Bragg: FY25 revenue up 4% to €106.1m, welcomes Thomas Winter to the Board

Bragg Gaming Group has published its Q4 and FY2025 results for the period ending 31 December 2025, along with formalising several recent personnel changes. 

Appointments 

Bragg has appointed Thomas Winter to the Board of Directors with immediate effect. 

He will succeed Kent Young, who has retired from the company.

Holly Gagnon, Bragg Board Chair, said: “I would like to thank Kent for his many contributions to the Company.

“I am also very pleased to welcome Thomas to our team. Moving forward, the Board and management team will be steadfast in our aim to close the clear and persistent gap between the Company’s public market valuation and our assessment of its intrinsic value. 

“To that end, as Thomas is a gaming industry luminary who has earned my deep personal admiration and great professional respect, I am confident that he will be a tremendous asset to our Board and to our shareholders.”

Winter is currently a Board Member at Rush Street Interactive and founded Golden Nugget Online Gaming back in 2013. 

Prior to this, Winter was the CEO and Director at Betclic, a European online sports betting and gaming operator.

Bragg also welcomed Morten Tonnesen as its new COO and Garrick Morris to the position of Executive Vice President of Global Content, US and Canada.

Q4 

As previously forecast in the unaudited financial results, Bragg’s revenue during Q4 rose 5.1% to €27.7m ($32m), when excluding the Netherlands. 

This is because the Netherlands’ revenue decreased 4.6% year-on-year. When including these results, total revenue grew 1.9%. 

Revenue in Brazil rose 42.1%, and in the United States increased by 55%.

Operating loss this quarter was €0.1m, an improvement from the €0.7m the year prior, while net loss widened by 85.8% to €1.3m.

Adjusted EDBITA fell marginally to €4.6m. 

FY25 

Throughout the year, total group revenue increased 4% to €106.1m.

Operating loss worsened 51% to €5.3m, while net loss also deepened 58.8% to €8.1m.

Adjusted EBITDA increased 5% to €16.6m. 

During this period, Bragg began developing its Bragg AI Brain, which the company expects to impact for than three-quarters of its operational workflows by 2027. 

Bragg also reduced its global workforce by 12%, costing around €5.5m in restructuring efforts.

Matevž Mazij, Bragg CEO, said: “We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives. 

“We believe this positions Bragg well for 2026 and beyond to: increase our overall content market share in Brazil and the United States; pursue emerging alternative markets, such as Historical and Live Racing and Prediction Markets; move into new jurisdictions that offer opportunities for higher margin content business; deliver enhanced operational leverage; meet our goals to streamline internal processes; enhance overall efficiency across our organization; protect our cash runway; and advance us further along the path toward EBITDA growth and net profitability.”