Bragg Gaming Group Q3 2025 Revenue Up, But Dutch Market Drag
Bragg Gaming Group reported €26.8 million in revenue for the third quarter of 2025, marking a year-on-year increase. However, a sharp 22 % drop in the Netherlands weighed on overall performance, despite strong growth in the U.S. and Brazil.
Revenue Growth and Regional Contrasts
Bragg achieved a respectable increase in Q3 revenue, driven largely by robust gains in the Americas. The U.S. market grew by 86 % and Brazil posted 80 % growth, offsetting declines elsewhere. The Netherlands market declined by 22 %, due to tougher regulation and higher tax burdens. Adjusted EBITDA rose modestly, showing improved operational leverage.
The company emphasised that the Dutch decline is temporary and expects normalisation once regulatory pressures ease. Additional markets also showed signs of stabilization with new client wins and product launches contributing positively.
Full-Year Outlook and Strategic Notes
Despite the challenges in the Netherlands, Bragg maintained its full-year revenue guidance at €106 million to €108.5 million and adjusted EBITDA at €16.5 million to €18.5 million. The company remains focused on strengthening its content distribution and platform partnerships across regulated markets. It highlighted that outside the Netherlands, revenue grew approximately 20 % across its global portfolio.
Bragg also pointed to ongoing investments in technology and product development that aim to support long-term margin growth. Management confirmed that maintaining cost discipline remains a priority as the company prepares for further expansion in 2026.