Bragg Gaming Group has released its financial results for Q1 2025, reporting solid revenue growth, improved margins, and robust cash generation.
The strong performance reflects Bragg’s continued strategic focus on proprietary content and expansion in key high-growth markets.
Financial Performance Highlights
Revenue rose 7.1% year-over-year to €25.5 million.
Excluding the Netherlands, revenue jumped 27%, fueled by a 150% increase in U.S. revenue.
Gross profit margin improved significantly to 56%, driven by growth in proprietary content.
Adjusted EBITDA increased 19.7% year-over-year.
CEO Matevž Mazij commented:
We’re proud to report a strong start to 2025, demonstrating that our strategy is delivering meaningful results and creating shareholder value. By continuing to shift toward high-margin proprietary content and managing costs carefully, we’ve boosted profitability and cash flow. Mazij acknowledged headwinds in the Netherlands due to regulatory changes but emphasized the company’s resilience and ability to shift focus to higher-growth markets like the U.S. and Brazil. “Excluding the Netherlands, our year-over-year revenue growth was a solid 27%, including triple-digit gains in the U.S.
Key Operational Highlights
Stronger Margins and Cash Flow: Adjusted EBITDA margin rose 169 basis points year-over-year; €0.9 million in free cash generated (excluding exceptional and FX-related costs).
Revenue Diversification: Continued reduction in reliance on the Netherlands and low-margin BetCity, with a shift to high-margin revenue in new territories.
U.S. Expansion: Triple-digit U.S. revenue growth from proprietary and exclusive iCasino content; the U.S. expected to contribute up to 15% of 2025 revenue.
Brazil Market Entry: Launched content in the newly regulated Brazilian market, with expectations to contribute up to 10% of annual revenue.
Strategic Deals: Signed a development and tech leasing agreement with Caesars Digital and invested in RapidPlay, a Brazil-based casino content studio.
New Game Launch: Released Caesars Palace Signature Multihand Blackjack Surrender, the first title under the Caesars Digital partnership.
Leadership Update: Appointed Holly Gagnon as Chair of the Board.
Debt Management: Repaid $5 million on a secured credit note and is progressing toward a new credit facility with more favorable terms.
2025 Outlook
Bragg expects continued momentum through 2025, supported by proprietary content, expanded reach in regulated markets, and strategic tech partnerships. Full-year guidance includes:
Revenue between €117.5 million and €123.0 million
Adjusted EBITDA between €19.0 million and €21.5 million
The company remains focused on accelerating growth in core markets like the U.S. and Latin America while enhancing its tech and content portfolio to drive long-term profitability.
