Leading iGaming content and turnkey technology solutions provider Bragg Gaming Group announced very positive financial results for the third quarter of 2025. There was revenue increase of 20% over Q2 2024 to €26.8 million, with huge advances in the United States (+86%) and Brazil (+80%). Adjusted EBITDA for the third quarter of 2025 was €4.45 million, up 9% from €4.08 million in the third quarter of 2024.
Moreover, the company experienced strategic market expansion throughout this period, launching content with Fanatics Casino across key iGaming states of New Jersey, Michigan and Pennsylvania, significantly expanding its U.S. content footprint. In this sense, the proprietary content revenue was up 35% in the third quarter of 2025 compared to the same period of the last year.
Looking into the future, the firm continues to anticipate full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
Other business highlights for Q3 2025 were the following:
- Bolstered Leadership Team: Appointed Luka Pataky, as EVP of AI and Innovation, and Matej Filipančič to the role of Global Sales Director.
- Enhanced Security: Took immediate action to mitigate any potential impact from a cybersecurity incident in mid-August. No personal information was affected. Bragg has informed the appropriate authorities and relevant government regulators about the incident.
- Global Content Launches: Launched exclusive and aggregated content with several valued clients, including bet365 (Mexico), StarCasino (The Netherlands), Betsson (Brazil and Spain), Sol Casino (Spain), BetMGM (Brazil), and Napoleon (Romania). In addition, Bragg has released proprietary and exclusive online casino content with CasinoTime (Ontario), Doradobet (Peru), Betty Casino (Ontario), bet365 (The Netherlands, Spain and Sweden), theScore (Ontario), Aposta Ganha (Brazil), and Soccerbet (Serbia, Montenegro and Bosnia and Herzegovina). Bragg has also presented proprietary online casino content with Luckia (Spain) and delivered Yggdrasil content to key regulated European iGaming markets.
- Significant U.S. Expansion: Expanded U.S. content footprint through the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania. Bragg has agreed to aggregate Expanse online casino content, as well as a PAM promotion partnership with SCCG across the U.S. market.
Matevž Mazij, Chief Executive Officer for Bragg, commented: “Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model. The company is successfully navigating evolving international regulatory and taxation developments with a view to pursuing markets and jurisdictions that offer opportunities to higher margin business.”
The executive also remarked: “Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86% and 80%, respectively, highlighting our increasing scale in these high-potential regions. Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20% growth across the rest of its markets. We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model. Finally, the newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S. As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders.”