurate, actionable, and reader-friendly.
4/5
