Bragg Gaming Group, located in Toronto, attributes its 7.1% year-over-year revenue increase to a revitalized emphasis on proprietary content and growth in important markets such as the US and Brazil. 

On Thursday morning, the company announced its Q1 2025 financial results, showcasing a 150% increase in US revenue compared to the previous year, attributed to Bragg’s exclusive online casino content from its studios. 

Bragg, a worldwide B2B provider of iGaming content and technology solutions (including online casinos, sports betting, and lotteries), announced total Q1 revenue of US$28.6 million. 

“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” said Bragg CEO Matevž Mazij in a statement.

$28.6 Million in Revenue for Q1 

Mazij indicated that the Netherlands is a hindrance to revenues, explaining that the market has decelerated in recent quarters due to regulatory pressures. The Netherlands experienced a 19% drop compared to Q1 2024 as a result of regulatory changes such as player deposit limits and higher gaming taxes. 

Excluding the Netherlands, revenue growth relative to Q1 2024 was 27%. Mazij stated that the firm is lessening its exposure to the Netherlands. 

Other financial highlights included an increase in gross profit margin to 56%, fueled by the growth of proprietary content, a 19.7% rise in adjusted EBITDA, and a 63.5% year-over-year increase in cash from operations to US$5 million. 

Another key highlight was a 62% increase in proprietary content revenue year-over-year, representing a record 15.5% of total revenue. 

Caesars Entertainment Content Deal

“During the quarter, we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content,” said Mazij. “In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls, demonstrate operational leverage and increased cash generation.”

In January, Bragg revealed its entrance into Brazil’s newly regulated iGaming sector. Bragg stated that the online casino industry is expected to reach a value of US$1.4 billion in 2025 and US$3.7 billion by 2030, as reported by H2 Gambling Capital. Bragg expressed its expectation that Brazil’s iGaming sector could account for as much as 10% of the firm’s overall revenue by 2025. 

Brazil Expansion

In January, the firm revealed an extension of its collaboration with Caesars Entertainment. The new collaboration features an exclusive partnership in game development and a lease of Bragg’s Remote Gaming Server technology, enabling Caesars to develop unique online casino games for the regulated markets in Canada and the United States. 

The initial game released through this collaboration – Caesars Palace Signature Multihand Blackjack Surrender – was launched this week. 

In a statement, the company said it “anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025.”

The company has an eye on the possible legalization of online casinos in Ohio as a major growth opportunity. During a conference call with investors on Thursday morning, Mazij said: “The US is and will continue to be an extremely important focus for Bragg. We’re seeing robust overall market expansion in the US, with the online casino vertical, our specialty in Pennsylvania, Michigan, New Jersey, Delaware, and Connecticut, growing 25% in the past year.”

Online Casino Booming

“With iCasino booming, the momentum is growing for new states to open up to online casino regulation,” he said. “The $9.5 billion US online casino market in 2025 is projected to be worth over $75 billion US dollars at maturity. As we continue to grow at a faster rate than this expanding market, we’re extremely bullish about the opportunity for Bragg.”