Bragg Gaming entered 2025 with steady progress, using momentum from last year to push forward in new and existing markets. The Toronto-based company released its Q1 report showing gains in revenue, stronger margins, and solid traction in North and Latin America.
Good to know
- US revenue increased 150% compared to Q1 last year.
- Brazil launch in January added a fresh growth channel.
- Gross profit margin reached 56% in Q1.
Revenue for the quarter hit $28.6 million, marking a 7.1% increase year-over-year. Bragg also posted nearly $16 million in gross profit, while adjusted EBITDA stood at $4.6 million with a 16% margin.
CEO Matevž Mazij called it a strong opening quarter. “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,” he said.
He added that shifting toward more proprietary content improved margins. Combined with careful cost controls, this helped strengthen cash flow and showed better operating leverage.
Growth driven by US and Brazil
North America continued to lead, with triple-digit revenue growth in the US. Meanwhile, Bragg’s launch in Brazil—where the regulated online gambling market went live in January—offered another growth opportunity.
Mazij also addressed Bragg’s evolving global footprint. The company is reducing its reliance on the Netherlands, where regulatory pressure remains a challenge, and redirecting attention to higher-growth markets.
“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,” he said.
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