Triple-digit growth in US helps drive first quarter revenue growth for Bragg
Bragg Gaming delivered ‘diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets’ in the first quarter of 2025.
Driven by a 150 per cent revenue increase in the US, it delivered overall revenue growth of 27 per cent (excluding the Netherlands). Gross profit margin jumped 56 per cent driven by proprietary content growth. The triple-digit growth in US revenue was derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth. The US is expected to contribute up to 15 per cent of revenue this year. in Brazil, it successfully launched content in the newly regulated iGaming market, a key strategic territory expected to contribute up to 10 per cent of revenue this year.
It also announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio. The first game recently launched with Caesars Palace Signature Multihand Blackjack Surrender, developed in partnership with Caesars Digital.
“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,” Matevž Mazij, CEO of Bragg, commented.”During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.
“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27 per cent, driven in part by triple-digit growth in the US.”
