Bragg Gaming has released its financial results for Q3 2025.
In total, revenue came to €26.8m ($31.1m), up 20% year-on-year when excluding the Netherlands. Netherlands revenue, by contrast, dropped 22%, on account of increased taxes and regulations in the region. Overall, revenue was up 2%.
Territories that saw notable development included Brazil and the US, which saw revenue growth of 80% and 86% respectively.
Bragg Gaming also saw partner and content launches across the world this quarter. Some examples include bet365 in Mexico, StarCasino in the Netherlands, Betsson in Brazil and Spain and Napoleon in Romania.
It also launched exclusive, proprietary content with a range of partners, including CasinoTime in Ontario, Doradobet in Peru, Soccerbet in Serbia, Montenegro and Bosnia and Aposta Ganha in Brazil.
Cost of revenue totalled €12.2m, resulting in gross profit of €14.7m. Interestingly, costs were down by €13,000 year-on-year, yet profit was up by almost €650,000.
However, when other expenses were taken into account, such as admin, which cost €15.9m (up from €14.8m last year), operating loss increased sharply year-on-year. In Q3 2024, the operating loss totaled €0.4m, while in Q3 2025, it totalled €1.2m.
Overall, adjusted EBITDA came to €4.4m, up from €4.1m, while net loss came to €2.3m, up from €200,000 last year.
For the year-to-date, revenue was up roughly €3.5m to €78.4m, with a gross profit of €42.7m, up from €38.3m. However, much like the quarter, selling, general and admin expenses soared, up almost €7m to €47.8m, resulting in an operating loss of €5.2m, compared to last year's €2.9m.
EBITDA came to €9.7m, up over €0.3m, while net loss for the year so far reached €6.8m, a sizable loss increase from Q3 2024's €4.5m.
Bragg partnered with Fanatics Casino to launch games across several US states
