You’ve probably seen the name Bragg Gaming Group popping up more often in financial headlines lately. Maybe you even own a few shares. But honestly, if you're just looking at the surface-level stock price, you're missing the real story. The icasino world is messy. It's heavily regulated, taxed to the gills, and changes faster than a slot machine's reels.
Back in 2019, Bragg was a different beast entirely. It was basically just starting to find its legs after acquiring ORYX Gaming. Since then, the transformation has been pretty wild. They've gone from a small-cap underdog with a handful of European clients to a global player that Tier 1 operators like Caesars and Hard Rock actually take seriously.
The Revenue Rocket: From 2019 to Today
Let's talk numbers because that's where the "growth" part of Bragg's growth statistics since 2019 really lives. In 2019, the company was pulling in roughly €26 million in annual revenue. Fast forward to 2024, and they hit a massive $110.5 million. That is a 325% increase over five years.
It wasn't a straight line.
Nothing in gaming ever is. The company saw a massive surge during the 2021-2022 period as the U.S. began opening its doors to legal iGaming. By 2023, revenue hit €93.5 million. By the time 2025 rolled around, the guidance was sitting between €106 million and €108.5 million. They've essentially quadrupled their top line in a window where many competitors were getting swallowed whole or running out of cash.
The Margin Shift (The Part Investors Miss)
Revenue is great, but profit is what keeps the lights on. For a long time, Bragg was a "low margin" business because they acted as an aggregator. They took other people's games, put them on their platform, and took a small cut.
That changed around 2021 and 2022.
They bought Spin Games. They bought Wild Streak Gaming. Suddenly, they weren't just the middleman; they were the creators. This shifted their revenue mix toward "proprietary content." In 2025, proprietary content revenue grew by 44% year-over-year in the second quarter.
Why does this matter? Because the profit margin on your own game is way higher than the margin on someone else's. In Q1 2025, their gross profit margin jumped to 56%. Compare that to the 40s where they used to live.
The US and Brazil Explosion
If you want to understand Bragg's growth statistics since 2019, you have to look at the map. In 2019, they were almost entirely dependent on Europe, specifically Germany and the Netherlands.
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The Netherlands was their golden goose for a while, but then the Dutch government hiked taxes and tightened regulations. Most companies would have folded. Bragg didn't. They pivoted hard to the Western Hemisphere.
- United States: Revenue here exploded by 86% year-over-year as of late 2025.
- Brazil: They launched on January 1, 2025. Within months, their Brazil revenue was up 80%.
- North America: By early 2025, they were on track to double their wagering volume in North America compared to the previous year.
It's a classic diversification play. When the Netherlands market contracted (revenue there dropped 22% in Q3 2025), the US and Brazil growth cushioned the blow. Honestly, without that US expansion, the 2024-2025 stats would look pretty grim.
What Most People Get Wrong About the Stock
Here's the kicker. Despite the massive revenue growth, the market cap hasn't always followed suit. In 2019, the market cap was around $10 million. It spiked during the 2021 hype to over $100 million, but as of early 2026, it's been hovering around the $55M to $60M mark.
Why the disconnect?
Well, the company has dealt with some "growing pains." They had a cyber incident in 2025. They’ve had to navigate high interest rates. And let’s be real, the iGaming sector as a whole took a beating. But if you look at the enterprise value relative to their sales (EV/Sales is around 0.52), the company looks significantly undervalued compared to its peers.
The Strategy Going Into 2026
Management isn't just sitting on their hands. Matevž Mazij, the CEO, has been pretty vocal about a "restructuring" that started in January 2026. They're cutting costs and moving toward an "AI-first" model.
They recently partnered with Golden Whale for AI-driven player retention. They're trying to squeeze every cent of efficiency out of their platform. They also secured a $6 million credit facility with BMO to keep the wheels greased for more expansion.
Actionable Takeaways for Following Bragg
- Watch the Proprietary Mix: If proprietary content keeps growing as a percentage of total revenue, margins will continue to expand. This is the single most important metric for their long-term survival.
- Monitor Brazil's Regulation: Brazil is a wild west right now. Bragg has a first-mover advantage there through their RapidPlay investment, but regulatory shifts could change the math overnight.
- The US State Rollout: Every time a new state like Pennsylvania or West Virginia goes live with a major partner (like Caesars or Fanatics), it’s a massive win for Bragg's volume.
The story of Bragg's growth statistics since 2019 isn't just about a bigger number on a spreadsheet. It’s about a company that successfully moved from being a regional aggregator to a global content powerhouse. They've survived regulatory hits that would have killed smaller firms and are now leaner than they've ever been. Whether the stock price ever reflects that is a different question, but the operational growth is undeniable.
The move toward higher-quality earnings and reduced reliance on the Dutch market has effectively "de-risked" the business model compared to where they stood five years ago. For anyone tracking the iGaming sector, the 2026 fiscal year will be the ultimate test of whether this efficiency-first strategy can finally drive a sustained recovery in shareholder value.