Bragg Gaming Group has released its Q1 2025 financial results, reporting a 7.1 percent year-on-year revenue increase to €25.5 million. The quarter saw notable gains in gross profits and adjusted EBITDA, with key contributions from US and Brazilian markets.
Strong revenue
Bragg Gaming Group has reported a strong start to 2025, with total revenue rising by 7.1 percent compared to Q1 2024. Revenue for the quarter reached €25.5 million ($28.5 million), excluding contributions from the Netherlands. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a notable increase of 19.7 percent, climbing to €4.1 million.
Gross profit for the quarter rose by 20.3 percent year-on-year to €14.3 million, with a . This marks a significant improvement from the 49.9 percent margin posted in Q1 2024. Cash flow from operations grew by 63.5 percent, reaching €4.5 million. Proprietary content revenue, a key focus area for the group, surged by 62 percent.
However, the company recorded operating losses of €1.7 million in Q1 2025—an increase of €0.4 million or 32.5 percent from the previous year.
US market drives revenue growth
Bragg attributed much of its revenue growth to performance in the US market. Revenues from the United States jumped 150 percent year-on-year. The company now expects the US to contribute 15 percent of its total full-year revenue by the end of 2025.
During the quarter, Bragg entered into an exclusive technology collaboration with Caesars in the US. This partnership is seen as a strategic move to expand its presence and proprietary offerings in the North American market.
Brazil launch and LatAm strategy
In Q1 2025, Bragg launched its operations in the regulated Brazilian market. The company is also acquiring a strategic equity stake in RapidPlay, a Brazilian online casino studio. This investment supports Bragg’s ongoing strategy to expand its footprint across Latin America.
European partnerships and market pressures
In Europe, Bragg partnered with Svenska Spel, integrating its online gaming content onto the Swedish operator’s platform. This move aims to strengthen its position in the Scandinavian market.
Meanwhile, the company acknowledged ongoing regulatory pressures in the Netherlands. Though Q1 figures exclude Dutch revenues, no specific data from that market was disclosed. Bragg has indicated plans to reduce its reliance on the Netherlands as it focuses on more promising markets.
CEO’s comment
“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg, said. “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.”
