Bragg Gaming Group posted a mixed set of results for Q3 2025, with revenue climbing to €26.8 million ($31.1 million) but taking a noticeable hit in the Netherlands where tighter regulations and higher taxes dragged down performance.
Netherlands regulations reduce Q3 growth for Bragg
The Canadian B2B iGaming company said: “Revenue increase of 20% (excluding The Netherlands)” while noting that “The Netherlands revenue decreased by 22% year over year due to that market’s overall contraction caused by increased regulation and higher taxes.”
Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook.
Join the #earnings call at 8.30am ET today.
Read more: https://t.co/PicbnAuQb9$BRAG
— Bragg Gaming (@Bragg_Gaming) November 13, 2025
When taking the Netherlands out of the picture, Bragg’s revenue was up 20%. But once the Netherlands is factored in, overall growth shrinks to just 2% year over year.
CEO Matevž Mazij commented: “Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86% and 80%, respectively, highlighting our increasing scale in these high-potential regions.
“Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20% growth across the rest of its markets.
“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,” Mazij added.
Regional divergences delivers growth
Other regions really stood out for Bragg. Revenue in Brazil surged 80% and the US was up 86%, helped by the company leaning further into its higher margin proprietary content. Adjusted EBITDA also moved in the right direction, rising to €4.45 million ($5.17 million) from €4.08 million ($4.74 million) a year earlier.
Bragg also stuck with its full year 2025 outlook, saying it still expects revenue to land between €106 million ($123 million) and €108.5 million ($126 million), with adjusted EBITDA projected to come in between €16.5 million ($19.2 million) and €18.5 million ($21.5 million).
Bragg recently shared that in September it lined up a new financing deal with the Bank of Montreal worth up to $6 million. The company said it used the fresh funding to clear earlier debts and set the stage for a new growth strategy. It also kept building out its product lineup, rolling out its games and RGS technology with Fanatics Casino in New Jersey, Michigan and Pennsylvania, and adding two new titles for Hard Rock Bet Casino.
Bragg also addressed the cyberattack it experienced in August, noting “that there is no indication that any personal information was affected, the incident did not have any impact on its ability to continue its operations, nor has it been restricted from accessing any data that was subject to the internal computer breach.”
Featured image: Bragg Gaming Group
The post Bragg Gaming posts mixed Q3 results as Netherlands downturn tempers growth appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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