Bragg Q1 2025 Financial Report: 150% Year-Over-Year Growth in US Revenues
Posted on: May 15, 2025, 10:26h.
Last updated on: May 15, 2025, 10:49h.
- 27% year-over-year revenue growth excluding Netherlands
- Brazil launch in early 2025 a key takeaway
- 62% YoY proprietary content revenue growth, a record 15.5% of total revenue
Toronto-based Bragg Gaming Group is pointing to a renewed focus on proprietary content and expansion in key growth markets like Brazil and the US as the reasons for a 7.1% year-over-year bump in revenue.
The company released its Q1 2025 financial results on Thursday morning, highlighted by a 150% year-over-year increase in US revenue, derived from Bragg’s proprietary and exclusive online casino content from its studios.
Bragg, a global B2B iGaming content and technology solutions provider (online casino, sports betting, and lottery), reported overall 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.
$28.6 Million in Q1 Revenue
Mazij pointed to the Netherlands as the drag on revenues, noting that the market has slowed down in recent quarters because of regulatory pressures. The Netherlands saw a decrease of 19% compared to Q1 2024 due to regulatory changes like deposit limits imposed on players and increases in gaming taxes.
Placing the Netherlands aside, revenue growth compared to Q1 2024 was 27%. Mazij said the company is reducing exposure to the Netherlands.
Other financial highlights saw gross profit margin increase to 56%, driven by proprietary content growth, adjusted EBITDA rise 19.7%, and 63.5% year-over-year growth in cash from operations to US$5 million.
Another big takeaway included 62% year-over-year proprietary content revenue growth (a record 15.5% of total revenue).
Caesars Entertainment Content Deal
“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 announced it launched in Brazil’s new regulated iGaming market. Bragg said that online casino market is projected to be worth US$1.4 billion in 2025, and US$3.7 billion by 2030, according to H2 Gambling Capital. Bragg said it’s hoping that Brazil’s iGaming market will represent up to 10% of the company’s total revenue in 2025.
Brazil Expansion
Also, in January the company announced an expansion in its partnership with Caesars Entertainment. The new partnership includes an exclusive game development collaboration and a lease of Bragg’s Remote Gaming Server technology that will allow Caesars to create proprietary online casino games for both the regulated Canadian and United States markets.
The first game to launch under this partnership – Caesars Palace Signature Multihand Blackjack Surrender – debuted 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.”
Online Casino Booming
“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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