Bragg Gaming  revenue growth is showing momentum in early 2025. The company just reported a 7.1% jump in Q1 revenue. A key driver? Triple-digit gains in the United States.

• Revenue reached EUR 25.5 million in Q1 2025, up from EUR 23.8 million in Q1 2024. Excluding the Netherlands, revenue rose 27% thanks to U.S. growth. The U.S. alone saw a 150% revenue jump from Bragg’s proprietary content.

• Gross profit increased by 20.3% year-over-year, landing at EUR 14.3 million. Gross profit margin rose to 56.0% from 49.9%. This was due to a higher share of revenue from proprietary content.

• Adjusted EBITDA rose 19.7% to EUR 4.1 million in Q1 2025. The adjusted EBITDA margin climbed to 16.0%, up 169 basis points. Operational leverage and cost controls supported the gain.

• Cash from operations rose sharply by 63.5% YoY to EUR 4.5 million. The company also generated EUR 0.9 million in free cash flow after excluding one-time costs and FX impacts. Bragg used some of that cash to reduce its debt.

• Proprietary content revenue grew by 62% year-over-year. This type of content now accounts for a record 15.5% of total revenue. “We continued to improve our product mix,” said CEO Matevž Mazij.

• Bragg expanded in key growth markets including Brazil and the U.S. Its U.S. business could make up 15% of revenue this year. Brazil, now newly regulated, may add another 10%.

• A new game partnership launched with Caesars Digital. The first game, Caesars Palace Signature Multihand Blackjack Surrender, is now live. Bragg also invested in Brazilian game studio RapidPlay.

• Leadership changes included the appointment of Holly Gagnon as Board Chair. The company is also finalizing a new credit facility with better terms. It already repaid USD 5 million of its secured note.

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