Bragg Gaming’s Momentum Continues as Company Reports Strong Q1

Bragg Gaming Group, a leading supplier of content to the iGaming industry, has published its financial report for the first three months of 2025, highlighting “diversified revenue growth, significant margin expansion, and strong cash generation.”

The company also updated its outlook for the year, saying that it anticipates double-digit growth in revenue and adjusted EBITDA.

Bragg’s Revenue and EBITDA Increased

In Q1, Bragg Gaming reported revenue of EUR 25.5 million ($28.6 million), up 7.1% from EUR 23.8 million reported in the prior-year period. In the meantime, the company’s gross profit for Q1 2025 stood at EUR 14.3 million ($16 million), representing an increase of 20.3% year-on-year. For comparison, the company reported a gross profit of EUR 11.9 million in the prior-year period.

Adjusted EBITDA, on the other hand, increased by 19.7% year-on-year to EUR 4.1 million ($4.6 million). The company’s EBITDA margin was 16%, equivalent to a 169 bps growth. For comparison, the adjusted EBITDA for Q1 2024 stood at EUR 3.4 million.

In Q1, Bragg Gaming’s operating loss also increased to EUR 1.7 million ($1.9 million). This marked a year-on-year increase of 32.5% from EUR 1.3 million in Q1 2024.

In Q1, Bragg also repaid $5 million of its secured credit note and is negotiating a new credit facility.

Bragg Gaming Bullish on 2025

Bragg Gaming updated its full-year guidance, saying that it anticipates double-digit growth in both revenue and adjusted EBITDA. The guidance projects between EUR 117.5 million and EUR 123 million ($131.6 million – 137.8 million) in revenue. The guidance furthermore projects adjusted EBITDA in the range of between EUR 19 million and EUR 21.5 million ($21.3 million – 24 million).

The optimistic guidance reflects optimism in the company’s strategic focus on proprietary and exclusive content, and continued momentum in key markets, such as the United States and Latin America.

Bragg’s Q1 Was a Period for Growth

In the first quarter of 2025, Bragg experienced triple-digit growth in the US due to the popularity of its content. The US remains a key market for the company and is expected to contribute up to 15% of its revenue in 2025.

At the same time, Bragg launched in Brazil’s freshly-regulated iGaming market, which will be a cornerstone of its growth in Latin America. Brazil is expected to contribute up to 10% of Bragg’s 2025 revenue.

In addition to that, Bragg penned major partnerships with the likes of Caesar Digital and invested in Brazilian casino content studio RapidPlay.

In Q1 2025, Bragg also appointed Holly Gagnon as its new chair.

Bragg’s CEO Is Pleased with the Results

CEO Matevž Mazij commented on the strong start to the year, expressing confidence in the company’s strategy. He praised the improvements to Bragg’s product mix which led to stronger revenue and was satisfied with the higher adjusted EBITDA margin, which demonstrated operational leverage and increased cash generation.

Mazij also weighed in on the company’s operation in the Netherlands, saying that he was pleased with the company’s strong performance in the country despite the regulatory setbacks.