November 13, 2025 — Leads & Copy — Bragg Gaming Group, a content and technology provider for the online gaming industry, has released its third-quarter financial results for 2025.
The company reported total revenue of €26.8 million for the third quarter, a 2% increase year-over-year, which includes the impact of The Netherlands. Excluding The Netherlands, revenue grew 20% compared to the third quarter of 2024.
Revenue in The Netherlands decreased by 22% year-over-year due to market contraction from increased regulation and higher taxes. Brazil revenue increased by 80% compared to the same period in 2024, driven by provider onboarding. United States revenue grew by 86% year-over-year due to expanded proprietary content.
Bragg reported a net loss of €2.3 million, or €0.09 per common share, for the third quarter of 2025, compared to a net loss of €0.2 million, or €0.01 per common share, for the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was €4.45 million, a 9% increase from €4.08 million in the third quarter of 2024.
The company launched content with Fanatics Casino across key iGaming states, expanding its U.S. content footprint. Proprietary content revenue was up 35% in the third quarter of 2025 compared to the third quarter of 2024.
Bragg entered into a new US $6.0 million financing agreement with the Bank of Montreal, replacing its prior debt. The company expects to realize EUR 2 million in annualized synergies and a 20% Adjusted EBITDA Margin for the second half of 2025.
Luka Pataky was appointed as EVP of AI and Innovation, and Matej Filipančič was appointed as Global Sales Director.
Bragg mitigated a cybersecurity incident in mid-August, with no indication that any personal information was affected. The incident did not impact the company’s operations or data access. Bragg informed the appropriate authorities and government regulators about the incident.
Global content launches included bet365 (Mexico), StarCasino (The Netherlands), Betsson (Brazil and Spain), Sol Casino (Spain), BetMGM (Brazil), and Napoleon (Romania). Bragg also launched proprietary 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). Proprietary online casino content was also launched with Luckia (Spain), and Yggdrasil content was delivered to regulated European iGaming markets.
Bragg expanded its 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. The company also agreed to aggregate Expanse online casino content and a PAM promotion partnership with SCCG across the U.S. market.
Effective January 1, 2026, the Board of Directors approved a 15% reduction in all Board member fees and approved that all director compensation will be in the form of non-cash Deferred Share Units (DSUs) instead of cash compensation.
Matevž Mazij, Chief Executive Officer for Bragg, said the company delivered a solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA. He noted the company is successfully navigating evolving international regulatory and taxation developments to pursue markets and jurisdictions that offer opportunities to higher margin business.
The company 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.
Bragg Gaming Group will host a conference call today at 8:30 a.m. Eastern to discuss the financial and operational performance of the company.
Source: Bragg Gaming Group
