Bragg Gaming Group reports impressive Q1 2025 results, with revenue up 7.1% year-on-year to €25.5m ($28.5m). The company’s growth is primarily driven by a 150% revenue increase in the US market.
Key Takeaways:
- Bragg Gaming’s Q1 revenue rises 7.1% to €25.5m, with EBITDA up 19.7%
- US market revenue surges 150%, expected to contribute 15% of full-year revenue
- Operating losses increase by 32.5% year-on-year, reaching €1.7m in Q1 2025
Strong Q1 Performance Across Key Metrics
Bragg Gaming Group’s Q1 2025 financial results reveal a robust start to the year, with significant growth in several key areas. The company’s total revenue, excluding the Netherlands, reached €25.5m, marking a 7.1% increase from the previous year. This growth was accompanied by a 19.7% rise in adjusted EBITDA, totaling €4.1m.
US Market Drives Growth
The standout performer in Bragg’s Q1 results was the US market, where revenue skyrocketed by 150% year-on-year. This impressive growth has led the company to project that US operations will contribute 15% of its total full-year revenue by the end of 2025.
Profitability and Margin Improvements
Gross profits saw a substantial increase of 20.3%, reaching €14.3m for the quarter. The gross profit margin also improved, rising from 49.9% in Q1 2024 to 56% in Q1 2025. Cash from operations experienced a notable 63.5% growth compared to the same period last year, settling at €4.5m.
Challenges and Strategic Moves
Despite the overall positive results, Bragg Gaming faced some challenges. Operating losses increased by €0.4m year-over-year, totaling €1.7m in Q1 2025. The company has acknowledged the slowdown in the Netherlands market due to regulatory pressures and is working to reduce its exposure in this region.
Expansion and Partnerships
During Q1, Bragg made strategic moves to strengthen its market position. The company launched operations in the regulated Brazilian market and entered into an exclusive technology collaboration with Caesars in the US. Additionally, Bragg partnered with Svenska Spel in Sweden, integrating its online gaming portfolio onto the operator’s platform.
CEO’s Perspective
Matevž Mazij, CEO of Bragg Gaming Group, commented on the results: “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. During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content.”
Mazij also highlighted the company’s resilience in face of challenges: “As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil.”
With these Q1 results, Bragg Gaming Group has reiterated its outlook for 2025, expecting double-digit growth in both revenue and adjusted EBITDA for the full calendar year.
I remember the first time I saw Kai Tak, Hong Kong’s gambling city, I thought I was in a fairy tale. All the lights blinking, the music and the monumental buildings, what 9-year-old wouldn’t think they’ve come to a magical place? It was my father who brought me, dragging me along and when inside I was hit by the smell of frying duck. As soon as I hit 21 I returned to Kai Tak, A bit nervous to see if my mind had embellished the memory, but it hadn’t. Kai Tak was still a magical place. I decided I wanted to spend as much time as I could at this place, so I did.
