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Bragg Gaming Group Inc (TSE:BRAG)
TSX:BRAG
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Bragg Gaming Group Inc (BRAG) AI Stock Analysis

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TSE:BRAG

Bragg Gaming Group Inc

(TSX:BRAG)

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Neutral 47 (OpenAI - 4o)
Rating:47Neutral
Price Target:
C$3.00
▲(1.01% Upside)
Bragg Gaming Group Inc's overall stock score is primarily impacted by its financial performance and technical analysis. The company's revenue growth and strong equity position are overshadowed by profitability challenges and bearish technical indicators. The negative P/E ratio further reflects ongoing financial difficulties, making the stock less attractive despite positive earnings call highlights.
Positive Factors
Revenue Growth
Strong revenue growth in key markets like the U.S. and Brazil highlights Bragg's expanding market reach and successful market penetration, indicating potential for sustained future growth.
Diversification Strategy
The successful diversification strategy reduces dependency on any single market, enhancing resilience and providing a stable revenue base across multiple regions.
Credit Facility
The new credit facility strengthens Bragg's financial position by improving liquidity and reducing borrowing costs, supporting future growth and operational flexibility.
Negative Factors
Profitability Challenges
Ongoing profitability challenges suggest difficulties in cost management and operational efficiency, which could hinder long-term financial health and shareholder returns.
Revenue Decline in the Netherlands
Regulatory changes leading to revenue decline in the Netherlands highlight risks associated with regulatory environments, potentially impacting overall revenue stability.
Cash Flow Volatility
Significant volatility in free cash flow indicates potential challenges in maintaining consistent cash generation, which could affect investment capacity and financial stability.

Bragg Gaming Group Inc (BRAG) vs. iShares MSCI Canada ETF (EWC)

Bragg Gaming Group Inc Business Overview & Revenue Model

Company DescriptionBragg Gaming Group Inc. operates as a technology and content supplier to the gaming industry worldwide. The company provides business-to-business online gaming solutions. It offers a range of games, including slot, table, card, video bingo, scratch card, and live dealer games, as well as virtual sports. The company also provides managed operational and marketing services to its iGaming operator customers to complete its turnkey gaming solution. It offers proprietary third-party gaming content, which delivers through a single integrated platform. The company also holds various content distribution rights through partnerships with selected third-party studios. Bragg Gaming Group Inc. is headquartered in Toronto, Canada.
How the Company Makes MoneyBragg Gaming Group generates revenue primarily through the licensing of its gaming software and content to online gaming operators. The company earns fees based on a percentage of the gaming revenue generated by its clients, which is known as a revenue-sharing model. Additionally, Bragg may charge upfront licensing fees for the use of its proprietary platform and games. The company has established significant partnerships with various online casinos and gaming operators, which enhance its market reach and contribute to its earnings. These partnerships allow Bragg to expand its distribution network and leverage its technology across different markets, thereby increasing its revenue potential.

Bragg Gaming Group Inc Earnings Call Summary

Earnings Call Date:Nov 13, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Mar 19, 2026
Earnings Call Sentiment Positive
The earnings call presented a mix of strong growth in key markets and strategic diversification success, alongside challenges in the Netherlands market and potential impact from customer migration. However, the positive growth metrics and successful diversification strategy indicate a positive outlook.
Q3-2025 Updates
Positive Updates
Strong Revenue Growth in Key Markets
Bragg Gaming Group reported 86% year-over-year revenue growth in the U.S. and 80% in Brazil, key drivers in the company's 35% year-over-year growth in proprietary content revenue.
Increase in Gross Profit and Adjusted EBITDA
Gross profit increased by 5% year-over-year to EUR 14.7 million, and adjusted EBITDA grew 9% to EUR 4.4 million, with margins rising 100 basis points to 16.6%.
Diversification Strategy Success
Revenue outside the Netherlands grew by 20%, indicating the effectiveness of Bragg's diversification strategy.
Credit Facility with Bank of Montreal
Secured a Tier 1 credit line with the Bank of Montreal, enhancing liquidity and lowering borrowing costs.
Negative Updates
Revenue Decline in the Netherlands
Revenue in the Netherlands was down 22% year-over-year due to regulatory changes, impacting overall revenue growth.
Customer Migration Impact
Expected migration of BetCity off the Bragg PAM in H1 of next year, with potential minimal impact on the bottom line.
Company Guidance
During Bragg Gaming Group's Third Quarter 2025 Earnings Call, the company provided guidance indicating strong financial performance and strategic growth in key markets. The call highlighted a 2% year-over-year revenue increase to EUR 26.8 million, with a significant 20% rise when excluding the Netherlands, where regulatory changes impacted revenue by a 22% decline. The U.S. and Brazil were noted as high-growth markets, contributing 22% to the total revenue, up from 12% the previous year. Proprietary content revenue grew by 35%, bolstering margins and profitability, with adjusted EBITDA rising 9% to EUR 4.4 million. The gross profit reached EUR 14.7 million, reflecting an improvement in gross margin to 54.7%. Bragg reiterated its full-year 2025 revenue guidance of EUR 106-108.5 million and adjusted EBITDA of EUR 16.5-18.5 million, driven by its diversified and high-margin proprietary content strategy.

Bragg Gaming Group Inc Financial Statement Overview

Summary
Bragg Gaming Group Inc shows revenue growth and a strong equity position with low leverage. However, profitability and cash flow stability are concerns, with negative profit margins and return on equity indicating challenges in operational efficiency.
Income Statement
55
Neutral
Bragg Gaming Group Inc has shown a consistent increase in revenue over the years, with a TTM revenue growth rate of 1.175%. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin remains healthy at 54.44% for TTM, indicating efficient cost management at the gross level, but the negative EBIT and net profit margins highlight challenges in managing operating expenses and achieving profitability.
Balance Sheet
60
Neutral
The company maintains a low debt-to-equity ratio of 0.138 for TTM, indicating conservative leverage and a strong equity position. However, the return on equity is negative, reflecting ongoing losses. The equity ratio is stable, suggesting a solid asset base supported by equity, but the negative ROE indicates that the company is not generating returns on its equity investments.
Cash Flow
50
Neutral
Bragg Gaming Group Inc's cash flow situation is mixed. The operating cash flow is positive, but the free cash flow has shown significant volatility, with a TTM free cash flow growth rate of -580.69%. The operating cash flow to net income ratio is positive, indicating some ability to generate cash from operations, but the negative free cash flow to net income ratio suggests challenges in maintaining free cash flow.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue104.91M102.00M93.52M84.73M58.32M46.42M
Gross Profit57.79M54.05M49.94M45.08M28.32M20.19M
EBITDA13.59M12.95M12.36M8.34M-1.64M-9.02M
Net Income-5.31M-5.15M-3.84M-3.48M-7.51M-14.48M
Balance Sheet
Total Assets100.94M106.59M103.37M104.39M83.39M72.09M
Cash, Cash Equivalents and Short-Term Investments4.24M10.47M8.80M11.29M16.01M26.10M
Total Debt4.94M10.28M3.28M7.39M600.00K726.00K
Total Liabilities34.07M33.10M33.12M34.85M17.20M32.20M
Stockholders Equity66.88M73.50M70.25M69.53M66.19M39.90M
Cash Flow
Free Cash Flow2.22M-2.00M2.02M-2.17M-3.31M4.22M
Operating Cash Flow16.14M11.16M11.74M5.75M-41.00K6.73M
Investing Cash Flow-14.50M-13.17M-9.72M-16.87M-23.88M-2.78M
Financing Cash Flow-7.17M3.61M-4.17M7.01M12.41M22.26M

Bragg Gaming Group Inc Technical Analysis

Technical Analysis Sentiment
Negative
Last Price2.97
Price Trends
50DMA
3.60
Negative
100DMA
4.32
Negative
200DMA
5.22
Negative
Market Momentum
MACD
-0.18
Negative
RSI
38.95
Neutral
STOCH
24.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BRAG, the sentiment is Negative. The current price of 2.97 is below the 20-day moving average (MA) of 3.10, below the 50-day MA of 3.60, and below the 200-day MA of 5.22, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 38.95 is Neutral, neither overbought nor oversold. The STOCH value of 24.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BRAG.

Bragg Gaming Group Inc Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
C$47.82M8.908.74%12.31%165.69%
73
Outperform
$224.65M9.6685.19%91.28%623.60%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
47
Neutral
C$77.88M-9.47-10.97%12.57%-40.95%
46
Neutral
41
Neutral
C$21.28M-6.67-3.78%88.40%
40
Neutral
C$179.26M-38.53%-59.51%-545.36%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:BRAG
Bragg Gaming Group Inc
2.97
-1.71
-36.54%
TSE:TBRD
Thunderbird Entertainment Group Inc
1.12
-0.62
-35.63%
TSE:ZOMD
Zoomd Technologies
1.92
1.39
262.26%
TSE:BAMI
Blue Ant Media
8.20
1.60
24.24%
TSE:GET
GameOn Entertainment Technologies
0.02
0.00
0.00%
TSE:VRTS
Wondr Gaming Corp
0.02
0.01
100.00%

Bragg Gaming Group Inc Corporate Events

Bragg Gaming Group’s Earnings Call: Growth Amid Challenges
Nov 14, 2025

The recent earnings call for Bragg Gaming Group Inc. revealed a generally positive sentiment, underscored by strong growth in key markets and a successful diversification strategy. Despite challenges in the Netherlands and potential impacts from customer migration, the overall outlook remains optimistic due to impressive growth metrics and strategic diversification efforts.

Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Bragg Gaming Group Reports Strong Q3 2025 Results and Strategic Expansion
Positive
Nov 13, 2025

Bragg Gaming Group Inc reported strong financial results for the third quarter of 2025, with a notable revenue growth of 20% excluding the Netherlands, despite a net loss of €2.3 million. The company expanded its U.S. content footprint, strengthened its balance sheet with a new financing agreement, and enhanced its leadership team, all while navigating regulatory challenges and focusing on high-margin operations.

The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Bragg Gaming Group to Announce Q3 2025 Financial Results
Neutral
Oct 30, 2025

Bragg Gaming Group announced it will release its third-quarter 2025 financial results on November 13, 2025, followed by a conference call led by the CEO and CFO to discuss the results and provide a business update. This announcement is significant as it provides stakeholders with insights into the company’s financial health and strategic direction, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (TSE:BRAG) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Bragg Gaming Expands U.S. Presence with West Virginia Launch
Positive
Oct 1, 2025

Bragg Gaming Group has launched its exclusive online casino content with Caesars Entertainment in West Virginia, marking its expansion into a sixth U.S. state. This move is part of Bragg’s North American growth strategy, aiming to capitalize on the rapidly growing U.S. online casino market. The company’s content has seen significant growth, outpacing the market, and is expected to enhance Caesars’ iGaming offerings, providing an elevated experience for players.

The most recent analyst rating on (TSE:BRAG) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Bragg Gaming Group Strengthens Financial Position with New Credit Facilities
Positive
Sep 12, 2025

Bragg Gaming Group has secured new credit facilities worth up to $6 million from the Bank of Montreal, replacing its prior note indebtedness and strengthening its financial strategy. This move is expected to reduce borrowing costs significantly, supporting the company’s strategic shift towards higher-quality earnings and sustainable growth. The company also provided an update on a recent cybersecurity incident, stating that it has been contained with the help of independent experts.

The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Bragg Gaming Group’s Earnings Call Highlights Growth and Challenges
Sep 1, 2025

Bragg Gaming Group Inc’s recent earnings call painted a picture of a company experiencing significant growth in proprietary content revenue and forming strategic partnerships in the U.S. market. The call emphasized strong operational efficiency and leadership enhancements. However, these positive developments were somewhat overshadowed by challenges in the Netherlands market and a decline in adjusted EBITDA, which tempered the overall positive sentiment.

Bragg Gaming Group Reports Cybersecurity Incident with No Operational Impact
Aug 28, 2025

On August 16, 2025, Bragg Gaming Group Inc. experienced a cybersecurity incident affecting its internal computer environment. The company promptly engaged independent cybersecurity experts to mitigate potential impacts, and as of the latest update, no personal information was compromised, nor was there any disruption to operations.

The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Bragg Gaming Group Reports Cybersecurity Incident
Aug 19, 2025

On August 16, 2025, Bragg Gaming Group experienced a cybersecurity incident that affected its internal computer environment. The company has engaged independent cybersecurity experts to mitigate the impact, and preliminary investigations suggest no personal information was compromised. The breach has not disrupted Bragg’s operations or data access, and the company is committed to resolving the issue while maintaining data safety for its customers and partners.

The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Bragg Gaming Group Reports Cybersecurity Breach
Neutral
Aug 18, 2025

Bragg Gaming Group announced a cybersecurity incident that occurred on August 16, 2025, affecting its internal computer environment. The company has taken immediate steps to mitigate the impact and has involved independent cybersecurity experts to address the issue. Preliminary investigations suggest no personal information was compromised, and the breach has not affected Bragg’s operational capabilities. The company is committed to data safety and is working diligently to resolve the situation, asking for patience from customers and partners.

The most recent analyst rating on (TSE:BRAG) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Nov 15, 2025