Bragg Gaming has hit a new milestone with record-breaking revenue for the fourth quarter and full year of 2024. The company reported strong growth in key markets, with expectations of continued expansion in 2025. Bragg Gaming revenue growth is being driven by investments in proprietary content and AI-enhanced technology.

  • Q4 2024 revenue increased 16.3% year-over-year to €27.2 million.

  • Adjusted EBITDA surged 68.1% to €4.7 million. Gross profit for the quarter rose 30.9% to €15.8 million, with a 650-basis point improvement in gross margin.

  • Full-year 2024 revenue climbed 9.1% year-over-year to €102 million. Adjusted EBITDA rose 3.6% to €15.8 million, while cash flow from operations was €11.2 million. The company’s gross profit margin stood at 53.0%.

  • Looking ahead, Bragg forecasts 2025 revenue between €117.5 million and €123.0 million, representing a projected 17.9% increase at the midpoint. Adjusted EBITDA is expected to rise 28.2% to €20.25 million, driven by higher-margin content offerings.

Key drivers – Brazil and the US

CEO Matevž Mazij highlighted the company’s momentum, stating, “Revenue and Adjusted EBITDA grew sequentially for four straight quarters, driven by our investments in proprietary content and AI-enhanced platform capabilities.”

  • Bragg expanded into new markets, launching operations in Brazil’s regulated iGaming sector. The company also grew its footprint in North America with an expanded partnership with Caesars Entertainment and a launch in Delaware.

  • Brazil and North America are expected to contribute up to 10% and 15% of total revenue, respectively, by year-end 2025. The Brazilian iGaming market is forecasted to grow from $1.5 billion to over $3.3 billion by 2029.

  • Bragg is strengthening its U.S. presence by integrating content with major operators like DraftKings, FanDuel, Rush Street, and BetMGM. The company’s games are now available in over 90% of the U.S. iGaming market, valued at $8 billion.

  • European expansion is also a focus, with Bragg aiming to grow its presence in Italy, the UK, Spain, and Sweden. Strategic partnerships in Central Europe are being developed to boost exclusive content distribution.

  • Technological advancements continue to play a key role, with innovations like FUZE™ providing gamification tools across iGaming and sports betting. AI-driven analytics are being leveraged to optimize player experiences and improve operator profitability.

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Bragg Gaming revenue growth