Bragg Gaming Group has reported third-quarter 2026 revenue of €20.6m, representing a 23% year-on-year decline, as it continues to address the shutdown in Brazil, customer migrations in the Netherlands and an ongoing cost-reduction program.
Nevertheless, Bragg said Brazil contributed relatively little to gross profit and cash flow because of its lower-margin aggregated content.
Furthermore, excluding revenue from BetCity and recently acquired Drayton International, normalized revenue stood at €20m, down 12% year-on-year but up 4% compared with the second quarter of 2026.
Meanwhile, revenue from proprietary content deployed in Canada and the US increased by 7%, and by 21% for the nine months ended September 30, 2026.
Operating loss for Q3 was €3.2m, compared to €1.2m in the same period of 2025. This is because the reduction in gross profit exceeded the reduction in operating expenses. Adjusted EBITDA stood at €3m, down 33%, representing an adjusted EBITDA Margin of 15% compared to 17%.
Bragg Q3 2026 results (in €m)
Recently appointed Bragg Interim CEO, Morten Tonnesen, commented on the results stating: “The year-over-year revenue decline is concentrated in two things we have been signaling for some time, the customer migrations off our Dutch platform and the move by third-party providers in Brazil to direct integrations with operators.
“Where we are investing, the direction is the right one. Revenue from our proprietary content deployed in Canada and the US grew 7% in the quarter and 21% over the nine months. That shift toward our own content, alongside lower aggregated content volumes, is reflected in a gross margin of 56%, Our cost reductions have not yet caught up with the revenue we have lost, and closing that gap is the immediate priority.”
The company is prioritizing Drayton integration, improved cash flow and balance sheet strength, while refining its strategy under Tonnesen.
In July, Bragg cut about 19% of its global workforce. The reduction was part of a restructuring the company revealed on January 8, 2026. The company did not specify which departments or regions were most affected by the reduction.
The following month, former Bragg CEO Matevž Mazij received 55.67% opposition in a shareholder vote and subsequently offered to resign from the board under the company's majority voting policy
Mazij transitioned from the Chief Executive position to a Strategic Advisor role with the supplier
