Toronto's Bragg Gaming Group attributes a 7.1% year-over-year increase in revenue to a renewed emphasis on proprietary content and expansion into important growth markets like Brazil and the US.
On Thursday morning, the company announced its Q1 2025 financial results, showcasing a 150% year-over-year rise in US revenue from Bragg’s exclusive online casino content produced in its studios.
Bragg, a worldwide B2B iGaming content and tech solutions provider (online casinos, sports wagering, and lottery), announced total Q1 revenue of US$28.6 million.
“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,” said Bragg CEO Matevž Mazij in a statement.
Mazij indicated that the Netherlands is holding back revenues, highlighting that the market has decelerated in the past few quarters due to regulatory challenges. The Netherlands experienced a 19% decline relative to Q1 2024 as a result of regulatory alterations such as player deposit limits and heightened gaming taxes.
Excluding the Netherlands, revenue growth in relation to Q1 2024 was 27%. Mazij stated that the firm is lessening its exposure to the Netherlands.
Other financial highlights included a rise in gross profit margin to 56%, fueled by proprietary content expansion, a 19.7% increase in adjusted EBITDA, and a 63.5% year-over-year surge in cash from operations to US$5 million.
Another key highlight was a 62% increase in proprietary content revenue year-over-year, reaching a record 15.5% of total revenue.
“During the quarter, we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content,” said Mazij. “In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls, demonstrate operational leverage and increased cash generation.”
In January, Bragg revealed its entry into Brazil’s newly regulated iGaming market. Bragg stated that the online casino industry is expected to reach a value of US$1.4 billion by 2025 and US$3.7 billion by 2030, as per H2 Gambling Capital. Bragg stated that it expects Brazil’s iGaming market to account for as much as 10% of the firm’s overall revenue in 2025.
Brazil Growth
In January, the firm revealed an extension of its collaboration with Caesars Entertainment. The recent alliance features a unique game development partnership and a lease of Bragg’s Remote Gaming Server technology, enabling Caesars to design exclusive online casino games for the regulated markets in Canada and the United States.
The initial game to be released through this partnership – Caesars Palace Signature Multihand Blackjack Surrender – was launched this week.
In a statement, the company said it “anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025.”
The company has an eye on the possible legalization of online casinos in Ohio as a major growth opportunity. During a conference call with investors on Thursday morning, Mazij said: “The US is and will continue to be an extremely important focus for Bragg. We’re seeing robust overall market expansion in the US, with the online casino vertical, our specialty in Pennsylvania, Michigan, New Jersey, Delaware, and Connecticut, growing 25% in the past year.”
“With iCasino booming, the momentum is growing for new states to open up to online casino regulation,” he said. “The $9.5 billion US online casino market in 2025 is projected to be worth over $75 billion US dollars at maturity. As we continue to grow at a faster rate than this expanding market, we’re extremely bullish about the opportunity for Bragg.”
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