Bragg Gaming Publishes 2024 Financials, Reaffirms Guidance

Bragg Gaming Group has published its official financials for 2024, confirming many of the metrics outlined in its previously published preliminary report. The company reiterated its optimistic outlook for 2025, saying that it expects its revenue to continue soaring.

The Report Was Strong, as Expected

In Q4, the company’s revenue increased 16.3% year-on-year to a new record of $28.8 million. In the meantime, net profit and adjusted EBITDA rose 30.9% and 68% respectively. The former stood at $17.1 million, while the latter reached $5 million for the period at a 17.2% margin.

Full-year revenue, on the other hand, increased 9.1% YOY to an unprecedented $110.35 million, consistent with the preliminary report. Gross profit for the year increased 8.2% to $58.4 million, while adjusted EBITDA grew by 3.6% to $17.1 million at a 15.5% margin.

Bragg reported a slight slowdown in cash flow at $11.8 million for the year. It also reported $11.1 million in cash and cash equivalents as of December 31, 2024. Net working capital, excluding deferred consideration and loan payable was $12.6 million.

In its official report, Bragg reiterated the guidance it published in January, confirming that it expects revenue for the year ended December 31, 2025, to be in the $127.1-133 million range. Adjusted EBITDA, meanwhile, should reach between $20.6 million and $23.3 million, reinforced by a focus on higher-margin product offerings.

The midpoint of the projection outlines a 17.9% increase in revenue to $130.1 million, and an increase in EBITDA of 28.2% to $21.9 million. The EBITDA margin is expected to improve by 140 basic points to 16.8%.

Bragg Outlined Key Q4 and Recent Highlights

The company also reported key Q4 and recent highlights, including its content deal with Loto-Québec, which would allow it to enter a second Canadian province. Bragg also penned a content partnership with casino and hospitality giant Caesars Entertainment. Speaking of Caesars, the company extended its partnership with Caesars Digital to Pennsylvania and Ontario.

Among its other achievements, Bragg made a foray into Brazil’s newly regulated gaming market, allowing it to tap into what many see as a promising region for the industry. The company also entered Delaware, which was its fifth US jurisdiction.

In terms of its business, the company announced insider share purchases and reaffirmed its focus in the wake of its corporate revue.

CEO Mazij Praised the Results

CEO Matevž Mazij applauded the record-breaking Q4 results, saying that this marked the fourth consecutive quarter of growth. He attributed the favorable results to Bragg’s continued investments in proprietary content and AI-enhanced platform capabilities.

As we execute our strategic plan in key markets like Brazil and the US, we’re leveraging our scalable platform and margin-accretive products to accelerate financial performance. The executive team we’ve assembled has already demonstrated their value through deals like our Caesars partnership, positioning Bragg for sustained revenue expansion and profit growth in 2025.

Matevž Mazij, CEO, Bragg Gaming Group

As for the future, Bragg expects a variety of factors to contribute to its favorable 2025 outlook. These include its shift in revenue concentration, as well as continued growth in new markets, including Brazil, Europe, and the US.

The company is also optimistic about its strong roster of partners and opportunities to add additional partnering studios and expand exclusive partnerships.  

Bragg is likewise confident in its PAM business, tech suite and upcoming upgrades, and robust pipeline.

The company concluded that its Stock Appreciation Rights (SAR) plan for its executive management team will further align its interests with those of shareholders.