Bragg Gaming Group Reports Strong Q1 Performance, Eyes Continued Growth for 2025
Bragg Gaming Group, a prominent provider of iGaming content, has released its financial results for the first quarter of 2025, showcasing robust year-over-year growth. The company highlighted key achievements including increased revenues, higher profitability, and solid cash flow generation.
Strong Revenue and EBITDA Growth
During Q1 2025, Bragg Gaming reported revenue of €25.5 million ($28.6 million), marking a 7.1% increase from €23.8 million in the same quarter last year. Gross profit also climbed significantly, reaching €14.3 million ($16 million), up 20.3% from €11.9 million in Q1 2024.
Adjusted EBITDA rose by 19.7% year-over-year to €4.1 million ($4.6 million), with the EBITDA margin improving to 16%—an increase of 169 basis points compared to the previous year. However, Bragg also disclosed an operating loss of €1.7 million ($1.9 million) for the quarter, reflecting a 32.5% increase from the €1.3 million reported in Q1 2024.
In a move to strengthen its balance sheet, the company repaid $5 million of its secured credit note during the quarter and is currently exploring a new credit facility.
Optimistic Full-Year Guidance
Bragg Gaming has reaffirmed its positive outlook for the remainder of 2025, forecasting double-digit growth in both revenue and adjusted EBITDA. The company expects full-year revenue to range between €117.5 million and €123 million ($131.6 million–$137.8 million). Adjusted EBITDA is projected to fall between €19 million and €21.5 million ($21.3 million–$24 million).
This bullish forecast aligns with Bragg’s strategic focus on proprietary and exclusive content offerings, as well as continued momentum in key international markets including the United States and Latin America.
Momentum Builds in the U.S. and Brazil
The first three months of 2025 marked a period of significant expansion for Bragg. The company experienced triple-digit revenue growth in the U.S., largely driven by the success of its content in that market. Bragg expects the U.S. to account for up to 15% of its total revenue in 2025.
Meanwhile, the company made a strong entry into Brazil’s newly regulated iGaming sector. Brazil is positioned as a key component of Bragg’s expansion strategy in Latin America and is projected to contribute up to 10% of total revenue this year.
In line with its growth initiatives, Bragg established strategic partnerships with major players like Caesars Digital and made an equity investment in Brazilian casino content developer RapidPlay.
Additionally, the company appointed Holly Gagnon as the new Chair of its Board in Q1, further strengthening its leadership team.
CEO Expresses Confidence in Strategy
Bragg Gaming CEO Matevž Mazij expressed satisfaction with the company’s performance, emphasizing the successful enhancements to its product offerings that fueled revenue growth. He also pointed to the improved adjusted EBITDA margin as evidence of operational efficiency and stronger cash flow.
Mazij also noted Bragg’s continued strong performance in the Netherlands, despite recent regulatory challenges, as a sign of the company’s resilience and strategic execution.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com