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Bragg Gaming entered Q3 with a sense of forward movement, and the results showed a company gaining speed even as challenges in one market held the quarter back.
Bragg posted EUR 26.8 million in revenue. When removing the Netherlands, that is 20% growth year-on-year. The Netherlands told a different story, but the engine of the business was moving in the right direction.
The US and Brazil become the centre of gravity
The hook of the quarter came from two high-potential regions.
The United States delivered 86% revenue growth, powered by strong demand for original content and launches across major states. Brazil added another lift, growing 80% year-on-year as operator partners increased and more suppliers joined the platform.
These two markets shaped the entire quarter. When the Netherlands is included, total revenue growth settles at 2%, showing how much regulatory tightening can reshape company performance.
Navigating contraction in the Netherlands
The Netherlands fell 22% year-on-year. Higher taxes and new rules pulled the market downward. Even so, the wider portfolio kept Bragg on course, supported by margins that came from content the company owns and controls.
Earnings show pressure but EBITDA rises
Bragg reported a net loss of EUR 2.3 million, compared with EUR 0.2 million last year. Adjusted EBITDA rose 9 percent to EUR 4.45 million, showing improved efficiency and the strength of high-margin content.
The number also reflects the impact of restructuring and tighter operating discipline across the company.
A stronger balance sheet sets up the next phase
Bragg agreed a USD 6 million credit facility with the Bank of Montreal. This replaced previous debt at less than half the cost. The shift gives Bragg more stability and the ability to support its higher margin strategy for 2025, with an aim to reach a 20 percent adjusted EBITDA margin in the second half of next year.
Content launches drive scale across regulated markets
Q3 saw Bragg distribute proprietary and aggregated content to some of the largest names in global iGaming. New launches went live with bet365, Betsson, BetMGM, Napoleon, CasinoTime, theScore, Aposta Ganha, and several Balkan operators.
One of the most important milestones came in the United States. Bragg deployed new games and its RGS technology with Fanatics Casino across New Jersey, Michigan, and Pennsylvania. The company also expanded its future pipeline with new agreements that deepen its position in the market.
Leadership shifts and sharper governance
Bragg appointed Luka Pataky as Executive Vice President of AI and Innovation and brought in Matej Filipančič as Global Sales Director. The Board also approved a 15% compensation reduction, with all payments shifting to Deferred Stock Units from January 2026 to increase long-term alignment with shareholders.
CEO outlook and confidence for 2025
CEO Matevž Mazij said the company delivered “another strong quarterly performance” and highlighted the US and Brazil as long-term growth anchors. He added that the new credit facility strengthens the company at a crucial moment.
Bragg maintained its full-year guidance. It expects EUR 106 million to EUR 108.5 million in revenue and adjusted EBITDA of EUR 16.5 million to EUR 18.5 million for 2025.
The quarter showed the value of leaning into growth markets, building stronger margins, and tightening the operating model. The year ahead will show how far Bragg can push this momentum.
Source: Focus Gaming News
