Bragg Gaming Group, the Toronto-based iGaming content and platform technology solutions provider, has announced its preliminary unaudited results for the 2024 fiscal year (ended Dec. 31) and projections for 2025, which highlight a significant increase in revenue.
The results are based on information currently available to management and certain strategic initiatives, and issued financial guidance for 2025, according to a statement from the company.
Higher-Margin Products
The company expects full-year 2024 revenue to be at least EUR 102 million ($106.2 million USD), representing a 9% increase from EUR 93.5 million ($97.2 million USD) in 2023. Adjusted EBITDA is anticipated to be no less than EUR 15.4 million ($16 million USD), a 1% increase from EUR 15.2 million ($15.8 million USD) in 2023.
For the fiscal year ending Dec. 31, 2025, Bragg projects revenue to be between EUR 117.5 million and EUR 123.0 million ($122.4 million USD to $128 million USD), indicating double-digit growth compared to the anticipated 2024 revenue. Adjusted EBITDA is forecasted to range between EUR 19.0 million and EUR 21.5 million ($19.7 million USD to $22.4 million USD), as the company focuses on higher-margin product offerings.
Management Predicts 2025 Growth
“I am pleased with where we believe 2024 results will land and very excited about the strong growth trajectory outlined in our 2025 guidance,” said Matevž Mazij, CEO of Bragg. “Our strategic investments in proprietary and exclusive content, as well as various data, player journey, and AI-enhanced engagement features, are expected to drive our growth in 2025. By focusing on margin-accretive products, we are well-positioned to boost both revenue and profitability while pursuing opportunities in key markets such as Brazil and the United States.”
It has been an active start to 2025 for Bragg. Recently, the company announced its entry into the newly opened Brazil market.
Brazil as a Focus
The online casino market in Brazil is projected to be worth $1.4 billion USD in 2025, and $3.7 billion USD by 2030, according to H2 Gambling Capital. Bragg aims for the Brazil iGaming market to account for up to 10% of its total revenue in 2025 and expects to secure deals with half of the licensed operators in Brazil by the end of Q2 2025.
Earlier in January, Bragg announced an expanded partnership with Caesars that includes exclusive game development collaboration and the leasing of Bragg’s Remote Gaming Server technology. This will enable Caesars to create its proprietary online casino games for both the regulated Canadian and United States markets.
Proprietary Content Driving Growth
“Our PAM (Player Account Management) product remains a top-tier performer, and while our 2025 growth will largely come from the content side of the business, we have exciting prospects to expand our PAM offering,” said Mazij. “Additionally, I’m particularly proud of the strong executive team we have assembled at Bragg over the past year. The recently announced Caesars deal highlights their impressive capabilities.”
Some strategic drivers fueling anticipated growth include Brazil’s market potential, a shift towards proprietary and exclusive content delivering higher margins (reducing reliance on third-party content), increased U.S. market penetration, stronger presence in major European markets, expanding its roster of partner studios for exclusive content, deploying AI-driven optimizations to improve player experiences and profitability, and continued technological innovations such as FUZE, which enhances player experiences (bonuses, free rounds, tournaments, jackpots) while boosting Bragg’s product portfolio revenue.
