Bragg Gaming Group Announces Record Q4 and Full Year Revenue

Posted on: March 20, 2025, 11:37h. 

Last updated on: March 20, 2025, 12:06h.

Mark Keast Read More
Expertise: Canadian Gaming, iGaming, Las Vegas, Sports Betting, NFL, Boxing, UFC.
  • Fourth quarter revenue increased 16.3% YoY to record level
  • Full year revenue increased 9.1% YoY to record level
  • Bragg looks to Brazil and North America for revenue growth in 2025

Bragg Gaming Group released company financial results for Q4 2024 and full year of 2024 on Thursday morning, highlighted by a 16.3% year-over-year fourth-quarter revenue increase and a full-year revenue increase of 9.1%, both record levels.

(Image: Bragg Gaming Group)

Bragg, the Toronto-based B2B iGaming content and platform technology solutions provider, reported US$28.8 million in Q4 revenue and full-year revenue of US$108.1 million. Gross profit in Q4 rose 30.9% YoY, and adjusted EBITDA grew by 68%. Full-year gross profit rose 8.2% and adjusted EBITDA grew by 3.6%.

In a statement, the company said it expects revenue growth in Brazil and North America in 2025 – projecting a 17.9% full-year increase to US$127.4 million.

Earlier this year, Bragg announced the company was now live in the newly opened Brazil market with its product.

Proprietary Content Investment Driving Growth

In January, Bragg announced an expanded partnership with Caesars that included exclusive game development collaboration and a lease of Bragg’s Remote Gaming Server technology that will allow Caesars to create its own proprietary online casino games for both the regulated Canadian and US markets. 

In Canada, the company announced a content deal with Loto-Quebec in February. Bragg entered the Ontario market in March 2022.

Matevž Mazij, Bragg’s CEO, told investors and analysts the company’s investments in proprietary and exclusive content, as well as various data, player journey, and AI-enhanced engagement features will drive growth in 2025.

Brazil Expansion a Big Focus

“We get the highest margins on content when we are the owners of the games and also own the distribution channels,” Mazij said. “We continue to ramp up our proprietary game production from our in-house studios, including Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, and we also increased our proprietary distribution networks by launching our games with more operators in more markets.”

Dragon Power Triple Gold, launched exclusively with BetMGM in March and has been performing “unbelievably well” Mazij said. Bragg’s proprietary content now reaches 90% of the U.S. iGaming market, worth an estimated $8 billion,

Mazij added the company is licensed in “all key iGaming states” having launched in Delaware last October, and expecting to launch in West Virginia in the second quarter of this year (taking Bragg to six U.S. iGaming states).

US Market: 50% of Total Revenue Over 2025

“We’re estimating that the US iGaming market will account for 50% of our total revenue over the course of the year,” Mazij said. “We’re strategically positioned to make a big impact in Brazil, with content-based agreements with 30% of licensed operators in the Brazilian market, a figure that should rise to 50% by the end of second quarter 2025.”

Brazil’s iGaming market is expected to generate gross gaming revenue of US$1.5 billion in 2025, surging to US$3.3 billion over the next four years, he told investors.

“Into this we’re launching our high margin and exclusive content, a strategy we are all projecting will see up to 10% of our total revenue coming from the Brazilian iGaming market this year, outside of the Americas,” Mazij said.