Bragg Q3 revenue falls 23% to €20.6m as Dutch income drops to €103,000

Bragg Gaming Group reported a 23% year-on-year fall in revenue to €20.6m for the three months to 30 September. Adjusted EBITDA dropped 33% to €3m and the supplier's operating and net losses both widened.

Interim CEO Morten Tonnesen said the cost-cutting programme has not yet offset the revenue decline. For operators that rely on Bragg's platform or content, the figures point to a supplier under financial and management pressure.

What happened

Bragg's quarterly revenue of €20.6m was 23% lower than a year earlier. Adjusted EBITDA fell 33% to €3m. According to NEXT.io, Tonnesen recently took over as interim CEO after the sudden departure of Matevž Mazij. Tonnesen had arrived at Bragg in March, in the role of chief operating officer.

Tonnesen said many of the trends that weighed on Q2 revenue persisted. These included customer migrations away from Bragg's Dutch platform and a move by third-party providers in Brazil to integrate directly with operators.

Key figures for the quarter:

Metric	Q3 2026	Q3 2025
Revenue	€20.6m (down 23%)	–
Adjusted EBITDA	€3m (down 33%)	–
Operating loss	€3.2m	€1.2m
Pre-tax loss	€4.1m	€1.4m
Net loss	€4.3m	€2.3m
Net comprehensive loss	€4.4m	€3m

Markets. In the Netherlands, revenue dropped from €6.4m in 2025 to €103,000 this year. Curaçao and the US also posted lower revenue. Malta again generated the most revenue, topping €5.1m, an increase of 11%.

US and Canada. Tonnesen said revenue from proprietary content that Bragg has live in Canada and the US increased 7% in the quarter and 21% across nine months. He said the gross margin of 56% reflects the move towards Bragg's own content and smaller volumes of aggregated content. EGR reported that CFO Robbie Bressler sees no reason the company cannot be a “solid alternative” to competitors in the US.

Cost programme. Bragg made redundancies in January and July and expects annualised savings totalling about €10.5m. According to Tonnesen, the programme's full impact has yet to show, and his immediate priority is “closing the gap” between cost reductions and lost revenue.

Acquisition. Bragg's $9m acquisition of Drayton International took place in July. Between the acquisition date and the end of the quarter, Drayton added €0.7m in revenue and €0.3m in profit before tax.

Nine months. Revenue for the nine months to 30 September was 12% lower at €69.2m. Operating loss rose 27% to €6.6m, and adjusted EBITDA fell 13% to €10.5m. Net loss was €8.3m, against €6.8m a year earlier.

Why it matters

Operators with Bragg-supplied platform or content deals should check how exposed their stack is to a supplier that is changing leadership and cutting staff. They should confirm service levels, content roadmaps and contractual protections, especially if they run on the Dutch platform, where Bragg's revenue fell sharply.

The Dutch figures show how quickly a platform customer base can move. Customer migrations and direct integrations by third-party providers can reduce the revenue of aggregation-based models like Bragg's. Companies buying content through aggregators may want to compare the cost and control of direct integrations against a single-platform route.

Bragg's stated focus on proprietary content and lower aggregated volumes is likely to shape which games and commercial terms it prioritises for operator partners. Operators in Malta, the largest contributor, and in the US and Canada, where own-content revenue grew, are the most likely to see that emphasis.

What's next

The company said its near-term priorities are disciplined execution, a stronger balance sheet and better operating cash flow. For suppliers and affiliates working with Bragg-powered brands, the widening losses make partner stability a point to monitor.