Key points:
- Bragg Gaming has posted Q1 rises in both revenue and EBITDA
- These increases have been primarily driven by a 150% revenue rise in the US market
- Operating losses have increase by 32.5% year-on-year
Bragg Gaming has released its full Q1 2025 financial results, highlighting an overall revenue rise of 7.1% year-on-year to €25.5m ($28.5m) – alongside rises in EBITDA and profits.
It has been a positive quarter for the group, which has experienced year-on-year upswings in gross profits, revenue and EBITDA of 20.3%, 7.1% and 19.7%, respectively. Operating losses, however, did increase by 32.5% when compared to this time last year.
Q1 results overview
Overall, Bragg Gaming Group has increased its total revenues (excluding the Netherlands) year-over-year by 7.1% to €25.5m, a result which has come paired with 19.7% growth in adjusted EBITDA to €4.1m. Elsewhere, gross profits also rose by 20.3% to total €14.3m during the quarter, paired with a gross profit margin of 56%, up from the 49.9% recorded during the year prior.
Cash from operations also grew by a notable 63.5% in comparison to Q1 2024, settling at €4.5m, with proprietary content revenue experiencing growth of 62%. Operating losses were, however, increased by €0.4m year-over-year and fell to a total €1.7m during Q1 2025.
Q1 performance by region
Indeed, Bragg has attributed its overall Q1 revenue growth to a strong performance in the US market – which has seen revenues for the region rocket by 150% year-on-year. As specified by the group, US revenue is now expected to contribute to 15% of its overall full-year revenue sum by the end of 2025.
Elsewhere, Bragg also launched its regulated Brazilian operations during Q1 and has now reiterated its 2025 outlook as part of these latest results – stating that it expects double-digit growth in both revenue and adjusted EBITDA during the full calendar year. Nevertheless, despite these latest revenue figures being presented with the exclusion of the Dutch market, individual Q1 revenue from operations in the Netherlands has not been specified elsewhere.
Bragg Q1 highlights
During Q1, Bragg followed its Brazilian market debut by entering into a new exclusive technology collaboration with Caesars in the US market. Elsewhere, the supplier also partnered with Svenska Spel in Sweden, integrating its portfolio of online gaming options onto the operator’s local platform.
More recently, the company brokered an additional deal which will see the acquisition of a strategic equity in Brazilian online casino studio RapidPlay – as part of a recent strategy which seeks to draw and enhanced focus on the LatAm region.
Good to know: During FY 2024, Bragg’s revenue totalled €102m, up 16.3% from 2023
CEOs comments
Speaking on these latest financials, Bragg Gaming Group CEO, Matevž Mazij, said: "We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value. During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.
“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%¹, driven in part by triple-digit growth in the U.S.”
