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Bragg Gaming Group reported a decline in second-quarter 2026 revenue as legacy European platform contracts continued to phase out.
However, strong North American content growth, aggressive global cost reductions, and the completion of its Drayton International acquisition underscore a strategic shift toward a games-first business model.
Revenue drops as North American content accelerates
Bragg generated revenue of $26.5 million in the second quarter, down 12% from $30.2 million a year earlier. The decline was driven largely by a 14% drop in Netherlands revenue as customers completed previously announced migrations away from legacy platform contracts.
Proprietary content deployed through Canada and US online casinos told a different story. Revenue there rose 44% year over year and 25% from the first quarter, making North America one of Bragg’s fastest-growing markets. Revenue from Brazil held flat as some operators shifted to direct supplier integrations.
Cost cuts helped offset the softer top line. Key second-quarter figures included:
- Operating loss: approximately $2.2 million, down from $2.7 million a year earlier
- Adjusted EBITDA: approximately $4.1 million, roughly flat year over year
- Adjusted EBITDA margin: 15%, up from 13%.
- Net loss: approximately $3.4 million, up from $2.1 million.
The wider net loss reflected higher interest expense and a swing from a tax recovery to a tax expense.
CEO Matevž Mazij said the company remained focused on profitability and disciplined cost management, noting that cost reductions helped keep adjusted EBITDA steady despite the revenue decline.
Workforce cuts target another $7 million in savings
On July 9, Bragg announced a further 19% reduction in its global workforce, expected to generate about $7 million in incremental annualized savings. Combined with restructuring announced in January, total expected annualized savings now stand at roughly $12.2 million.
Bragg’s online casino games gain ground globally
Bragg’s North American push builds on a strategy it has developed over several years.
A key milestone came in 2025, when the company launched its Remote Gaming Server technology and exclusive online casino games with Fanatics Casino across New Jersey, Michigan and Pennsylvania, introducing titles from its in-house studios, including Atomic Slot Lab, Wild Streak Gaming and Indigo Magic.
That distribution push continued paying off in the second quarter, with US and Canadian proprietary content revenue up 44% year over year.
Europe wasn’t limited to contract wind-downs. Bragg signed a deal with Belgian operator 711 to power its new online sportsbook and supported Super Technologies’ entry into the regulated Greek market through its Superbet brand.
After the quarter, on July 13, Bragg also went live in Alberta’s newly regulated online gaming market with more than 80 titles available at launch.
Drayton deal accelerates Bragg’s games-first stragegy
Bragg’s biggest announcement after the quarter closed was the completion of its acquisition of Drayton International, a $9 million all-share deal that strengthens the company’s technology and content capabilities as it shifts toward a games-first business.
Mazij called integrating Drayton the company’s top priority for the rest of the year, with work already underway across content and technology, though still in its early stages.
The deal also reshaped Bragg’s leadership. Matt Davey, previously a builder of NYX Gaming Group, became non-executive chairman when the transaction closed and now holds about 10% of Bragg’s outstanding shares.
Davey said Bragg’s proprietary content business, technology platform and footprint across more than 30 regulated online gambling markets position the company for long-term growth.
Near-term priorities include:
- Strengthening the balance sheet
- Cutting operating costs
- Improving long-term revenue growth
Separately, all outstanding subscription receipts from Bragg’s private placement converted into common shares and warrants when the Drayton deal closed, releasing about $1.3 million in escrowed funds.
Bragg also renewed its revolving credit facility with a Canadian financial institution for another year.
Gnat joins board as Robertson steps down
According to the Bragg Gaming Group Q2 press release, Donald Robertson stepped down from Bragg’s board, effective Aug. 13, and Jordan Gnat joined the board on the same date.
Gnat brings more than 30 years of leadership experience as an operator and investor, including more than 20 years in the gaming, sports and media industries. He most recently served as founder and CEO of Playmaker Capital, which was sold to Better Collective in February 2024.
Company withdraws 2026 guidance
With Drayton integration still in its early stages, Bragg withdrew its 2026 financial guidance, saying its previous outlook applied only to standalone operations. Management said it does not yet have a reasonable basis to forecast results for the rest of the year.
Before withdrawing guidance, Bragg was tracking below the low end of its standalone revenue and adjusted EBITDA ranges but near the top of its adjusted EBITDA margin range, highlighting the impact of cost discipline.
Despite the revenue decline, Bragg remains focused on proprietary content, regulated-market expansion and operational efficiency as it integrates Drayton and expands in North America.
