Bragg Gaming Group Posts Strong Q1 2025 with 7.1% Revenue Growth
Bragg Gaming Group reported a 7.1% revenue increase to €25.5 million in Q1, driven by triple-digit US growth despite regulatory challenges in the Netherlands.
A Solid Start to 2025
Bragg Gaming Group kicked off 2025 with a bang, posting €25.5 million in revenue for Q1, up 7.1% from last year, and a whopping 27% surge excluding the Netherlands.
“We’re thrilled to be reporting a strong start to 2025,” said CEO Matevž Mazij, highlighting a 19.7% jump in adjusted EBITDA to €4.1 million.
Despite a 19% revenue dip in the Netherlands due to tight regulations, Bragg’s focus on high-margin proprietary content and booming markets like the US and Brazil fueled a 56% gross profit margin.
With €10.8 million in cash and a 338% US content revenue spike, Bragg’s proving it can roll with the punches in the iGaming market.
Key Financial Wins
Bragg’s numbers tell a story of growth and grit. Total revenue hit €25.5 million, with proprietary content, like the hit “Dragon Power Triple Gold” from Wall Street Gaming, soaring 62% to €3.9 million, making up a record 15.5% of sales.
“Proprietary content reached a record 15.5% of total revenue,” CFO Robbie Bressler noted, boosting gross profit 20.3% to €14.3 million. The gross margin climbed 612 basis points to 56%, thanks to a shift toward higher-margin offerings.
Adjusted EBITDA rose 19.7% to €4.1 million, with a 16% margin, up 169 basis points. Cash from operations jumped 61% to €4.5 million, and Bragg paid down $5 million of a $7 million credit note, holding €10.8 million in cash by March 31.
US Market Steals the Show
The US was Bragg’s star performer, with proprietary content revenue skyrocketing 338% year-over-year, outpacing the 25% growth of the $9.5 billion iCasino market.
“We saw triple-digit growth in US GGR,” Mazij said, crediting deals with giants like DraftKings, FanDuel, and Caesars. Overall US casino content grew 155%, set to drive 15% of 2025 revenue.
Ohio’s potential iCasino legalization by Q1 2026 could add $2 billion to the market, and Bragg’s already hooked up with top operators there, ready to pounce with minimal costs.
Partnerships, like the Caesars Digital deal for “Caesars Palace Signature Multihand Blackjack Surrender,” and investments in studios like RapidPlay in Brazil, are fueling this buzz.
Netherlands Drags, But Bragg Pivots
The Netherlands threw a wrench, with revenue down 19% due to 4% gaming tax hikes and deposit limits. “The Netherlands market has slowed due to regulatory pressures,” Mazij explained, noting Bragg’s resilience by cutting exposure there.
The firm’s biggest Dutch client, BetCity, dropped from 42% of revenue in 2022 to a projected 16% in 2025, with 80% of its 2025 revenue from low-margin content aggregation.
“BetCity’s become a lower-margin customer,” Bressler said, expecting it to lose its top-client spot by 2026. A possible BetCity shift to its own tech stack won’t hit Bragg hard, and the firm’s diversifying fast into markets like Brazil, where Q1 softened but is now picking up.
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