Leading iGaming content and turnkey technology solutions provider Bragg Gaming Group announced remarkable financial results for the fourth quarter of 2025 and the full year as well. About Q4 2025, there was a record in total quarterly revenue, which was €27.7 million. Revenue increased 5.1% (excluding The Netherlands) compared to the prior year period in 2024. Brazil revenue grew 42.1% compared to the 2024 fourth quarter, with continued progress in provider onboarding. United States also has revenue expansion, with +55.0% year-over-year, driven by expanded high-margin proprietary content footprint.
Adjusted EBITDA for the fourth quarter of 2025 was €4.6 million (representing an Adjusted EBITDA Margin of 16.5%), compared to €4.7 million (representing an Adjusted EBITDA Margin of 17.2%) in Q4-2024.
Moreover, there has been an expanded U.S. content footprint through the launch of its exclusive and bespoke online casino content with Caesars Entertainment in West Virginia. Bragg also launched exclusive and aggregated content with several valued clients operating in Brazil (and other key LatAm jurisdictions), including Brazino777, Blaze, and Super Technologies.
For the full year 2025, there was a record total annual revenue of €106.1 million, an increase of 4.0% compared to €102.0 in the year ended December 31st, 2024. Adjusted EBITDA was €16.6 million, compared to €15.8 million in 2024.
Looking into the future, the company anticipates full year 2026 revenue between €97.0 million and €104.5 million and Adjusted EBITDA of €16.0 million to €19.0 million.
Other business highlights for Q4 2025 were the following:
- Bolstered Leadership Team: Appointed Morten Tonnesen as its new Chief Operating Officer and promoted Garrick Morris to the position of Executive Vice President of Global Content, U.S. & Canada.
- Player Account Management Expansion in Europe: Announced the extension of its existing PAM platform agreement with valued client 711.nl to include the regulated Belgian iGaming market, with potential for future Bragg-powered online casino launches in additional regulated or newly regulating iGaming markets. Also, extended its existing PAM agreement with Entain Plc, one of the world’s largest sports betting and gaming groups for BetCity.nl, a leading Dutch market operator, and with Senator Group, an online casino market leader in Croatia.
- Finnish Market Liberalization Preparations: Signed a comprehensive PAM platform and turnkey solution agreement with SuomiVeto, a market entrant led by the successful founders of BetCity.nl, focused on positioning SuomiVeto as a leading operator, and Bragg as a leading supplier, in the newly regulated Finnish iGaming market when it launches. The market is scheduled to ‘go live’ for private operators on July 1se, 2027.
- Ambitious Artificial Intelligence Transformation Plan: Leapt into an “AI-First” future by initiating the development of the Bragg AI Brain, a data-driven artificial intelligence engine designed to power smarter decisions and intelligent products across the Bragg’s ecosystem. The transformation plan is underpinned by clear 2027 targets, including ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI.
- Strategic Restructuring to Reduce Cost Structure and Improve Operating Performance: Announced a strategic restructuring, including an approximately 12% reduction of global workforce, designed to realign the organization and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability. The company expects to incur restructuring costs related to this action of approximately €1.0 million associated with personnel-related termination costs in the first quarter of 2026, and it anticipates annualized cash savings from its staff reductions and other restructuring efforts to be approximately €4.5 million. This amount does not include the expected positive impact of the company’s initiative to the Bragg AI Brain to drive cost efficiencies and improve operational excellence.
- Greater Board of Directors Alignment with Shareholders: From January 1st, 2026, fees are being paid to directors exclusively in deferred share units (DSUs) on a monthly basis (with no cash alternative).
Abot these numbers, Matevž Mazij, CEO at Bragg, commented: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond, to increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”
The company also announced the appointment of Thomas Winter to its Board of Directors. Winter succeeds Kent Young, who has retired from the Board. Both changes to the Bragg Board are effective immediately.
Winter brings deep knowledge and experience in the iGaming and wagering industry. Currently a Board Member of Rush Street Interactive, which through its brands, BetRivers, PlaySugarHouse and RushBet, was an early entrant in several regulated jurisdictions, Winter began his career in the gaming sector nearly two decades ago and has since established himself as a leader in the field. In 2013, he founded Golden Nugget Online Gaming (GNOG), where he served as President. Under his leadership, GNOG became a top online gaming operator in New Jersey, achieving significant market share and recognition, went public and was later successfully sold for over USD 1.5 billion to DraftKings, where he developed their multi-brand online casino strategy and led their online casino business until September 2023. Before founding GNOG, he was the CEO and director of Betclic, a major European online sports betting and gaming operator, and Expekt, a pioneer brand in the online gaming industry, within the Betclic Group. Winter played a key role as COO at both businesses before being appointed CEO.