Bragg Gaming Group posts 4.9% year-over-year revenue growth for Q2 2025

Bragg Gaming Group has announced its financial results for the second quarter of 2025, starting off with revenue of €26.1m ($30.5m), a 4.9% increase over the same period in 2024.

The supplier achieved gross profit of €13.7m during the quarter, up from €12.4m in the prior year period, representing a 10.8% increase. Gross profit margin expanded to 52.7% from 49.9% in the second quarter of 2024, an improvement of 280 basis points.

Two of the indicators that saw a decrease were the adjusted EBITDA and the adjusted EBITDA margin. The first one decreased to €3.5m from €3.6m in the same period last year, a decline of 4.3%. The second one contracted to 13.3% from 14.5% in the prior year quarter, representing a decrease of 128 basis points. 

The company recorded an operating loss of €2.3m compared to an operating loss of €1.2m in the second quarter of 2024.

Revenue growth excluding the Netherlands market reached 21% year-over-year, while proprietary content revenue increased 44% compared to the same period in 2024. 

Besides, Bragg Gaming completed several strategic initiatives during the quarter: In the US, it launched content with Fanatics Casino across the Tri-State area, expanding its US content presence; and it signed an exclusive content development agreement with Hard Rock Digital, strengthening its position in the growing US proprietary content market.

In Brazil, the company strengthened its position in the newly regulated iGaming market through a strategic partnership and investment in local studio RapidPlay. The company also launched Big Ticket Bonanza, a gamification tool designed to enhance player engagement.

The company made leadership appointments during the quarter, naming Scott Milford as EVP, Group Content, and Luka Pataky as EVP, AI and Innovation. 

Other highlights include the repayment of $5.0m of a $7.0m secured promissory note during the quarter. The remaining balance’s maturity was extended to September 15, 2025, with an option for a one-month extension. The company is also pursuing a new working capital revolving credit facility from a Canadian bank, expected to be completed in the third quarter.

It also reported achieving €2m in annualized synergies from business optimization initiatives, including cost structure improvements and integration benefits from acquisitions such as Spin Games and Wild Streak Gaming. These measures are aimed at enhancing margins in the second half of 2025.

Management revised full-year 2025 guidance, anticipating revenue between €106.0m and €108.5m, and adjusted EBITDA of €6.5m to €18.5m. The revision reflects higher gaming taxes and market conditions in key jurisdictions, including Brazil, the Netherlands and Romania.

According to Bragg, market conditions in the Netherlands remain challenging, with the iGaming market gross gaming revenue declining 25% year-to-date. Brazil faces headwinds in the newly regulated market environment, while broader market conditions impact other regulated jurisdictions where the company operates.

The company’s strategic focus centers on cash flow generation, business integration, and margin improvement rather than revenue expansion. Management targets a 20% adjusted EBITDA margin in the second half of 2025, emphasizing higher-quality earnings and sustainable growth over lower-margin revenue opportunities.

Carlos Mendez

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