Bragg Gaming Group has stated that operations in the fourth quarter of 2025 were hindered by market shrinkage and an increase in taxes in the Netherlands, offsetting progress made in Brazil and the US.
Despite this, Chief Executive Officer Matevž Mazij is optimistic about the performance of the supplier in 2026, although annual revenue for the year ahead is expected to be lower than what was achieved in 2025.
However, Bragg is also undergoing a restructuring to reduce its cost structure and improve its operating performance as part of its AI-first approach, resulting in an approximately 12% reduction in its workforce globally.
Netherlands offsets Brazil and US growth
Bragg reported Q4 revenue of €27.7m, a 5.1% increase year-over-year, as a 42.1% revenue growth in Brazil and a 55% improvement in the US, but a 4.6% decline occurred in the Netherlands following market contraction post new regulations and higher taxes. Excluding the Netherlands, revenue rose by 1.9%.
The supplier’s content went live with various operators across Latin America, including Brazino777, Blaze and Super Technologies, in addition to providing online casino titles to Caesars Entertainment in the US state of West Virginia.
Operating loss in Q4 was €0.1m (Q4 2024: €0.7m operating loss), a net loss of €1.3m (Q4 2024: €0.7m net loss) and adjusted EBITDA was €4.6 million (Q4 2024: €4.7m).
For 2025, Bragg declared annual revenue of €106.1m, up 4% YoY (2024: €102m). However, this has come with an operating loss of €5.3m (2024: €3.5m operating loss), a net loss of €8.1m (2024: €5.1m net loss) and an adjusted EBITDA of €16.6m (2024: €15.8m).
The company secured and expanded several player account management (PAM) partnerships across Europe, including with 711 for Belgium, with potential for other newly regulated markets and renewing its deals with Entain and Senator Group.
Bragg is also getting ready to enter the commercial Finnish iGaming market, which is expected to launch in July 2027, signing a comprehensive turnkey PAM agreement with SuomiVeto, a new entrant from the founders of BetCity.
Mazij commented: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives.
“We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”
Outlook and Bragg restructuring
For the full year ahead, Bragg anticipates revenue between €97m-€104.5m and adjusted EBITDA between €16m-€19m.
Bragg believes it is entering 2026 with a strong balance sheet, as it has cut its borrowing costs by more than half, repaying a USD$7m secured promissory note and entering a financing agreement with a Canadian financial institution for certain revolving credit facilities of up to USD$6m.
Despite drawing CAD$4.5m in principal and USD$1.1m in overdraft in respect of term CORRA loans, the company’s cash and cash equivalents were €6.7m as of December 31, 2025.
However, Bragg is also restructuring to reduce its cost structure and improve its operating performance, moving toward an AI-first approach.
Announced in January, the restructuring has been put into place to “realign the organisation and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability”.
The company’s global workforce will be reduced by approximately 12%, with restructuring costs associated with personnel-related termination costs in Q1 2026 of approximately €1m, while annualised cash savings from its staff reductions and other restructuring efforts are anticipated to be approximately €4.5m.
Bragg added that the amount doesn’t include the impact of Bragg AI Brain, its data-driven artificial intelligence engine that aims to drive cost efficiencies and improve operational excellence across the firm’s ecosystem.
The transformation plan includes “ensuring an AI-Enhanced Product becomes standard in over 90% of all launches and having more than three-quarters of Bragg’s operational workflows impacted by AI” by 2027.