Bragg Gaming Group has pulled its 2026 financial guidance following a second-quarter revenue decline of 12% compared to the same period last year.
Revenue for the three months ended 30 June came in at €22.9m, down from €26.1m recorded during the equivalent quarter in 2025.
The shortfall was driven primarily by weaker platform revenue in the Netherlands and flat performance in Brazil throughout the period.
Dutch revenue fell 14% as customers completed migrations away from legacy platform contracts, reducing income that Bragg had previously relied upon.
Some Brazilian operators also moved towards direct integrations with suppliers during the quarter, further contributing to the top-line pressure the company experienced.
North America told a very different story, with proprietary content revenue from Canada and the US climbing 44% year-on-year and rising 25% against the first quarter.
Despite the revenue decline, adjusted EBITDA held broadly steady at €3.5m, while the adjusted EBITDA margin improved to 15% from 13%, a gain of 212 basis points.
Bragg’s operating loss also narrowed to €1.9m from €2.3m, a meaningful improvement that reflected the cost-reduction programme the company has been executing throughout the year.
However, its net loss widened to €2.9m from €1.8m, with the loss per share moving to €0.11 compared with €0.07 in the prior year period.
Matt Davey, Bragg’s new non-executive chair, commented on the results: “The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard.”
Bragg began its cost-cutting programme in January, reducing its global workforce by approximately 12% and targeting annualised cash savings of around €4.5m.
A second restructuring round followed in July, with a further workforce reduction of approximately 19% designed to deliver an additional €6m in annualised savings.
Combined, the two rounds are expected to generate roughly €10.5m in annualised savings, providing a significantly leaner cost base going forward.
On the commercial side, Bragg signed an agreement with Belgian operator 711 to power its new online sportsbook, combining Kambi’s Turnkey Sportsbook with Bragg’s Fuze engagement technology.
The company also supported Super Technologies’ expansion into regulated Greek iGaming through its Superbet brand, supplying Remote Game Server titles and game aggregation through its HUB platform.
Following the quarter’s close, Bragg completed its $9m acquisition of Drayton International on 22 July, paying entirely in shares and adding gaming studios, technology assets, and distribution businesses to its portfolio.
Management withdrew the full-year outlook because it lacks sufficient operating history for the combined company, having previously been tracking below the low end of its standalone revenue guidance.
That withdrawn guidance had projected revenue between €97m and €104.5m and adjusted EBITDA between €16m and €19m for the full year.
Bragg also entered Alberta’s newly regulated iGaming market in July with more than 80 titles, a move expected to begin generating positive contributions within the coming months.
Integration work will dominate the second half of 2026, with the company aligning product and technology plans while determining its longer-term operating structure and cost base.
