Bragg Gaming Group Posts Q2 2025 Revenue Rise As Margin And Cash Flow Take Centre Stage
- iGaming Gazette
- Aug 15
- 3 min read
Bragg Gaming Group (BRAG:CA), a prominent content and technology supplier to the online gambling industry, has reported a 4.9% year-on-year revenue increase for Q2 2025, reaching €26.1 million.
Excluding the Netherlands, revenue growth surged 21% compared to the same period last year, with proprietary content revenue climbing an impressive 44%.
The company says the results reflect a deliberate shift in strategy towards cash flow, integration, and margin optimisation – part of an ongoing business transformation.
Financial Performance Overview
For the quarter ending June 30, 2025, Bragg Gaming posted:
Revenue: €26.1m (up from €24.9m in Q2 2024, +4.9%)
Gross Profit: €13.7m (up 10.8%)
Gross Profit Margin: 52.7% (up 280bps)
Adjusted EBITDA: €3.5m (down 4.3%)
Operating Loss: €(2.3)m (vs. €(1.2)m in Q2 2024)
The company notes that despite moderate top-line growth, the focus is firmly on profitability over rapid revenue expansion.
CEO’s Strategic Update
“In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group,” said Matevž Mazij, Chief Executive Officer.
“In Q2 we began to focus on integration and optimisation. We identified and actioned key areas where we have now optimised our cost structure and implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming.
Specifically, we have realised EUR 2 million in annualised synergies, unlocking improved margins for the second half of 2025. While our top-line growth may appear modest, our focus is on improved margin and cash flow performance over aggressive revenue expansion.”
Mazij added that higher gaming taxes in markets such as Brazil, the Netherlands, and Romania are influencing the company’s cautious approach to revenue pursuit, but proprietary content growth in the U.S. and Latin America remains strong.
Market & Product Developments
Key Q2 highlights include:
U.S. Expansion: Content launched with Fanatics Casino across the Tri-State area, significantly boosting market presence.
Exclusive Deals: Signed a content development agreement with Hard Rock Digital, further enhancing U.S. proprietary content revenues.
Brazil Push: Strengthened its foothold in Brazil’s newly regulated iGaming market via a partnership with local studio RapidPlay.
Innovation Launch: Introduced Big Ticket Bonanza, a gamification tool aimed at increasing player engagement.
Leadership Additions: Appointed Scott Milford as EVP of Group Content and Luka Pataky as EVP of AI and Innovation, marking a move towards an AI-first cultural and technological transformation.
Debt Position: Repaid USD 5m of its USD 7m secured promissory note, with the remainder due September 15, 2025. The company is negotiating a new revolving debt facility with a Tier 1 Canadian bank, expected to close in Q3.
2025 Outlook Revised
Initially, Bragg forecast double-digit revenue and Adjusted EBITDA growth for 2025. However, due to increased gaming taxes, challenging conditions in the Netherlands, headwinds in Brazil, and broader market pressures, the company has revised its full-year guidance to:
Revenue: €106m – €108.5m
Adjusted EBITDA: €16.5m – €18.5m
Mazij emphasised that the revision reflects a strategic shift to higher-quality earnings rather than chasing lower-margin revenue. The company now targets a 20% Adjusted EBITDA margin in the second half of 2025, supported by post-quarter synergy gains and a leaner operational structure.
Positioning for Sustainable Growth
Bragg Gaming is betting on proprietary content, regulated market expansion, and technology innovation to deliver long-term, margin-accretive growth.
“With this focus, we’re positioning Bragg for sustainable, profitable growth,” said Mazij. “The actions taken in Q2 put us firmly on track to deliver our profitability goals while enhancing our competitive edge in the global iGaming sector.”
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