Toronto-Based Bragg Reports Record 2025 Revenue Driven by Major U.S. iGaming Growth
Posted on: February 24, 2026, 06:07h.
Last updated on: February 24, 2026, 07:22h.
- Bragg Gaming Group reports select unaudited financial results for Q4 and FY 2025
- Toronto-based company has been expanding into Brazil and U.S.
- Regulatory challenges in the Netherlands hold back revenue numbers, company said
Toronto-based Bragg Gaming Group, the igaming content and technology solutions provider, has released select unaudited fourth quarter and full year 2025 financial results, pointing to revenue growth driven primarily by the company’s expansion into the United States and Brazil.
Higher-Margin Proprietary Content Offerings
Fourth quarter 2025 revenue was USD $32.6 million, a 1.8% increase from the fourth quarter of 2024 (USD $32.0 million). Adjusted EBITDA was USD $5.4 million, compared to USD $5.5 million in the 4Q 2024.
The company said in a statement that high-margin proprietary content revenue grew by 70% in Q4 2025, year-over-year, driven primarily by company growth in the U.S.
Full year 2025 revenues were at USD $125 million, an increase of 4% from FY 2024 (USD $120 million), with adjusted EBITDA for the fiscal year at USD $19.5 million, compared to USD $18.6 million in FY2024. The company said that excluding the regulatory challenges in the Netherland market that year-over-year revenue increase would be 18%, driven by the company’s performance in the U.S. and Canada.
U.S. Expansion
The full release of its Q4 and full year 2025 results is in March. The unaudited results were released to accommodate planned investment community meetings ahead of the March release.
The company also provided guidance for 2026, pointing to revenues in the range of USD $114.3 million and USD $123.1 million by Dec. 31, 2026, and adjusted EBITDA forecast to be in the range of USD $18.8 million to USD $22.3 million by end of year.
In a statement the company referenced its continuing shift toward higher-margin product offerings combined with operational cost savings and efficiencies inherent in Bragg’s shift to AI.
Company’s Move to AI
Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher Adjusted EBITDA,” said Matevž Mazij, Chief Executive Officer for Bragg. “Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets, and move into new jurisdictions that offer opportunities for higher margin content business.
“At the same time, we plan on thoughtfully harnessing the power of the Bragg AI Brain to reduce our overall cost structure, drive EBITDA growth, and move toward sustained net profitability. We look forward to updating investors as we progress.”
Casino News: Parq Casino Adds Slot Machines
Vancouver’s City Council has voted 5-4 to allow Parq Casino to grow its number of slot machines from 600 to 900. British Columbia Lottery Corporation and Parq Holdings Limited Partnership had submitted parallel applications to the city.
Parq Casino is adjacent to BC Place Stadium in the city’s downtown, spanning 72,000 square feet, with the current 600 slot machines and 75 table games (blackjack, baccarat, roulette, craps and a large poker room).
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