Bragg Gaming's Rating Lowered to Hold from Buy by Benchmark
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 18 2025
0mins
Should l Buy BRAG?
Downgrade Announcement: Benchmark has downgraded Bragg Gaming's stock rating from Buy to Hold.
Price Target Removal: The firm has also removed its previous price target of $6 for Bragg shares.
Q2 Performance: Bragg reported Q2 results that fell below consensus expectations in both revenue and profitability.
Guidance Adjustment: The downgrade is attributed to a reduction in 2025 guidance due to challenges faced in the Netherlands and Brazil.
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Analyst Views on BRAG
Wall Street analysts forecast BRAG stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.810
Low
5.50
Averages
6.76
High
8.03
Current: 1.810
Low
5.50
Averages
6.76
High
8.03
About BRAG
Bragg Gaming Group Inc. is an iGaming content and platform technology solutions provider serving online and land-based gaming operators with its proprietary, content, and cutting-edge player account management (PAM) technology. Its suite of iGaming content and technology, commercial relationships and operational licenses allows it to offer a complete gaming solution in regulated online gaming markets globally. Its PAM platform provides the tools required to operate an online gaming business, including player engagement and data analysis software. Its Bragg Studios offers crafted casino game titles from in-house brands, including Wild Streak Gaming, Atomic Slot Lab and Indigo Magic. Its proprietary content portfolio is complemented by a selection of titles from carefully selected studio partners under the Powered By Bragg program. Games built on Bragg’s remote games server technology are distributed via the Bragg HUB content delivery platform and are available to Bragg customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Bragg Gaming Q1 Earnings Beat Expectations
- Earnings Highlights: Bragg Gaming reported a Q1 GAAP EPS of -$0.05, beating expectations by $0.04, indicating improvements in profitability despite still being in the red.
- Revenue Growth: The company achieved Q1 revenue of $29.7 million, exceeding market expectations by $0.77 million, reflecting strong performance in market demand and product sales.
- Adjusted EBITDA: The adjusted EBITDA for Q1 2026 was €4.0 million (approximately $4.6 million), with an adjusted EBITDA margin of 15.7%, slightly down from 16.0% in Q1 2025, highlighting challenges in cost control.
- 2026 Outlook: The company anticipates full-year 2026 revenue between €97.0 million and €104.5 million, with adjusted EBITDA expected to range from €16.0 million to €19.0 million, demonstrating confidence in future growth.
See More
Bragg Gaming Group Acquires Drayton to Expand Market Reach
- Transaction Overview: Bragg Gaming Group plans to acquire Drayton for 4.5 million newly issued common shares at $2.00 per share, with the transaction expected to close in Q3 2026, marking a significant step in Bragg's North American expansion strategy.
- Leadership Enhancement: Renowned gaming entrepreneur Matt Davey will join Bragg as Non-Executive Chairman, bringing extensive industry experience that is expected to drive innovation in gaming content and technology, thereby enhancing market competitiveness.
- Market Potential Unlocked: The acquisition will allow Bragg to enter the ADW content space, potentially increasing its U.S. market reach by 400%, thereby expanding operations into over 30 states and significantly enhancing revenue potential.
- Technology and Brand Strategy: Bragg will leverage Drayton's technological assets and game development capabilities to reinforce its 'games-first' brand strategy, enhancing user experience and optimizing the player journey to maintain a leading position in the rapidly evolving iGaming market.
See More
Bragg Gaming Expands Footprint in Greek Market
- Market Expansion Milestone: Bragg Gaming Group announced its support for Super Technologies' successful entry into the Greek market, marking a significant milestone in its global expansion strategy and further solidifying its position as a key technology and content partner.
- Localized Strategy Implementation: By providing RGS games and the HUB aggregation platform, Bragg delivers a diverse portfolio of premium third-party content to Superbet, ensuring alignment with local player preferences in Greece's mature iGaming market.
- Technology Advantage Demonstrated: This partnership showcases the scalability and flexibility of Bragg's platform, enabling Superbet to rapidly enter the market while delivering high-quality localized player experiences, enhancing competitiveness for both companies in new jurisdictions.
- Long-Term Growth Potential: Bragg's CCO Neill Whyte stated that supporting Superbet's long-term growth in Greece reflects the success of their partnership, indicating future commercial expansion opportunities across multiple territories.
See More
Bragg Gaming Reports Q4 Earnings Results
- Earnings Report: Bragg Gaming's Q4 GAAP EPS stands at -€0.05, indicating challenges in profitability that may affect investor confidence and stock performance.
- Revenue Growth: Despite the loss, Bragg Gaming reported revenue of €27.7M, reflecting a 2.0% year-over-year increase, suggesting improved sales capabilities that could lay the groundwork for future recovery.
- Historical Financial Data: The company’s historical earnings data provides crucial context for analysts and investors, aiding in the assessment of Bragg Gaming's long-term performance and potential investment value.
- Market Outlook: While the current earnings report shows a loss, Bragg Gaming must remain vigilant regarding market dynamics and competitive landscape to formulate effective strategies aimed at improving financial health and attracting further investment.
See More
Bragg Gaming Announces Q4 and Full Year 2025 Financial Results Release
- Earnings Release Schedule: Bragg Gaming has confirmed that it will release its Q4 and full year 2025 financial results before the market opens on March 19, 2026, which is expected to provide investors with critical performance data and future outlook.
- Conference Call Details: Following the earnings release, CEO Matevž Mazij and CFO Robbie Bressler will hold a conference call at 8:30 a.m. Eastern Time to discuss the financial results and provide a business update, enhancing investor confidence in the company's future development.
- Participation Information: Investors can join the call through multiple dial-in numbers, including those for the USA, Canada, and the UK, ensuring that global investors can easily access information and improve company transparency.
- Technology Solutions Provider: As a leading iGaming content and platform technology solutions provider, Bragg Gaming is committed to delivering innovative game content and player management technology to online casino, sports betting, and lottery operators, further solidifying its competitive position in the global market.
See More
Bragg Gaming Appoints New COO and EVP of Global Content
- Management Changes: Bragg Gaming Group has appointed Morten Tonnesen as COO and promoted Garrick Morris to EVP of Global Content, emphasizing the company's strategic focus on expanding its high-margin content business in the U.S. and Canada.
- Content Business Growth: The global content business of Bragg saw a remarkable 76% growth in Q4 2025 compared to Q4 2024, with a full-year increase of 69%, showcasing the company's strong performance in the rapidly evolving iGaming market, particularly in emerging markets.
- AI Transformation Goals: Tonnesen's mandate includes driving Bragg's ambitious AI transformation, aiming for 90% of new launches to feature AI enhancements by 2027 and integrating AI into over 75% of operational workflows, thereby enhancing overall operational efficiency.
- Market Expansion Strategy: Morris noted that since joining Bragg in 2024, the company has significantly expanded its U.S. content footprint, and plans to accelerate growth through strategic entry into Historical and Live Racing and Prediction markets, enhancing shareholder value.
See More
Bragg Gaming Q1 Earnings Beat Expectations
- Earnings Highlights: Bragg Gaming reported a Q1 GAAP EPS of -$0.05, beating expectations by $0.04, indicating improvements in profitability despite still being in the red.
- Revenue Growth: The company achieved Q1 revenue of $29.7 million, exceeding market expectations by $0.77 million, reflecting strong performance in market demand and product sales.
- Adjusted EBITDA: The adjusted EBITDA for Q1 2026 was €4.0 million (approximately $4.6 million), with an adjusted EBITDA margin of 15.7%, slightly down from 16.0% in Q1 2025, highlighting challenges in cost control.
- 2026 Outlook: The company anticipates full-year 2026 revenue between €97.0 million and €104.5 million, with adjusted EBITDA expected to range from €16.0 million to €19.0 million, demonstrating confidence in future growth.
See More
Bragg Gaming Group Acquires Drayton to Expand Market Reach
- Transaction Overview: Bragg Gaming Group plans to acquire Drayton for 4.5 million newly issued common shares at $2.00 per share, with the transaction expected to close in Q3 2026, marking a significant step in Bragg's North American expansion strategy.
- Leadership Enhancement: Renowned gaming entrepreneur Matt Davey will join Bragg as Non-Executive Chairman, bringing extensive industry experience that is expected to drive innovation in gaming content and technology, thereby enhancing market competitiveness.
- Market Potential Unlocked: The acquisition will allow Bragg to enter the ADW content space, potentially increasing its U.S. market reach by 400%, thereby expanding operations into over 30 states and significantly enhancing revenue potential.
- Technology and Brand Strategy: Bragg will leverage Drayton's technological assets and game development capabilities to reinforce its 'games-first' brand strategy, enhancing user experience and optimizing the player journey to maintain a leading position in the rapidly evolving iGaming market.
See More
Bragg Gaming Expands Footprint in Greek Market
- Market Expansion Milestone: Bragg Gaming Group announced its support for Super Technologies' successful entry into the Greek market, marking a significant milestone in its global expansion strategy and further solidifying its position as a key technology and content partner.
- Localized Strategy Implementation: By providing RGS games and the HUB aggregation platform, Bragg delivers a diverse portfolio of premium third-party content to Superbet, ensuring alignment with local player preferences in Greece's mature iGaming market.
- Technology Advantage Demonstrated: This partnership showcases the scalability and flexibility of Bragg's platform, enabling Superbet to rapidly enter the market while delivering high-quality localized player experiences, enhancing competitiveness for both companies in new jurisdictions.
- Long-Term Growth Potential: Bragg's CCO Neill Whyte stated that supporting Superbet's long-term growth in Greece reflects the success of their partnership, indicating future commercial expansion opportunities across multiple territories.
See More
Bragg Gaming Reports Q4 Earnings Results
- Earnings Report: Bragg Gaming's Q4 GAAP EPS stands at -€0.05, indicating challenges in profitability that may affect investor confidence and stock performance.
- Revenue Growth: Despite the loss, Bragg Gaming reported revenue of €27.7M, reflecting a 2.0% year-over-year increase, suggesting improved sales capabilities that could lay the groundwork for future recovery.
- Historical Financial Data: The company’s historical earnings data provides crucial context for analysts and investors, aiding in the assessment of Bragg Gaming's long-term performance and potential investment value.
- Market Outlook: While the current earnings report shows a loss, Bragg Gaming must remain vigilant regarding market dynamics and competitive landscape to formulate effective strategies aimed at improving financial health and attracting further investment.
See More
Bragg Gaming Announces Q4 and Full Year 2025 Financial Results Release
- Earnings Release Schedule: Bragg Gaming has confirmed that it will release its Q4 and full year 2025 financial results before the market opens on March 19, 2026, which is expected to provide investors with critical performance data and future outlook.
- Conference Call Details: Following the earnings release, CEO Matevž Mazij and CFO Robbie Bressler will hold a conference call at 8:30 a.m. Eastern Time to discuss the financial results and provide a business update, enhancing investor confidence in the company's future development.
- Participation Information: Investors can join the call through multiple dial-in numbers, including those for the USA, Canada, and the UK, ensuring that global investors can easily access information and improve company transparency.
- Technology Solutions Provider: As a leading iGaming content and platform technology solutions provider, Bragg Gaming is committed to delivering innovative game content and player management technology to online casino, sports betting, and lottery operators, further solidifying its competitive position in the global market.
See More
Bragg Gaming Appoints New COO and EVP of Global Content
- Management Changes: Bragg Gaming Group has appointed Morten Tonnesen as COO and promoted Garrick Morris to EVP of Global Content, emphasizing the company's strategic focus on expanding its high-margin content business in the U.S. and Canada.
- Content Business Growth: The global content business of Bragg saw a remarkable 76% growth in Q4 2025 compared to Q4 2024, with a full-year increase of 69%, showcasing the company's strong performance in the rapidly evolving iGaming market, particularly in emerging markets.
- AI Transformation Goals: Tonnesen's mandate includes driving Bragg's ambitious AI transformation, aiming for 90% of new launches to feature AI enhancements by 2027 and integrating AI into over 75% of operational workflows, thereby enhancing overall operational efficiency.
- Market Expansion Strategy: Morris noted that since joining Bragg in 2024, the company has significantly expanded its U.S. content footprint, and plans to accelerate growth through strategic entry into Historical and Live Racing and Prediction markets, enhancing shareholder value.
See More
