Key Moments:
- U.S. revenue climbed by 86% year-over-year in Q3 2025, driven by proprietary content sales
- Brazil revenue rose by 80% compared to Q3 2024
- Revenue in The Netherlands declined 22% due to new regulations and increased taxes
Q3 2025 Performance Overview
Bragg Gaming Group has released its financial results for the third quarter of 2025, demonstrating substantial growth in multiple markets. The most notable highlight was an 86% increase in revenue from the U.S. compared to the same period last year. This performance was supported by a successful focus on expanding high-margin, proprietary gaming content.
Regional Revenue Shifts
In addition to strong U.S. results, the company also experienced significant gains in Brazil, where revenue increased by 80% year-over-year. In contrast, revenue from The Netherlands dropped by 22%, attributed by the company to increased taxes and regulatory changes in that market.
| Region | Year-over-Year Revenue Change |
|---|---|
| United States | +86% |
| Brazil | +80% |
| The Netherlands | -22% |
Overall Revenue Growth
Across all operating regions excluding The Netherlands, Bragg recorded a 20% year-over-year revenue increase for Q3 2025. When including The Netherlands, the total revenue growth stood at 2% over the same quarter in 2024.
Operational and Strategic Developments
Bragg Gaming Group operates in regulated iCasino markets such as the U.S., Canada, Brazil, the United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, Malta, and Colombia. Its Chief Executive Officer, Matevž Mazij, commented: “Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model.” Mazij noted the company’s deliberate approach to navigating changing regulatory and tax environments by targeting higher-margin jurisdictions and business opportunities.
Further, Mazij stated: “We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model.”
Content Expansion and Financing Update
In the U.S., Bragg strengthened its presence by launching gaming content with Fanatics Casino in New Jersey, Michigan, and Pennsylvania. The company also secured a US $6.0 million financing deal with the Bank of Montreal, cutting its prior debt’s borrowing cost by more than half.
Bragg’s proprietary gaming catalog stems from its in-house studios, which include Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic. Its partnerships under the “Powered by Bragg” program feature content from King Show Games, Incredible Technologies, Bluberi, and Sega Sammy Creation, delivering a diverse and localized content offering to U.S. operators.
- Author
Daniel Williams
