Bragg Gaming bets on AI and Americas growth to drive profitability in 2026
Table of contents
- Bragg Gaming Group reports preliminary full-year 2025 revenues of approximately EUR 106.1 million, a 4% year-on-year increase, with results within previously issued guidance ranges.
- Proprietary content revenue grew 70% in Q4 2025 versus Q4 2024, driven primarily by US expansion, with Brazil and the US together delivering an underlying 18% revenue uplift when Dutch market results are excluded.
- The company is targeting sustained net profitability in 2026 through its “Bragg AI Brain” cost-efficiency initiative and continued content market share gains in Brazil and the United States.
Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) has outlined an ambitious path to profitability for 2026, anchored by an artificial intelligence-driven cost reduction programme and accelerating revenue momentum in two of iGaming’s most dynamic growth markets.
The Toronto-based content and technology provider published preliminary unaudited results for the full year and fourth quarter ended December 31, 2025, ahead of planned investor meetings, with full audited figures due in March 2026.
Americas momentum reshapes the revenue story
Full-year 2025 revenues are expected to reach approximately EUR 106.1 million, up 4.0% from EUR 102.0 million in 2024. Adjusted EBITDA is anticipated at approximately EUR 16.6 million, representing a margin of around 15.6%, up from EUR 15.8 million and a 15.5% margin the prior year.
But strip out the Netherlands — which continued to drag on consolidated results due to tighter regulation and higher taxes — and a very different picture emerges. Excluding the Dutch market, full-year 2025 revenues would represent an 18% increase on 2024, fuelled almost entirely by the United States and Brazil.
In the fourth quarter alone, proprietary content revenue grew 70% year-on-year, with the US as the primary engine. Q4 revenues came in at approximately EUR 27.7 million, up 1.8% on EUR 27.2 million in Q4 2024. Adjusted EBITDA for the quarter is expected at approximately EUR 6.0 million — a ~28% increase on EUR 4.7 million in Q4 2024 in absolute terms — though the margin narrowed marginally to approximately 16.6% from 17.2%, reflecting the revenue mix during the period.
This proprietary content surge is the result of a deliberate strategy. Bragg has been expanding the reach of titles from its in-house studios — Wild Streak Gaming, Atomic Slot Lab and Indigo Magic — across regulated US states, including through its content launches with Fanatics Casino in New Jersey, Michigan and Pennsylvania during 2025.
The AI Brain and the road to net profitability
Chief Executive Matevž Mazij was direct about what comes next.
“Based on the preliminary results, we delivered another record year in 2025, as demonstrated by increased revenue and higher Adjusted EBITDA. Now in 2026, we remain confident in our ability to successfully navigate evolving international regulatory and taxation developments, continue to increase our overall content market share in Brazil and the United States, aggressively pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets, and move into new jurisdictions that offer opportunities for higher margin content business.
At the same time, we plan on thoughtfully harnessing the power of the Bragg AI Brain to reduce our overall cost structure, drive EBITDA growth, and move toward sustained net profitability. We look forward to updating investors as we progress,” said Mazij.
The “Bragg AI Brain” is the company’s newly announced initiative to deploy artificial intelligence across its operations with the specific aim of reducing costs and improving operational efficiency. Bragg has not disclosed the full scope of the programme, but the 2026 guidance range is partly underwritten by the structural savings it is expected to generate.
That guidance carries a note of caution. Full-year 2026 revenues are projected at between EUR 97.0 million and EUR 104.5 million. The company cited ongoing regulatory complexity and tax changes in the Netherlands and other markets as factors shaping the outlook — a range whose midpoint sits below 2025’s expected revenue figure.
Adjusted EBITDA for 2026 is forecast at between EUR 16.0 million and EUR 19.0 million, equating to a margin range of approximately 16.0% to 18.0%. Two factors are expected to support that range: a continuing mix shift toward higher-margin proprietary content and the cost savings generated by the AI initiative.
Chasing net profitability
Sustained net profitability remains the stated destination, and it is one Bragg has not yet reached. Investors will be looking for evidence in the March 2026 results release that the combination of margin improvement and AI-driven cost reduction is genuinely closing the gap.
The reference to prediction markets and historical and live racing in Mazij’s comments is also worth noting. These are emerging content categories attracting serious regulatory and commercial attention in the US, and Bragg’s stated intent to pursue them signals the company sees them as meaningful near-term revenue opportunities beyond its core casino games portfolio.
Bragg’s 2026 trajectory will hinge on whether Americas growth can fully offset Dutch market pressure, and whether the AI Brain delivers the cost efficiencies management has committed to. Full audited results and a conference call are expected in March 2026. All figures in the February 23 release are preliminary, unaudited, and subject to change.
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