Bragg Gaming Posts Revenue and EBITDA Growth Driven by US, Brazil Expansion

Excluding a revenue drop in the Netherlands, Bragg’s revenue grew by approximately 20% across its other markets. The growth was largely fueled by significant expansion in key strategic regions, particularly the US and Brazil.

Financial Metrics Reflect Strategy Shift

The company demonstrated improved operational efficiency and a higher margin profile in its Q3 2025 results:

Adjusted EBITDA rose 9% to €4.45 million from €4.08 million in Q3 2024. The corresponding Adjusted EBITDA margin was 16.6%. Gross profit increased 5% to €14.7 million, pushing the gross profit margin up 115 basis points to 54.7%.

The biggest financial driver was the performance in target regions: revenue in the United States grew 86% YoY, and revenue in Brazil increased 80% YoY. This expansion also boosted high-margin proprietary content revenue by 35%YoY, with half of all proprietary content revenue now coming from the rapidly growing US market.

Strategic Expansion and Product Deployment

Bragg’s strategy focuses on advancing high-margin proprietary content and securing partnerships to drive scale.

In the US, the company secured a significant expansion by launching its latest games and Remote Gaming Server (RGS) technology with Fanatics Casino across major states like New Jersey, Michigan, and Pennsylvania. Bragg also developed bespoke online casino games tailored for Hard Rock Bet Casino.

In the Brazilian market, which saw 80% YoY growth, Bragg strengthened its position through an exclusive partnership and investment in RapidPlay, a specialized Brazilian games studio.

Globally, the company launched its exclusive and aggregated content with numerous clients, including bet365 (in Mexico, the Netherlands, Spain, and Sweden) and Betsson (in Brazil and Spain).

Corporate Developments and CEO Commentary

Bragg addressed several corporate matters during the quarter. The company secured a new $6 million revolving credit facility with the Bank of Montreal, which replaced older debt at more than half the cost. This move strengthens the balance sheet and provides flexibility for further expansion in regulated markets.

In August, a cybersecurity incident occurred, but the company stated that no personal data was compromised, and the incident did not impact the ability to continue operations. Additionally, effective January 1, 2026, the Board of Directors approved a 15% reduction in fees for all board members. All director compensation will now be paid in non-cash Deferred Share Units (DSU) instead of cash.

Matevž Mazij, Chief Executive Officer for Bragg, commented on the quarter’s success, highlighting the business model’s strength. Mazij stated the company is successfully navigating regulatory changes by prioritizing markets that offer “opportunities to higher margin business.” He expressed confidence in the company’s ability to deliver long-term value by realizing the benefits of expense structure realignment and enhanced scalability.