Bragg Gaming Reports 12% Revenue Decline in Q2 2026

Bragg Gaming Group has announced a 12% decrease in revenue for the second quarter of 2026. The company reported total quarterly revenue of €22.9 million ($26.1 million), down from €26.1 million ($30.6 million) in the same period last year. Despite this decline, Bragg observed a substantial 44% growth in its proprietary content deployed in North America, reflecting a strategic focus.

Revenue Breakdown

The revenue drop was primarily attributed to a 14% decline in the Netherlands, linked to legacy contract roll-offs. Meanwhile, revenue from Canada and the United States surged by 44% year-over-year, and 25% compared to the previous quarter. Brazil maintained a steady revenue flow, as some operators shifted to direct supplier integrations.

European Expansion and New Markets

Bragg Gaming signed a definitive agreement with Belgian operator 711, integrating Kambi's Turnkey Sportsbook with Bragg's Fuze toolset. Meanwhile, the company supported Super Technologies’ entry into Greece via its Superbet brand. Notably, Bragg entered the newly regulated Alberta market in July 2026, launching with more than 80 titles.

Financial Performance

Bragg's operating loss for the quarter improved to €1.9 million ($2.2 million), compared to a €2.3 million ($2.7 million) loss in 2025. The net loss, however, increased to €2.9 million ($3.3 million) or €0.11 ($0.13) per share. Adjusted EBITDA stood at €3.5 million ($4.0 million), effectively maintaining the previous year's level but expanding the margin to 15% from 13%.

Strategic Initiatives

On July 9, 2026, Bragg announced a further 19% workforce reduction, aiming for €6.0 million ($6.8 million) in annual savings, bringing expected total savings to €10.5 million ($12.0 million). The company completed the acquisition of Drayton International for $9.0 million in shares, appointing Matt Davey as Non-Executive Chairman.

Management Commentary

CEO Matevž Mazij emphasized the focus on profitability and cost management:

“Despite lower revenue, Adjusted EBITDA remained stable, supported by ongoing cost reduction.”

Chairman Matt Davey reinforced the strategic direction:

“The aim is to strengthen financials, simplify the operating model, and boost investment in product and distribution.”

Withdrawal of 2026 Guidance

Bragg withdrew its 2026 financial guidance, citing uncertainties following the Drayton acquisition. Management is focused on integrating and optimizing the combined business, including product alignment and establishing a new operating model.

Board Changes

Donald Robertson resigned from the Board, replaced by Jordan Gnat, a veteran in the gaming and media sectors. Gnat's extensive experience is expected to contribute to Bragg's strategic direction.

Conclusion

Bragg Gaming Group remains committed to its strategic realignment and growth in regulated markets. Despite challenges, the focus on North America and ongoing restructuring illustrate a determined path forward for Bragg's operations. The withdrawal of guidance underlines the complexity of integrating recent acquisitions while maintaining market competitiveness.

For further updates, the company hosted a conference call on its financial results on August 13, 2026.

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