Bragg Gaming Group's Q4 2024: Unpacking Contradictions in U.S. Growth, Regulatory Challenges, and Market Strategy

These are the key contradictions discussed in Bragg Gaming Group's latest 2024Q4 earnings call, specifically including: U.S. Market Growth Expectations, Regulatory Environment in the Netherlands, Seasonality Expectations, Focus on Organic Growth versus M&A, and Market Share Expectations in North America:



Revenue and Proprietary Content Growth:
- Bragg Gaming Group reported total revenue of EUR27.2 million for Q4 2024, up 16% compared to the same quarter in 2023.
- The growth was driven by a significant increase in proprietary content, reaching 13.3% of total revenue, and an expansion in North America.

Financial Performance and Market Expansion:
- The company's adjusted EBITDA grew by 68% to EUR4.7 million in Q4 2024, with an adjusted EBITDA margin of 17%.
- This was supported by market penetration in North America, new strategic partnerships such as with Caesars Entertainment, and the launch of proprietary content in Brazil.

U.S. Market Strategy and Growth:
- Projections for 2025 indicate that the U.S. iGaming market will account for 15% of Bragg's total revenue.
- Growth in the U.S. is attributed to exclusive proprietary content, such as "Dragon Power Triple Gold," and partnerships with tier-one operators like DraftKings and FanDuel.

Brazilian Market Potential:
- Bragg Gaming Group entered the Brazilian iGaming market on January 1st, 2025, with content agreements with more than 30% of licensed operators.
- The Brazilian market is expected to generate $1.5 billion in GGR in 2025, with potential for Bragg to capture up to 10% of its total revenue.