Bragg Gaming Group, a global B2B iGaming content and technology solutions provider, announced it has signed an agreement with Hard Rock Digital to develop a series of exclusive online casino games titles for its top-rated Hard Rock Bet Casino.

This deal further deepens Bragg’s existing partnership with the leading operator, which currently offers Bragg’s proprietary content from Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, alongside titles from a diverse selection of Bragg’s partner studios on Hard Rock Bet.

The partnership is set to drive the Company’s expansion in the key market, accelerate growth and position the US as Bragg’s fastest-growing market this year. The exclusive titles will first launch in New Jersey, with potential to offer the games on Hard Rock Bet in any future market expansion.

Garrick Morris, Bragg’s SVP of Commercial in US and Canada, said: “We are delighted to announce this new content development agreement with Hard Rock Digital, which reinforces our commitment to this partnership and offers us a new opportunity to showcase our game development expertise while bringing new, game changing, exclusive experiences to Hard Rock Bet Casino’s customers. This enhanced partnership highlights our focus on growing our footprint as a key online casino supplier in the US.”

Rich Criado, VP of Casino at Hard Rock Digital, said: “We’re excited to strengthen our partnership with Bragg and collaborate with their talented team to create exclusive new experiences for our players. These upcoming games are designed to stand out among the over 2900 titles already available on Hard Rock Bet Casino, and we can’t wait to bring them to our players.”

Triple-digit revenue growth in the U.S.; significant increase in profitability through improved product mix

• 27%¹ Revenue Growth Excluding the Netherlands, Driven by U.S. Revenue Growth of 150%
• Gross Profit Margin Jumps to 56.0%, Driven by Proprietary Content Growth
• Adjusted EBITDA Rises 19.7%, Reflecting Strong Operational Leverage
• Robust 63.5% YoY Growth in Cash from Operations, to EUR 4.5 Million (USD 5.0 Million)
• 62% YoY Proprietary Content Revenue Growth, Reaching a Record 15.5% of Total Revenue

Bragg Gaming Group announced its financial results for the first quarter of 2025. The Company delivered diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets.

Summary of Financial and Operational Highlights

⁽¹⁾ Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.

⁽²⁾ “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg commented: “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.

“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%¹, driven in part by triple-digit growth in the U.S.”

¹27% YoY revenue growth excluding revenue derived from Bragg’s customers licensed and operating in the Netherlands jurisdiction

Key Highlights:

• Improved Margins and Cash generation: Adjusted EBITDA margins increased 169bps year over year; excluding non-recurring exceptional costs and FX impacts, EUR 0.9 million of free cash generated.
• Improved Revenue Diversification: Continued decreasing reliance on the Netherlands and lower-margin BetCity, replaced by growth in margin-accretive revenue in new markets.
• US Market Growth: Bragg experienced triple-digit growth in U.S. revenue derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth; U.S. expected to contribute up to 15% of revenue this year.
• Brazil Launch: Successfully launched content in the newly regulated Brazilian iGaming market, a key strategic territory expected to contribute up to 10% of revenue this year.
• Strategic Partnerships: Announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio.
• Key milestone: first game launched, Caesars Palace Signature Multihand Blackjack Surrender, under recently announced games development and technology partnership with Caesars Digital.
• Leadership Appointments: Appointed Holly Gagnon as Chair of the Board.
• Debt Reduction: Repaid USD 5 million of its secured credit note and is on track to finalize a new credit facility with improved terms.

2025 Outlook

Bragg remains focused on expanding its presence in regulated markets, enhancing its proprietary and exclusive content offerings, and leveraging its technology to drive continued growth and profitability in 2025 and beyond. The Company is actively advancing a robust pipeline of opportunities to drive strong momentum in the business.

The Company anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025, with revenue guidance projected at between EUR 117.5 million and EUR 123.0 million, and Adjusted EBITDA in the range of between EUR 19.0 million and EUR 21.5 million, driven by a strategic focus on proprietary and exclusive content, and continued momentum in growth markets such as the U.S. and Latam.

Bragg Gaming Group confirmed that it will release its first quarter 2025 financial results prior to the opening of the financial markets on Thursday, May 15, 2025. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij and Chief Financial Officer, Robbie Bressler, to discuss the Company’s financial results and provide a business update. During the call, management will review a presentation that will be available on the day of the call.