Bragg Gaming Group posted record full-year revenue of €106.1 million in 2025, up 4.0% from €102.0 million in 2024, as strong growth in the United States and Brazil offset continued pressure from the Dutch market.
Q4 and Full-Year Financial Results
Fourth quarter revenue came in at €27.7 million, a 1.9% increase year-on-year. Excluding the Netherlands, the growth rate was 5.1%. The Dutch market contracted 4.6% in Q4 due to tighter regulation and higher taxes, weighing on the headline figure.
US recurring revenue grew 55.0% year-on-year in Q4, driven by an expanded proprietary content footprint. Brazil revenue rose 42.1% compared to Q4 2024, with continued progress in provider onboarding.
Operating loss for the full year was €5.3 million, widening from €3.5 million in 2024. Net loss reached €8.1 million, or €0.32 per share, compared to €5.1 million, or €0.21 per share, in the prior year. Full-year Adjusted EBITDA was €16.6 million, representing a margin of 15.6%, up from €15.8 million and a 15.5% margin in 2024. In Q4 specifically, Adjusted EBITDA was €4.6 million at a 16.5% margin, slightly below the €4.7 million and 17.2% margin recorded in Q4 2024.
Cash and cash equivalents stood at €6.7 million at year-end. During 2025, Bragg fully repaid a US$7.0 million secured promissory note and replaced its prior debt with a new revolving credit facility from a Tier One Canadian financial institution at less than half the previous borrowing cost, with a maximum aggregate of US$6.0 million.
Strategic Developments
In the US, Bragg launched exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. In Brazil, the company added clients including Brazino777, Blaze, and Super Technologies. Both markets are identified as priorities for continued content market share growth in 2026.
On the PAM side, Bragg extended its platform agreement with 711.nl to include the regulated Belgian iGaming market, renewed its deal with Entain for BetCity.nl in the Netherlands, and extended its agreement with Senator Group in Croatia — a deal covered previously on The iGaming EU. The company also signed a new comprehensive PAM and turnkey agreement with SuomiVeto ahead of Finland’s planned market liberalisation on July 1, 2027.
Bragg announced a strategic restructuring involving an approximately 12% reduction in global headcount, targeting annualised cash savings of approximately €4.5 million. Restructuring costs of around €1.0 million in personnel-related termination charges are expected in Q1 2026. The company has also initiated development of its Bragg AI Brain, an internal artificial intelligence engine, with a target for AI-enhanced products to feature in over 90% of all launches by 2027.
Board Changes
Thomas Winter was appointed to Bragg’s Board of Directors, succeeding Kent Young, who retired from the board. Winter brings two decades of iGaming experience, having founded Golden Nugget Online Gaming (GNOG) in 2013 and growing it into a top operator in New Jersey before its sale to DraftKings for over $1.5 billion. He subsequently led DraftKings’ online casino business until September 2023 and currently serves on the board of Rush Street Interactive. Earlier in his career, he was CEO and COO at Betclic and Expekt within the Betclic Group.
I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value.
— Holly Gagnon, Chair of the Bragg Board
2026 Guidance
Bragg guided full-year 2026 revenue of between €97.0 million and €104.5 million, and Adjusted EBITDA of €16.0 million to €19.0 million, representing an Adjusted EBITDA Margin of 16.0% to 18.0%. The revenue guidance implies a potential decline versus 2025’s record €106.1 million at the midpoint, reflecting ongoing Dutch market headwinds and the transition period following restructuring.
We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business.
— Matevž Mazij, Chief Executive Officer, Bragg Gaming Group
The company trades on NASDAQ and TSX under the ticker BRAG. Management hosted a conference call on March 19 to discuss the results.
Source: Bragg Gaming Group
