Bragg Gaming Q3 revenue reaches €26.2m

Bragg Gaming has released its third quarter 2024 financial figures, underlining another positive period for the supplier. 

Q3 2024 

During the third quarter, Bragg recorded revenue of €26.2m ($27.7m), representing an increase of 15.9% year-on-year, with 40% proprietary online content revenue growth helped by expanded distribution of content in the US. 

Gross profit also saw steady growth, going up 18.1% to €14.0m, with gross profit margin going from 52.5% in Q3 2023 to 53.5% in Q3 2024. 

Looking at adjusted EBITDA, this experienced a rise of 7.1% during the quarter to €4.1m, with the adjusted EBITDA margin going from 16.9% in Q3 2023 to 15.6% in Q3 2024. 

The supplier during Q3 this year suffered an operating loss of €0.4m, compared with an operating loss of €2.1m during the same period last year. 

Looking ahead 

Bragg has also announced that the committee it hired in March for its strategic alternatives process has completed its strategic review. With this, the Board, with the recommendation of the special committee has stated that none of the proposals reflected the company’s intrinsic value or current and projected financial performance. To maximize shareholder value, therefore,  there will be a continuation of the execution of Bragg’s strategic plan as an independent public company. 

For its full-year financial guidance, the supplier has reiterated its revenue guidance range of between €102m and €104m and adjusted EBITDA range of €15.2m and €18.5m. In 2025, the company has “expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market.” 

Comments 

Bragg CEO Matevž Mazij said, “We announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time. 

“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth. 

Good to know: In August, Bragg expanded its collaboration with Caesars Digital by launching games in Pennsylvania and Ontario

“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.” 

In other results-based news today, Gambling.com Group has also released its Q3 report showing revenue was up 37%, adjusted EBITDA was up 108% and operating profit was up 104%. 

Ciaran McLoughlin

Editor

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.