Bragg Gaming Q4 2025 Results: €106.1M Revenue Driven by U.S. and Brazil Growth
Bragg Gaming reported full-year revenue of €106.1 million for FY2025, representing a 4% increase year over year, in line with its previously released preliminary results and outlook. Growth was driven primarily by expansion in the United States and Brazil, where recurring revenue and operator partnerships continued to strengthen.
The company reported:
Revenue of €106.1 million for FY2025 (+4% YoY)
Q4 revenue of €27.7 million
Adjusted EBITDA of €16.6 million with a 15.6% margin
Growth varied across regions but aligned with opportunities in regulated markets.
United States and Brazil growth
The United States was the primary growth driver, with recurring revenue rising 55% year over year, supported by proprietary content deployment and commercial partnerships.
Brazil also recorded strong momentum, with Q4 revenue increasing 42.1% year over year as operator onboarding accelerated across Latin American markets.
European market conditions
Performance in the Netherlands declined 4.6% year over year due to tighter regulation and higher taxation, despite continued platform activity supporting operators in the market. Excluding the Netherlands, quarterly revenue growth would have reached 5.1%.
Platform and market development
Bragg continued expanding its Player Account Management platform footprint across Europe, extending agreements with operators in multiple regulated markets while preparing for Finland’s market opening expected in 2027.
These initiatives support Bragg’s role as a technology supplier providing both platform infrastructure and proprietary content.
AI strategy and restructuring
Management introduced an AI-focused strategy centered on the development of the Bragg AI Brain, designed to improve decision-making, product performance, and operational efficiency, alongside broader investments in enterprise systems to support global operations.
A restructuring program including an approximate ~12% workforce reduction is expected to generate about €4.5 million in annual cost savings and support the path toward sustained profitability.
Executive Commentary
Commenting on the results and forward outlook, Chief Executive Officer Matevž Mazij said the company’s recent performance reflects a combination of expansion, operational discipline, and efficiency initiatives.
“We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. We believe this positions Bragg well for 2026 and beyond to increase our overall content market share in Brazil and the United States, pursue emerging alternative markets such as Historical and Live Racing and Prediction Markets, move into new jurisdictions offering higher-margin opportunities, enhance operational leverage, streamline internal processes, improve efficiency, protect our cash runway, and advance toward EBITDA growth and net profitability.”
Industry context and outlook
Bragg’s FY2025 results reflect broader trends across the B2B iGaming sector, including expansion into regulated markets, increased emphasis on proprietary content, technology platforms as long-term value drivers, and cost discipline.
Guidance for FY2026 revenue is between €97 million and €104.5 million, with Adjusted EBITDA expected between €16 million and €19 million, indicating a shift toward execution, margin improvement, and sustainable growth.
Source : Bragg Gaming Group
