Bragg Gaming Group (BRAG) Company Report

Bragg Gaming Group reported total revenue of €26.8 million for the third quarter of 2025, marking a 2% year-over-year increase. Excluding The Netherlands, revenue increased by 20% compared to Q3 2024, with Brazil revenue up 80% and United States revenue up 86%.
The company's net loss for Q3 2025 was €2.3 million, or €0.09 per common share. Adjusted EBITDA increased by 9% to €4.45 million from €4.08 million in the third quarter of 2024.
Bragg Gaming Group reiterated its full-year 2025 outlook, anticipating revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
Strategic advancements include expanding its U.S. content footprint by launching with Fanatics Casino across New Jersey, Michigan, and Pennsylvania, and securing a new US $6.0 million financing agreement with the Bank of Montreal. The Board of Directors also approved a 15% reduction in all Board member fees, effective January 1, 2026, to be paid in non-cash Deferred Share Units.

Nov 13, 2025, 9:10 PM

Bragg Gaming Group Announces Strong Q3 2025 Growth in Key Markets

BRAG

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bragg Gaming Group reported Q3 2025 revenue of EUR 26.8 million, a 2% year-over-year increase, with revenue excluding the Netherlands growing a strong 20%.
Proprietary content revenue grew 35% year-over-year, contributing to a 5% increase in gross profit to EUR 14.7 million and a 9% increase in adjusted EBITDA to EUR 4.4 million.
Key growth was driven by the U.S. with 86% year-over-year revenue growth and Brazil with 80% revenue growth.
The company maintained its full year 2025 guidance, projecting revenue between EUR 106 million and EUR 108.5 million and adjusted EBITDA between EUR 16.5 million and EUR 18.5 million.
Bragg is focused on optimizing its cost structure and shifting its revenue mix towards higher-margin proprietary content, with non-Netherlands revenue projected to reach 68% of total revenue in 2025.

Nov 13, 2025, 1:30 PM

Bragg Gaming Group Reports Q3 2025 Financial Results

BRAG

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Bragg Gaming Group reported Q3 2025 revenue of EUR 26.8 million, an increase from EUR 26.17 million year-over-year, with 20% revenue growth excluding the Netherlands and significant expansion in the U.S. (86%) and Brazil (80%) markets.
Despite the revenue growth, the company recorded a net loss of €2.3 million for the third quarter of 2025, though it enhanced operational efficiency and improved adjusted EBITDA.
To support its expansion into regulated markets, Bragg secured a USD 6 million credit facility from BMO Bank.
Analysts currently rate the stock as Neutral with a Hold recommendation and a price target around C$3.00.

Nov 13, 2025, 12:17 PM

Bragg Gaming Group Reports Strong Q3 2025 Financial Results and Reaffirms Full-Year Outlook

BRAG

Earnings

Guidance Update

New Projects/Investments

Bragg Gaming Group reported total revenue of €26.8 million for the third quarter of 2025, reflecting 2% year-over-year growth (including The Netherlands) and 20% growth when excluding The Netherlands.
The company's net loss for Q3 2025 was €2.3 million, or €0.09 per common share, while Adjusted EBITDA increased by 9% to €4.45 million.
Revenue growth was significantly driven by the United States, up 86%, and Brazil, up 80%, with proprietary content revenue also increasing by 35% year-over-year.
Bragg Gaming Group reiterated its full-year 2025 revenue outlook to be between €106.0 million and €108.5 million, and Adjusted EBITDA between €16.5 million and €18.5 million.
The company strengthened its balance sheet with a new US $6.0 million financing agreement and expanded its U.S. content footprint by launching with Fanatics Casino across key iGaming states. Additionally, the Board of Directors approved a 15% reduction in board member fees, effective January 1, 2026.

Nov 13, 2025, 12:00 PM

Bragg Gaming Launches Online Casino Content with Caesars in West Virginia

BRAG

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Bragg Gaming Group has expanded its US presence by launching its proprietary online casino content with Caesars Entertainment in West Virginia, marking its entry into the sixth regulated US iGaming market.
This launch is part of Bragg's North American growth strategy, with its proprietary content delivering a 270% year-over-year increase in US gross gaming revenue (GGR) in Q2 2025.
West Virginia's iGaming market generated total wagers of $770.5 million in July 2025, representing a 44% year-on-year increase.
Caesars Entertainment licenses Bragg’s technology, including the Remote Gaming Server, the Bragg Hub product suite, and the Fuze player engagement platform.
Bragg Gaming Group recently secured access to up to $6 million in credit facilities from the Bank of Montreal to support its growth and expansion plans.

Oct 1, 2025, 2:27 PM

Bragg Gaming Group Launches Content with Caesars Entertainment in West Virginia

BRAG

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Bragg Gaming Group has expanded its U.S. iGaming footprint by launching exclusive online casino content with Caesars Entertainment in West Virginia, marking its sixth U.S. state of operation.
This expansion is a key step in Bragg's North American growth strategy, aiming to capitalize on the U.S. online casino market, which is estimated to grow from $10 billion this year to over $75 billion at maturity.
The company's proprietary online casino content demonstrated strong performance, with a +270% year-over-year increase in U.S. Gross Gaming Revenue (GGR) in Q2 2025, significantly outpacing the market's +31% growth.