United States up 86 per cent with Brazil up 80 per cent
Bragg Gaming generated revenue of €26.8m in its third quarter, up 20 per cent, excluding The Netherlands, with United States revenue growing by 86 per cent year-over-year, driven by expanded high-margin proprietary content footprint.
The Netherlands revenue decreased by 22 per cent year-over-year due to that market’s overall contraction caused by increased regulation and higher taxes whilst Brazil revenue increased by 80 per cent compared to the third quarter of 2024 with continued growth in provider onboarding.
The quarter saw Bragg launch content with Fanatics Casino across key iGaming states of New Jersey, Michigan and Pennsylvania, significantly expanding US content footprint. Proprietary content revenue was up 35 per cent in the third quarter of 2025 compared to the third quarter of 2024.
It also launched exclusive and aggregated content with several valued clients, including bet365 (Mexico), StarCasino (The Netherlands), Betsson (Brazil and Spain), Sol Casino (Spain), BetMGM (Brazil), and Napoleon (Romania). In addition, Bragg has launched proprietary and exclusive online casino content with CasinoTime (Ontario), Doradobet (Peru), Betty Casino (Ontario), bet365 (The Netherlands, Spain and Sweden), theScore (Ontario), Aposta Ganha (Brazil), and Soccerbet (Serbia, Montenegro and Bosnia and Herzegovina). Bragg has also launched proprietary online casino content with Luckia (Spain) and delivered Yggdrasil content to key regulated European iGaming markets.
Matevž Mazij, Chief Executive Officer for Bragg, commented: “Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model. The Company is successfully navigating evolving international regulatory and taxation developments with a view to pursuing markets and jurisdictions that offer opportunities to higher margin business.
“Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86 per cent and 80 per cent, respectively, highlighting our increasing scale in these high-potential regions. Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20 per cent growth across the rest of its markets. We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model. Finally, the newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S. As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders. We look forward to updating investors as we progress.”
The company continues to anticipate full year 2025 revenue between €106m and €108.5m and Adjusted EBITDA of €16.5m to €18.5m.
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United States up 86 per cent with Brazil up 80 per cent Bragg Gaming generated revenue of €26.8m in its third quarter, up 20 per cent, excluding The Netherlands, with United States revenue growing by 86 per cent year-over-year, driven by expanded high-margin proprietary content footprint. The Netherlands revenue decreased by 22 per cent year-over-year…
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