Today, Bragg gambling Group, which makes content and technological solutions for the online gambling business, released its financial results for the third quarter of 2025.
A look at the finances during Q3
Bragg said that their overall revenue for the third quarter of 2025 was €26.8 million. The company grew by about 20% compared to Q3 2024, not counting its activities in the Netherlands, where regulatory issues and higher taxes caused a 22% drop in sales year over year.
There was a lot of growth in different parts of the world. For example, revenue in Brazil went up by 80%, and in the US, it went up by 86%. This was mostly because of the growth of high-margin proprietary content. There was a 2% year-on-year increase in overall revenue for the quarter, even with the Netherlands' decline.
Bragg had a net loss of €2.3 million, or €0.09 per common share, in the third quarter of 2024. This was a bigger loss than the €0.2 million loss (or €0.01 per share) in the third quarter of 2024. Adjusted EBITDA went up roughly 9% from €4.08 million in the same time last year to €4.45 million this year.
Strategic efforts and things that make performance better
Bragg talked about a number of important strategic changes that happened throughout the quarter. It grew its position in the U.S. by introducing content with Fanatics Casino in New Jersey, Michigan, and Pennsylvania, which are all important regulated iGaming states. Revenue from proprietary material also went up by 35% over the previous year.
The company also signed a new US $6 million loan deal with the Bank of Montreal. This loan will replace more expensive debt and help the company move towards operations that make more money and generate cash. There are currently annualised cost synergies of about €2 million, and the goal is to reach a 20% adjusted EBITDA margin in the second half of 2025.
Bragg also strengthened its leadership team by hiring Luka Pataky as Executive Vice President of AI & Innovation and Matej Filipančič as Global Sales Director. The company claimed it had taken efforts to address a cybersecurity incident in mid-August. Most crucially, it stated there was no sign that personal information had been exposed and that business operations had not been disrupted.
The future and the market
Bragg stuck to its full-year 2025 forecast, which calls for €106.0 million to €108.5 million in revenue and €16.5 million to €18.5 million in adjusted EBITDA.
"Bragg had another strong quarter, thanks to higher revenue, better operational efficiency, and higher adjusted EBITDA. These results show how strong and adaptable our diverse business model is," said CEO Matevž Mazij.
He went on to say that even if some areas, like the Netherlands, are still dealing with regulatory and tax challenges, the company is focussing on places with greater profit margins and the ability to grow quickly, like Brazil and the U.S.
Effects on the industry
The results show that operators and service providers in the regulated iGaming market are putting more and more emphasis on their own content, locations with greater margins for growth, and disciplined capital structures. Bragg's ability to do well in Brazil and the U.S. while dealing with problems in areas with lower margins or stricter rules shows how important it is to diversify markets.
The company's new finance deal and cost-synergy program are more signs that it is moving towards more operational leverage. If Bragg can reach its goal of a 20% adjusted EBITDA margin, it will be in a good position among mid-sized B2B iGaming vendors.
Future Outlook: Sustaining Momentum Into 2026
Even though the Dutch market is facing some short-term problems, Bragg's business strategy seems to be firmly anchored in areas and segments that are likely to grow and have higher profit margins. The company is ready for long-term growth through 2026 since it has confirmed its full-year projection and is making progress on its strategic plans.
Execution will be very important because rules are changing and competition is getting tougher. But for now, Bragg's third-quarter results give them a good base to build on for more development and value creation.