Bragg Gaming Group, a major gaming content and tech provider, has published its Q3 report, highlighting its financials for the period. While the company’s revenue increased, its losses did as well.

The Netherlands Offset Significant Revenue Gains

Bragg Gaming’s Q3 report outlined EUR 26.8 million ($31.2 million) in revenue for Q3 2025. Excluding the Netherlands, this figure marked an increase of 20%. The positive figure was partially offset by a 22% decrease in revenue in the Dutch market due to its new tax rates and increased regulatory oversight. Conversely, the company’s revenue from its operations in Brazil and the US increased by 80% and 86%, respectively.

When accounting for the impact of the Netherlands, Bragg Gaming’s total Q3 revenue experienced a modest 2% increase year-on-year.

In Q3, Bragg reported a net loss of EUR 2.3 million, EUR 0.09 per common share ($2.7 million, $0.10 per common share), marking an increase in losses from the prior-year period. For comparison, Bragg reported a net loss of EUR 0.2 million in Q3 2024.

Adjusted EBITDA for Q4 was EUR 4.45 million ($5.2 million), up 9% year-on-year.

Whereas many companies used their Q3 reports as an opportunity to amend their full-year projections, Bragg’s remained unchanged. For context, the company anticipates revenue of between EUR 106 million ($123.4 million) and EUR 108.5 million ($126.3 million), as well as adjusted EBITDA of EUR 16.5 million ($19.2 million) to EUR 18.5 million ($21.5 million).

The Company Continued to Excel

Q3 highlights included continued expansion, including a strategic deal with Fanatics that allowed Bragg to supply the operator with content in New Jersey, Michigan and Pennsylvania. This arrangement was a significant benefactor to Bragg’s US revenues.

The geographical expansion was reinforced by new content launches across multiple markets and with multiple partners.

Bragg also reinforced its balance sheet thanks to a $6 million financing agreement with the Bank of Montreal. The business also strengthened its cybersecurity protocols in the wake of an incident that happened in mid-August. Luckily, there was no indication that any personal data had been affected.

In Q3, Bragg named Luka Pataky as EVP of AI and innovation. Matej Filipančič, meanwhile, became the company’s new global sales director.

In the meantime, Bragg’s board approved a 15% reduction in board member fees and allowed all director compensation to be in the form of non-cash Deferred Share Units (DSUs).  

Bragg’s Leadership Hailed a Solid Q3

Bragg’s leadership called Q3 a solid quarter, hailing the increase in revenue and the continued proof of the business’s operational efficiency. Matevž Mazij, the affiliate’s chief executive officer, was happy with the company’s ability to navigate shifting regulatory landscapes and pursue growth in promising markets.

Mazij hailed the progress in the US and Brazil and was pleased with Bragg’s success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of its expense structure realignment. He also noted that the $6 million credit facility will provide his team with the flexibility it needs.

Mazij concluded: “As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders. We look forward to updating investors as we progress.”