Continued expansion in Brazil once again made the Latin American market a top performer for Bragg Gaming Group, which also enjoyed an uplift in the Netherlands in Q1.
There were contrasting fortunes in Brazil and the Netherlands for Bragg in Q4 2025, with Brazil revenue up 42.1 per cent and Netherlands revenue down 4.6 per cent.
However, Bragg enjoyed growth in both markets in Q1.
The Brazil revenue growth was not as pronounced at 33.3 per cent but still made the jurisdiction a standout for the listed supplier.
Entain deal boosts Bragg but US revenue down
In the Netherlands, a “short-term uplift” due to an agreement with Entain – the parties agreed a player account management extension in January – helped revenue grow 3.5 per cent.
In the US, recurring revenue climbed 7.1 per cent but total revenue dropped 12.1 per cent when factoring in Q1 2025 earnings from Bragg’s deal with Caesars Entertainment.
Total revenue was largely flat, rising by 0.6 per cent to €25.7m.
Bragg’s Q1 results were confirmed after the supplier revealed plans to acquire gaming technology and content platform Drayton International.
Drayton International deal
“We continued to execute well across our business in the first quarter,” said Bragg CEO Matevž Mazij.
“But in many ways, I believe we are only just approaching the starting line as we work to complete our potentially transformative transaction with Drayton, which we believe will position bragg to lead the future of the global gaming industry with the right team, the best technology, a refreshed brand, and a clear ‘games-first’ focus.”
Bragg, which is looking to become an AI-first company by next year, saw operating loss narrow from €1.7m to €1.4m. Adjusted EBITDA was €4.1m, up from €4m.
Bragg said it continues to expect full-year revenue of between €97m and €104.5m and adjusted EBITDA of between €16m and €19m.
Major shareholding
Alongside the deal for Drayton International, Matt Davey, the founder and chairman of investment fund Tekkorp Capital, will join Bragg’s board of directors as non-executive chairman.
Davey is expected to hold a 10 per cent share in Bragg after the deal completes, following his purchase of one million common shares in Bragg in February this year.
“This acquisition represents a bold step forward from its legacy business, as Bragg doubles down on its commitment to crafting captivating proprietary gaming worlds which deliver proven revenue engines for operators and unforgettable experiences for players, with a particular focus on expansion across North America,” the company said.