Bragg Gaming Group experienced positive growth in the third quarter of 2025, despite facing challenges in its Dutch market. The company reported a total revenue of €26.8 million for the quarter, reflecting a 20% year-on-year increase when excluding results from the Netherlands. While the Dutch market saw a decline of 22% due to stricter regulations and increased taxes, other regions managed to offset this downturn, resulting in an overall 2% revenue growth.
US and Brazil Shine as Growth Drivers
The standout performances came from the United States and Brazil. Bragg’s revenue from the US surged by an impressive 86%, driven by the broader distribution of proprietary content, which carries higher margins. Meanwhile, Brazil contributed a significant 80% increase in revenue, fueled by additional operator integrations in the country.
Bragg’s shift toward high-margin proprietary content continued to pay off, with a 35% increase in proprietary content revenue compared to the same quarter in 2024. These results underscore the company’s strategy to focus on content it owns and controls, providing greater profitability and scalability across regulated markets.
However, the company’s performance was tempered by its results from the Netherlands, where revenue fell by 22% year-on-year. This decline was a direct consequence of the market’s tighter regulatory environment, coupled with higher taxes. The situation in the Netherlands highlighted the risks associated with regulatory changes, but Bragg’s diversified revenue streams across other regions helped mitigate the impact.
Despite this setback, Bragg showed resilience in its core financial metrics. The company posted a net loss of €2.3 million, or €0.09 per share, compared to a loss of €0.2 million in the same period in 2024. Nevertheless, Bragg’s adjusted EBITDA grew by 9%, reaching €4.45 million, indicating improved operational efficiency and stronger margins from proprietary content.
Capital Structure and Financial Strategy
Bragg also made strategic moves to strengthen its financial position. The company secured a new $6 million financing agreement with the Bank of Montreal, replacing previous debt at a significantly lower interest rate. This new financing arrangement supports Bragg’s shift towards higher-margin, cash-generating operations, with the company targeting a 20% adjusted EBITDA margin for the second half of 2025.
During the third quarter, Bragg expanded its global footprint by launching new content with several major operators. This includes partnerships with bet365 in Mexico, StarCasino in the Netherlands, Betsson in Brazil and Spain, and BetMGM in Brazil. Additionally, Bragg deployed its proprietary content and technology with Fanatics Casino across key US states including New Jersey, Michigan, and Pennsylvania. This expansion is a key milestone for the company as it continues to broaden its reach in the US market.
In addition to operational advancements, Bragg made notable leadership changes. Luka Pataky was appointed as Executive Vice President of AI and Innovation, and Matej Filipancic was named Global Sales Director. These changes are part of the company’s ongoing efforts to drive innovation and enhance its commercial strategies.
Further strengthening its governance structure, Bragg’s board approved a 15% reduction in director fees, effective January 2026. All board compensation will now be provided in the form of Deferred Share Units, aligning the board’s interests with those of shareholders.
Looking ahead, Bragg maintained its full-year guidance for 2025, forecasting total revenue between €106 million and €108.5 million, with adjusted EBITDA expected to fall between €16.5 million and €18.5 million. The company’s CEO, Matevž Mazij, expressed confidence in Bragg’s long-term strategy in the company’s press release, noting the strong performance in the US and Brazil, as well as the solid foundation for continued growth through proprietary content and strategic market expansion.
