January 29, 2025 3 min read

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Bragg Publishes Preliminary 2024 Report, Posts Optimistic 2025 Guidance

Bragg's CEO, Matevž Mazij said that his team is very pleased with the progress it made in 2024 and optimistic about its 2025 trajectory

Bragg Gaming Group, a global B2B iGaming content and tech provider, has published its preliminary unaudited results for 2024, highlighting anticipated revenue and EBITDA growth. The company added that it expects its financial to continue increasing in 2025.

Bragg Is Looking Forward to Good Financials

According to the report, Bragg anticipates FY 2024 revenue of at least EUR 102 million ($), which would mark an increase of 9% year-on-year. Adjusted EBITDA, on the other hand, is expected to reach EUR 15.4 million ($), marking a 1% increase year-on-year.

In the meantime, Bragg Gaming posted its revenue and EBITDA guidance for the current year, saying that it expects double-digit growth in revenue. According to the report, revenue for the year ended December 31, 2025, is expected to be in the EUR 117.5-123 million range ($). Adjusted EBITDA, meanwhile, should reach between EUR 19 million ($) and EUR 21.5 million ($), underpinned by a focus on higher-margin product offerings.

Various Factors Contribute to the Optimistic Forecast

Bragg Gaming attributed its optimistic 2025 forecast to several factors. These included a shift in revenue concentration as the company’s in-house products continue to flourish.

In addition to that, Bragg projected growth in key gaming markets, including North America and Brazil, which are expected to contribute up to 10% and 15% of the company’s annual revenue, respectively.

Speaking of the US, Bragg projected significant growth thanks to tie-ups with leading operators, such as DraftKings, FanDuel, Rush Street, Caesars and BetMGM, and licenses in all major iGaming states. Bragg’s product currently reach 85% of the American iGaming market. The provider attributed its North American market penetration to the reliable leadership of CCO Neill Whyte and SVP of commercial US & Canada Garrick Morris. 

In the meantime, Bragg believes that it is poised to excel in Brazil’s newly regulated market and expects it to become a core market. Bragg hopes to continue its growth journey in Europe as well and expand its business in key Western European markets.

Additional initiatives supporting growth in 2025 would include partnerships with new studio, tech and PAM improvements, artificial intelligence opportunities and a better pipeline.

In the meantime, Bragg introduced a new Stock Appreciation Rights (SAR) plan that would pay out if the company manages to increase its share price fourfold over the next three years.

The Leadership Is Pleased with the Progress

Bragg’s CEO, Matevž Mazij said that his team is very pleased with the progress it made in 2024 and optimistic about its 2025 trajectory. He said that the company’s strategy sets it up for further growth across multiple jurisdictions, including key markets such as Brazil and the US.

Additionally, I’m particularly proud of the strong executive team that we have assembled at Bragg this past year. The recently announced Caesars deal highlights their impressive capabilities.

Matevž Mazij, CEO, Bragg Gaming Group

Per Bragg’s deal with Caesars, the supplier agreed to power the latter company’s iGaming business in the US and Canada with both content and technology.

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