Bragg Gaming has released its complete financial results for the first quarter of 2025, highlighting a total revenue increase of 7.1% to 25.5 million euros ($28.5 million), with growth in EBITDA and profits as well.
This quarter, the group showed positive performance with gross profit, revenue, and earnings before interest, taxes, depreciation, and amortization (EBITDA) increasing by 20.3%, 7.1%, and 19.7% year-over-year, respectively. However, operating losses grew by 32.5% compared to the same period last year.
First Quarter Performance Overview
Overall, Bragg Gaming Group's total revenue (excluding the Netherlands) grew by 7.1% year-over-year to 25.5 million euros, with adjusted EBITDA increasing by 19.7% to 4.1 million euros. Additionally, this quarter's gross profit also rose by 20.3% to 14.3 million euros, with a gross margin of 56%, higher than the previous year's 49.9%.
Compared to the first quarter of 2024, operating cash flow also significantly increased by 63.5% to 4.5 million euros, with proprietary content revenue growing by 62%. However, operating losses increased by 400,000 euros year-over-year, dropping to 1.7 million euros in the first quarter of 2025.
First Quarter Regional Performance
Indeed, Bragg attributes its overall revenue growth in the first quarter to strong performance in the U.S. market—where revenue grew by 150% year-over-year. The group expects that by the end of 2025, U.S. market revenue will account for 15% of its annual total revenue.
Furthermore, Bragg also launched its regulated business in Brazil during the first quarter and reiterated its 2025 outlook in the latest results—expecting double-digit growth in annual revenue and adjusted EBITDA. Although these latest revenue figures do not include the Dutch market, other regions did not disclose specific first-quarter revenue for the Dutch business.
First Quarter Highlights
In the first quarter, after advancing into the Brazilian market, Bragg also established a new exclusive technology partnership with Caesars Entertainment in the U.S. Additionally, the supplier collaborated with Sweden's Svenska Spel to integrate its online gaming product portfolio into the operator's local platform.
Recently, the company facilitated another deal to acquire a strategic stake in the Brazilian online casino studio RapidPlay—part of the latest strategy aimed at attracting and strengthening focus on the Latin American region.
It's worth noting that in the fiscal year 2024, Bragg's total revenue amounted to 102 million euros, a 16.3% increase from 2023.
CEO's Comments
Discussing the latest financial data, Bragg Gaming Group CEO Matevž Mazij said: "We are pleased to report a strong start to 2025, indicating that we are executing our strategy and advancing metrics we believe are crucial for shareholder value. This quarter, we continued to optimize our product portfolio, where high-margin proprietary content created a larger revenue share. This in turn improved the adjusted EBITDA margin, coupled with strict cost control, demonstrated operational leverage, and enhanced cash generation capabilities."
As widely reported, due to regulatory pressures, the Dutch market has seen slowed growth over the past few quarters, a challenge faced by Bragg as well as all operators and suppliers serving this regulated market. I am pleased to see Bragg showing resilience under these pressures, reducing its business in the Netherlands while maintaining strong growth in markets like the U.S. and Brazil. Excluding the Netherlands, revenue grew strongly year-over-year by 27%, partly due to triple-digit growth in the U.S. market.
