Bragg Gaming Group, a key provider of gaming content and technology, released its Q3 financial report. Although the company saw revenue growth, losses also increased.
Bragg Gaming reported EUR 26.8 million ($31.2 million) in Q3 2025 revenue. Excluding the Netherlands, there was a 20% rise in revenue. However, the Dutch market saw a 22% revenue decline due to new tax rates and regulatory changes. In contrast, revenue from Brazil and the US surged by 80% and 86%, respectively. Overall, total Q3 revenue showed a 2% year-on-year increase once the impact from the Netherlands was considered.
The net loss for Q3 was EUR 2.3 million, EUR 0.09 per share ($2.7 million, $0.10 per share), up from a net loss of EUR 0.2 million in Q3 2024. Adjusted EBITDA for Q4 was EUR 4.45 million ($5.2 million), a 9% increase from the previous year.
Despite using Q3 reports to update yearly forecasts, Bragg kept its projections unchanged, aiming for revenue between EUR 106 million ($123.4 million) and EUR 108.5 million ($126.3 million), and adjusted EBITDA between EUR 16.5 million ($19.2 million) and EUR 18.5 million ($21.5 million).
Q3 highlights included expansion efforts, such as a strategic deal with Fanatics to provide content in New Jersey, Michigan, and Pennsylvania, boosting US revenue. Additionally, new content launches in various markets supported geographical growth.
Bragg enhanced its financials with a $6 million financing deal with the Bank of Montreal and improved its cybersecurity following an August incident. No personal data was compromised.
In Q3, the company appointed Luka Pataky as EVP of AI and innovation and Matej Filipančič as the new global sales director. The board also approved a 15% reduction in board member fees, allowing director compensation in non-cash Deferred Share Units (DSUs).
Bragg’s leadership praised Q3, highlighting revenue growth and operational efficiency. CEO Matevž Mazij expressed satisfaction with navigating regulatory changes and growth in promising markets, focusing on US and Brazilian progress and partnership success. The $6 million credit facility is seen as providing flexibility. Mazij stated their confidence in delivering long-term shareholder value as they move forward into 2026.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com