Bragg Gaming reported strong results for its U.S. operations in its latest earnings report.
The iGaming content and technology solutions provider generated $110.5 million in full-year revenue in 2024, up from $101 million compared to the year prior. Gross profit for Bragg in 2024 reached $58.5 million. By comparison, profit in 2023 was $54 million.
Bragg’s adjusted EBITDA in 2024 closed at $17 million, a 3.6% increase year-over-year. The company finished 2024 with an operating loss of $4 million, up 356% year-over-year.
Bragg posted encouraging financial results in 2024 sparked by a strong end to the year.
“Our performance in Q4 2024 was fueled by the continued expansion of our proprietary content, primarily in North America,” said Bragg CFO Robert Bressler during the company’s Q4 earnings call earlier this week. “Growing our proprietary content remains a top strategic priority as it enhances margins and strengthens our competitive position.”
Bragg reported $29 million in revenue in Q4 2024, a 16.3% increase compared to the same period the year prior. Its gross profit closed at $17 million during the quarter, up from $13 million in Q4 2023. Adjusted EBITDA for Bragg gaming in Q4 2024 was $5 million.
By comparison, the company saw its adjusted EBITDA in Q4 2023 close at $3 million.
Bragg cements US footprint with new deals and state launches
Last year, Bragg strengthened its position in North America with a series of partnerships and launches allowing the company to expand the reach of its proprietary content.
Bragg secured a new enhanced partnership with Caesars Entertainment to develop new gaming titles and create a delivery platform for Caesars’ in-house games studio. In 2024, it teamed up with Caesars in 2024 to bring its Remote Gaming Service technology and new games to Pennsylvania and Ohio and also launched operations in Delaware.
The company plans to continue its U.S. expansion with a launch in West Virginia.
It anticipates entering West Virginia’s online casino market in Q2 2025 pending regulatory approvals. Bragg’s pending launch in West Virginia would bring its total to six U.S. markets.
Bragg anticipates another strong year
Bragg is carrying its momentum from 2024 into a new fiscal year that is poised for growth.
“I can share that during the first quarter of 2025, we are comfortably on track to more than double wagering on our proprietary and exclusive games in North America compared to what we saw in the first quarter of last year,” said Bragg CEO Matevz Mazij.
The strong start is projected to help propel Bragg to double-digit revenue growth.
In 2025, Bragg estimates full-year revenue in 2025 to range between $127 million and $133 million. Its adjusted EBITDA is projected to be between $20.5 million and $23 million.
Bragg anticipates profit growth in 2025 fueled by its position in Brazil’s new gaming market and strong penetration in regulated U.S. states and major European markets.
