Expanded US Income for Q1 2025: Bragg Witnesses impressive 150% Yearly Revenue Increase
Published: May 15, 2025, 10:26 AM.* Last Updated: May 15, 2025, 10:49 AM.* Matevž Mazij Read More Bragg Gaming iGaming Las Vegas Sports Betting NFL Boxing UFC
Bragg Gaming Group, the Toronto-based iGaming provider, reported remarkable results for Q1 2025, crediting a revamped focus on proprietary content and strategic expansion in significant growth markets for a 7.1% year-over-year revenue increase.
The company's Q1 earnings, announced on Thursday, revealed an impressive 150% year-over-year surge in US revenue, fueled by Bragg's proprietary and exclusive online casino content from its studios. In total, Bragg reported a solid Q1 revenue of $28.6 million.
Matevž Mazij, Bragg's CEO, declared, "We're pumped about our strong start to 2025, confirming we're executing our strategy and moving the metrics crucial for shareholder value."
$28.6 Million in Q1 Revenue
While the Netherlands caused a slight drag on revenues, regulatory pressures in the market have slowed things down in recent quarters. Consequently, the Netherlands' Q1 revenue decreased by 19% compared to the previous year due to measures like player deposit limits and increased gaming taxes. However, when the Netherlands is disregarded, revenue growth for Q1 2025 was 27%. Bragg is actively reducing its exposure to the Netherlands.
Other notable financial achievements include a gross profit margin jump to 56%, driven by growth in proprietary content, a 19.7% increase in adjusted EBITDA, and a substantial 63.5% year-over-year growth in cash from operations to $5 million.
Record Proprietary Content Revenue Growth
Mazij noted, "During the quarter, we fine-tuned our product mix, earning a higher proportion of revenue from high-margin proprietary content, contributing to a higher Adjusted EBITDA margin, which combined with careful cost controls, point to operational leverage and increased cash generation."
Brazil Expansion and Caesars Entertainment Content Deal
Bragg kicked off the year by entering Brazil's newly regulated iGaming market, targeting a market worth $1.4 billion in 2025 and projected to reach $3.7 billion by 2030[1][2]. Bragg anticipates that Brazil's iGaming market could contribute up to 10% of the company's total revenue in 2025.
In addition, the company's partnership with Caesars Entertainment expanded with an exclusive game development collaboration and a lease of Bragg's Remote Gaming Server technology[1][2]. This partnership enables Caesars to create proprietary online casino games for regulated Canadian and United States markets. The partnership's first game, Caesars Palace Signature Multihand Blackjack Surrender, launched this week.
In a statement, the company expressed optimism about double-digit growth in Revenue and Adjusted EBITDA during the full year of 2025[2].
United States Growth Opportunities
Mazij emphasized the US as a key growth area for Bragg[1][2]. "The US is a focal point for Bragg, as we witness robust overall market expansion in the US, with the online casino vertical, our area of expertise, growing 25% in the past year," he said, adding that the potential legalization of online casinos in Ohio is a significant growth opportunity for the company.
Given the booming US iCasino market, momentum is building for new states to legalize online casinos, projecting a $75 billion market maturity[1][2]. "As we continue to grow faster than this expanding market, we're extremely bullish about the opportunity for Bragg," Mazij concluded.
Bragg Gaming Group, a Canadian gaming company based in Toronto, announced a 150% year-over-year surge in US revenue for Q1 2025, attributing this growth to their proprietary and exclusive online casino content. Matevž Mazij, Bragg's CEO, is also optimistic about the company's growth opportunities in the US, particularly the potential legalization of online casinos in states like Ohio.
