International full-service iGaming content and technology solutions provider Bragg Gaming Group presented its financial results for the second quarter of 2025. There was a revenue increase of 4.9% over the Q2 2024 to €26.1 million, and a 21% year-over-year revenue growth excluding The Netherlands, with proprietary content revenue elevating 44% versus the same trimester of 2024.
The company’s focus is on cash flow, integration and margin and, as such, while the strategy remains the same, the areas of attention and focus have shifted. The full year 2025 guidance has been revised to reflect higher gaming taxes and market softness in the Netherlands and headwinds in Brazil, as well as broader market conditions impacting key regulated markets. Now, the supplier anticipates full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
This change reflects a deliberate shift toward higher-quality earnings. The firm remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline, positioning Bragg for long-term profitable growth.
Among the key highlights of the period, we can mention the following:
a) Strategic Market Expansion: Launched content with Fanatics Casino across Tri-State area, significantly expanding U.S. content footprint.
b) U.S. Growth Acceleration: Signed exclusive content development agreement with Hard Rock Digital; builds on momentum in U.S. market with increasing share of proprietary content revenue.
c) Brazil Market Focus: Strengthened position in newly regulated Brazilian iGaming market through strategic partnership and investment in local studio RapidPlay.
d) Innovation and Product Development: Launched Big Ticket Bonanza, a gamification tool to drive player engagement.
e) Leadership Strengthening: Appointed Scott Milford as EVP, Group Content, and Luka Pataky as EVP, AI and Innovation, enhancing leadership across AI, content, innovation and technology.
According to Matevž Mazij, Chief Executive Officer at Bragg: “In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group. In Q2 2025, we began to focus on integration and optimization. We identified and actioned key areas where we have now optimized our cost structure and have implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming. Specifically, we have realized €2 million in annualized synergies from the business, unlocking improved margins for the second half of 2025. Our leadership conducted a comprehensive review of the business to ensure cash flow and margin remain central to all decisions, supported by Bragg’s strong underlying cash generation and margin profile.”
He also stated: “With increasing gaming taxes being implemented in key markets like Brazil, The Netherlands, and Romania, we’re prioritizing improved margin and cash flow performance over aggressive revenue expansion. That said, we believe that there are substantial, highly accretive growth opportunities ahead for this business. We intend to pursue these opportunities methodically. We are focused on driving cash flow, integration, and margin, and positioning Bragg for sustainable, profitable growth. The actions taken in Q2 position us to achieve a 20% Adjusted EBITDA Margin target in the second half of 2025.”