Strong increase in US revenues for Bragg in Q1 2025: A stunning 150% year-on-year jump reported
Fresh Take:
May 15, 2025 - Bragg Gaming Group's Revenue Soar, Eyeing Brazil and US expansion
Bragg Gaming Group, the Toronto-based online casino, sports betting, and lottery giant, has just released its Q1 2025 financial results, revealing a massive 150% boost in US revenue—all thanks to its own proprietary content.
In the grand scheme of things, Bragg's overall Q1 revenue hit an impressive $28.6 million. Yet, the Netherlands, plagued by regulatory issues, dragged down the numbers a bit, showing a 19% decrease compared to Q1 2024.
However, if we discount the Netherlands, Bragg's revenue surge reaches a robust 27%. Matevž Mazij, Bragg's CEO, stated that the company is actively distancing itself from the Netherlands market.
On the brighter side, Bragg's gross profit margin escalated to 56%, driven by the booming proprietary content. Moreover, the adjusted EBITDA soared 19.7%, and cash from operations increased a whopping 63.5% to $5 million.
High-Margin Content
Mazij highlighted that the company has managed to generate more revenue from high-margin proprietary content, leading to a higher adjusted EBITDA margin and increased cash generation.
Bragg's expansion plans are evident, with the recent launch in Brazil's booming iGaming market. H2 Gambling Capital projects the Brazilian market to be worth $1.4 billion in 2025 and $3.7 billion by 2030[1]. Bragg anticipates Brazil could contribute up to 10% of its total revenue in 2025[2].
Partnering Up
Bragg and Caesars Entertainment also forged a new partnership in January. This joint venture includes an exclusive game development collaboration, along with the lease of Bragg's Remote Gaming Server technology, which will enable Caesars to create unique online casino games for the regulated Canadian and U.S. markets.
The first game to see the light of day under this partnership, Caesars Palace Signature Multihand Blackjack Surrender, was recently unveiled[3].
Looking ahead, the company is optimistic about double-digit growth in both revenue and adjusted EBITDA for the full year of 2025[3]. Bragg also sees the potential legalization of online casinos in Ohio as a significant growth opportunity, with the US market foreseeing an enormous expansion in the coming years[3].
“The US is experiencing vigorous growth, with the online casino market surging in Pennsylvania, Michigan, New Jersey, Delaware, and Connecticut. As we continue to expand faster than this growing market, we're incredibly optimistic about Bragg's prospects," said Mazij[3].
[1] https://www.h2gamblingcapital.com/press/about/[2] https://investors.bragg.games/[3] https://prn.com/co/2411774[4] https://www.bragg.games/[5] https://investors.bragg.games/financials/
Sources: Bragg Gaming Group Website, Press Release, PR Newswire
- The Bragg Gaming Group, a Canadian gaming company, is exploring expansion into the Brazilian and US markets, aiming to increase its revenue and market share.
- In a joint venture with Caesars Entertainment, Bragg Gaming Group is collaborating on exclusive game development and the use of Bragg's Remote Gaming Server technology for online casinos in regulated Canadian and US markets.
- Bragg Gaming Group's recent financial results demonstrated a significant boost in US revenue, propelled by its proprietary content, and a projected double-digit growth in both revenue and adjusted EBITDA for the full year of 2025.
- Given the US market's considerable growth potential, particularly in states like Pennsylvania, Michigan, New Jersey, Delaware, and Connecticut, and the possibility of online casinos legalization in Ohio, Bragg Gaming Group is optimistic about its future growth prospects in the finance, technology, and real-estate industries.
