Bragg Gaming Reports 7.1% Revenue Growth in Q1 2025

Revenue Gains Driven by North America

Bragg Gaming’s Q1 2025 results show a 7.1% year-on-year revenue increase, climbing to €25.5 million. The bulk of this progress stemmed from exceptional growth in the U.S. market, where revenues tripled compared to Q1 2024. The company now expects its U.S. operations to contribute around 15% of its total revenue by year’s end, underscoring a shift in geographic focus.

Gross profits rose 20.3% to €14.3 million, while adjusted EBITDA increased by 19.7%, reaching €4.1 million. The gross profit margin also improved significantly, moving from 49.9% to 56%. Bragg’s proprietary content was a key driver in this margin expansion, supported by what the company described as an improved product mix.

Netherlands Exposure Declines Amid Global Expansion

While Bragg’s financial summary excludes Dutch revenues from its headline figures, the company acknowledged ongoing regulatory headwinds in the Netherlands. The market has slowed in recent quarters—a trend CEO Matevž Mazij described as affecting all stakeholders in the regulated sector.

Despite this, Bragg reported 27% revenue growth year-over-year when excluding Dutch figures, highlighting gains in less-regulated or emerging regions. In Brazil, Bragg initiated regulated operations during Q1 and announced a strategic equity investment in local studio RapidPlay. These moves align with the company’s stated goal of deepening its footprint in Latin America.

U.S. Deals Strengthen Strategic Position

Beyond strong revenue numbers, Q1 also marked several key partnerships. Bragg entered into an exclusive technology deal with Caesars in the U.S., bolstering its position in a high-potential market. In Sweden, it also launched content with Svenska Spel, integrating its games into the national operator’s platform.

Cash flow from operations rose by 63.5% year-on-year to €4.5 million, offering further evidence of operational efficiency. However, not all indicators were positive: operating losses increased by €0.4 million, reaching €1.7 million for the quarter.

Double-Digit Growth Still on Track

Bragg has reiterated its guidance for 2025, projecting double-digit growth in both revenue and adjusted EBITDA. CEO Matevž Mazij commented on the Q1 performance by saying:

“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. 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.

“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%, driven in part by triple-digit growth in the U.S.”

The group closed FY 2024 with €102 million in revenue, up 16.3% from the previous year. The Q1 results suggest that Bragg is maintaining this growth trajectory, albeit with rising costs and a changing regional focus.