Bragg Gaming revenue set the pace for the company’s latest quarterly Q3 2025 update. The supplier delivered growth in key markets while navigating regulatory shifts. Management also highlighted stronger content distribution and a more efficient cost base.

• Bragg Gaming revenue reached EUR 26.8m in Q3 2025, with a 20% rise excluding the Netherlands, where tighter rules pushed revenue down 22%. Brazil increased by 80% and the U.S. rose by 86% as proprietary content continued to scale. “Bragg delivered another solid quarterly performance,” said CEO Matevž Mazij.

• Net loss widened to EUR 2.3m, while adjusted EBITDA improved to EUR 4.45m from EUR 4.08m last year. The company said its shift toward higher-margin content helped support operating efficiency. Management continues to target a 20% adjusted EBITDA margin in the second half of 2025.

• A new USD 6m (ca. EUR 5.2m) financing agreement with the Bank of Montreal replaced older debt at less than half the prior borrowing cost. Bragg said the refinancing strengthens liquidity as it expands in regulated markets. Around EUR 2m in annualised synergies have already been realised.

• Bragg expanded in the U.S. through Fanatics Casino across New Jersey, Michigan and Pennsylvania. Additional content launches rolled out with partners including bet365, Betsson, BetMGM, Sol Casino, Napoleon and several Ontario operators. Yggdrasil content also went live across regulated European markets.

• New appointments included Luka Pataky as EVP of AI and Innovation and Matej Filipančič as Global Sales Director.

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