Bragg Gaming Group has unveiled its financial results for the fourth quarter and full year of 2024, showcasing record-breaking revenue figures. The company, headquartered in Toronto and specializing in B2B iGaming content and platform solutions, recorded a 16.3% year-over-year increase in Q4 revenue and a 9.1% rise in full-year revenue, totaling US$28.8 million for Q4 and US$108.1 million for the year.
Key Financial Highlights
- Gross profit in Q4 surged by 30.9% YoY, while adjusted EBITDA climbed by 68%.
- For the full year, gross profit grew 8.2%, with adjusted EBITDA up by 3.6%.
- Projections for 2025 estimate a 17.9% revenue increase, potentially reaching US$127.4 million.
Strategic Growth Initiatives
Bragg has set its sights on growth opportunities in Brazil and North America. The company recently entered the Brazilian market, which is anticipated to generate gross gaming revenue of US$1.5 billion in 2025 and US$3.3 billion within four years. Bragg aims to secure up to 10% of its total revenue from Brazil in 2025.
Investments Driving Success
Bragg’s investment in proprietary content continues to fuel its success. Recent initiatives include:
- An expanded partnership with Caesars, enabling the development of exclusive online casino games for Canada and the U.S.
- A content agreement with Loto-Quebec and entry into the Ontario market, enhancing Bragg’s presence in Canada.
CEO Matevž Mazij emphasized the importance of proprietary content in the company’s strategy: “We achieve the highest margins when we own both the games and the distribution channels. Our in-house studios—Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic—are ramping up production, while our distribution networks expand to more operators and markets.”
U.S. and Brazil: Primary Revenue Drivers
- Bragg’s proprietary content already reaches 90% of the U.S. iGaming market, estimated to be worth US$8 billion.
- Licenses in key states, including Delaware and the upcoming launch in West Virginia, position the company to capture 50% of its total revenue from the U.S. in 2025.
- Partnerships with 30% of licensed operators in Brazil are expected to grow to 50% by mid-2025.
Standout Product Performance
Dragon Power Triple Gold, an exclusive title with BetMGM, has exceeded expectations, reflecting the growing demand for Bragg’s proprietary games.
With its strategic investments and expanding market presence, Bragg Gaming Group is poised for significant growth in 2025 and beyond.
