Published on: November 13, 2025, 08:19h.
Updated on: November 13, 2025, 08:19h.
- Bragg reports an 80% year-over-year revenue growth in Brazil
- Significant revenue decline in the Netherlands due to increased taxes and new regulations
Bragg Gaming Group has released its financial results for the third quarter of 2025, showcasing an impressive 86% year-on-year revenue growth in the U.S., primarily attributed to the increased sales of its high-margin proprietary offerings.
Success in the U.S. Market
“Bragg has once again achieved a strong quarterly performance, marked by rising revenues, enhanced operational efficiency, and improved Adjusted EBITDA. This reflects the robustness of our diversified business model,” stated Matevž Mazij, CEO of Bragg. “We are adeptly navigating the changing landscape of international regulations and tax frameworks to target markets that present opportunities for higher-margin ventures.”
Brazil stands out as a notable success, with revenue soaring by 80% in comparison to Q3 2024.
Conversely, the Netherlands experienced a 22% revenue decline, attributed to a market contraction driven by new regulatory measures and increased taxation.
Significant Growth in Brazilian Revenue
When excluding the Netherlands, the company reported a total revenue increase of 20% compared to Q3 2024, with a modest rise of 2% when the Netherlands’ figures are included.
“We are thrilled with our progress in promoting higher-margin proprietary content, establishing new collaborations, and benefiting from our restructured expense strategy,” remarked Mazij. “These efforts are sharpening our focus and improving the scalability of our operational framework.”
Refinancing Agreement
As a global B2B provider of igaming content and technology, Bragg is licensed and operational in regulated iCasino environments across the U.S., Canada, Brazil, the United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, Malta, and Colombia.
Bragg expanded its U.S. content presence by launching offerings with Fanatics Casino in key iGaming states such as New Jersey, Michigan, and Pennsylvania. Additionally, the company secured a new financing arrangement of US $6.0 million with the Bank of Montreal, replacing previous debt at a significantly reduced cost.
Headquartered in Toronto, Bragg delivers exclusive gaming content to operators through its proprietary in-house studios, including Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic.
The company’s content pipeline is further enhanced by its “Powered by Bragg” partners, which feature acclaimed studios like King Show Games, Incredible Technologies, Bluberi, and Sega Sammy Creation, providing unique and localized offerings for its U.S. partners.