Bragg Gaming: Betting Big on U.S. iGaming Dominance Through Proprietary Content and Strategic Alliances

The U.S. iGaming market is projected to hit $12 billion by 2027, driven by regulated expansion into new states and growing consumer demand for immersive digital experiences. Bragg Gaming Group (NASDAQ/TSX: BRAG) is positioning itself as a key beneficiary of this growth, leveraging its proprietary content, advanced technology platforms, and strategic partnerships to carve out a leadership position. Central to this strategy is its partnership with Fanatics Casino, a relationship that exemplifies how Bragg is capitalizing on synergies between sports betting and iGaming to drive engagement and revenue.

The Fanatics Partnership: A Blueprint for Market Penetration

Bragg's collaboration with Fanatics Casino, announced in mid-2025, marks a pivotal step in its U.S. expansion. Fanatics, the fastest-growing online casino in the U.S., now offers Bragg's exclusive titles—including hits like Cai Fu Emperor Ways and Queenie—across New Jersey, Michigan, Pennsylvania, and West Virginia. This partnership is strategic on multiple fronts:
- Content Differentiation: Bragg's catalog, bolstered by in-house studios (Wild Streak Gaming, Atomic Slot Lab) and partner studios (Sega Sammy Creation, Bluberi), provides a diverse array of high-performing games. This is critical in a market where operators compete fiercely for player attention.
- Cross-Selling Synergies: Fanatics' existing sports betting customer base offers a ready audience for iGaming. Bragg's CEO, Matevz Mazij, emphasized that this alignment “leverages Fanatics' strength in sports betting to amplify iGaming adoption,” a dynamic that could accelerate revenue growth.

The partnership is also a testament to Bragg's technological edge. Its Remote Gaming Server (RGS) and Bragg HUB platform enable seamless integration of its content into Fanatics' ecosystem, reducing operational complexity and ensuring scalability.

The HUB Platform: Scalability and Data-Driven Engagement

At the core of Bragg's strategy is its Bragg HUB platform, a proprietary system that aggregates and delivers over 10,000 game titles while providing operators with advanced analytics and the Fuze™ engagement toolset. This platform is not just a distribution channel—it's a growth engine:
- Modular Flexibility: Operators can easily integrate Bragg's content into their existing tech stacks, making it an attractive B2B offering.
- Fuze™'s AI-Powered Tools: By personalizing game recommendations and retention strategies, Fuze™ enhances player stickiness, directly impacting revenue.
- Global Reach: The HUB's success in Brazil—where Bragg now targets 10% of its 2025 revenue—demonstrates its adaptability to diverse markets.

The platform's scalability is further underscored by its role in Bragg's partnership with Caesars Entertainment and Hard Rock Digital, where it supports content development and technology licensing.

Financial Strength and Strategic Risk Mitigation

Bragg's recent financial moves reinforce its capacity to execute on its growth ambitions:
- $6M Credit Facility: Secured in June 2025, this facility reduces debt costs and provides flexibility for reinvestment.
- Profitability Gains: Q1 2025 saw gross margins rise to 56%, with adjusted EBITDA up 19.7% year-over-year, signaling operational efficiency.

While regulatory hurdles and competition persist, Bragg's “compliance-first” approach and focus on high-margin proprietary content mitigate risks. The company's Brazil entry—a market projected to grow to $3.7 billion by 2029—adds another growth lever.

Investment Thesis: A Multi-Catalyst Play

Bragg's combination of proprietary content, cutting-edge tech, and strategic partnerships creates a compelling investment case:
- Near-Term Catalysts: U.S. market expansion (targeting 15% of 2025 revenue) and Brazil's rapid adoption of regulated iGaming.
- Long-Term Edge: The HUB platform's scalability and Fuze™'s engagement tools position Bragg to capitalize on global iGaming's $70 billion market opportunity.
- Valuation Re-Rating: Trading at a 20x trailing P/E (below sector averages), Bragg's fundamentals suggest upside if it meets growth targets.

Risk Considerations: Regulatory delays, execution risks in new markets, and macroeconomic pressures on discretionary spending remain headwinds. However, Bragg's financial flexibility and diversified revenue streams mitigate these risks.

Conclusion: A Leader in the Making

Bragg Gaming is not merely participating in the U.S. iGaming boom—it's defining it. Its partnership with Fanatics, fueled by proprietary content and the HUB platform's capabilities, creates a moat against competitors. With a clear path to revenue diversification and margin expansion, Bragg is primed to reward investors who recognize its potential to dominate a $12 billion opportunity. For those willing to look past short-term volatility, Bragg represents a compelling buy at current levels, with a 12-month price target reflecting a 25x EBITDA multiple.

Invest wisely—Bragg's bet on the future of iGaming may just pay off big.