The Toronto-based Bragg Gaming Group reports that its second quarter 2025 revenue (USD $30.5 million) increased 4.9% year over year, while its gross profit (USD $16 million) increased 10.8%.

Q2 EBITDA Decline

In Q2 2025, adjusted EBITDA decreased 4.3% year over year to USD $4.09 million.

"In our 2024 strategic review, we identified cash flow, integration and margin as key priorities and value drivers for Bragg Gaming Group,” said Matevž Mazij, Bragg’s Chief Executive Officer.

“In Q2 we began to focus on integration and optimization. We identified and actioned key areas where we have now optimized our cost structure and have implemented strategies to leverage synergies from acquisitions such as Spin Games and Wild Streak Gaming.”

Growth in Revenue

Mazij cited the company's annualized synergies of over USD $2 million, which opened the door to higher profits for the second half of 2025.

He noted that Bragg's focus on better margin and cash flow expansion rather than aggressive revenue expansion has been sharpened by an increase in gaming taxes in places like Brazil, the Netherlands, and Romania.

"That said, we believe that there are substantial, highly accretive growth opportunities ahead for this business,” he said. “We intend to pursue these opportunities methodically, with a focus on both margins and cash flow.”

Pay attention to cost structure optimization

According to the company, it expects double-digit growth in revenue and adjusted EBITDA for the entire year 2025. This growth will be fueled by a strategic focus on expanding its portfolio of proprietary content, expanding into regulated markets, and gaining traction in markets such as the U.S. and Latin America.

“We are prioritizing high margin opportunities versus low margin revenue,” Mazij added.

Revenue from proprietary content is up 44% from Q2 2024, particularly in the company's home markets of Latin America and the United States.  With a 25% decline in igaming gross gaming revenue in Q2, the Netherlands continues to be a challenge.

To further accelerate the firm's U.S. growth strategy, Bragg announced in June that Scott Milford would be joining the company as Executive Vice President, Group Content, to manage the development of casino games.

US Expansion Agreements

Bragg and Hard Rock Digital established a content agreement in June, according to which Bragg will create a number of exclusive online casino games for the operator.

Additionally, the firm announced in July that Fanatics Casinos in Michigan, New Jersey, and Pennsylvania will be the first to use its newest game Remote Gaming Server technology.