Bragg Gaming (BRAG)
Market Price (7/5/2026): $1.7 | Market Cap: $43.5 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Bragg Gaming (BRAG)
Market Price (7/5/2026): $1.7Market Cap: $43.5 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Markets & Betting. Themes include Gaming Content & Platforms, and Prediction Markets. | Weak multi-year price returns2Y Excs Rtn is -106%, 3Y Excs Rtn is -114% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.15 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksBRAG key risks include [1] persistent unprofitability and signs of financial distress, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Markets & Betting. Themes include Gaming Content & Platforms, and Prediction Markets. |
| Weak multi-year price returns2Y Excs Rtn is -106%, 3Y Excs Rtn is -114% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.15 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksBRAG key risks include [1] persistent unprofitability and signs of financial distress, Show more. |
Qualitative Assessment
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Bragg Gaming (BRAG) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance and Forward Guidance with Modest Revenue Growth.
Bragg Gaming's fiscal Q1 2026 (ended March 31, 2026) results, released on May 14, 2026, presented a mixed financial picture. While the company reported an improved net loss, which was 55% better year-over-year at €1.2 million (US$1.4 million), and an earnings per share (EPS) beat of -$0.05 against an analyst consensus of -$0.0646, revenue growth remained modest at 0.6% year-over-year, reaching €25.7 million (US$29.7 million). Adjusted EBITDA also slightly decreased to €4.0 million (US$4.6 million) from €4.1 million in the prior year. The company's full-year 2026 revenue guidance, ranging from €97.0 million to €104.5 million, did not account for the potential impact of its pending acquisition, which may have led to a cautious market response as investors await a clearer consolidated financial outlook. This combination of modest top-line growth and a slight dip in EBITDA, despite improved net loss, likely balanced out investor sentiment, contributing to the stock stabilizing at its current level.
2. Anticipation and Integration Risk Surrounding the Drayton International Acquisition.
On May 14, 2026, Bragg Gaming announced a binding agreement to acquire Drayton International, a transaction described as "potentially transformative." This acquisition, expected to close in fiscal Q3 2026 (the fiscal calendar year for Bragg Gaming ends on December 31), is aimed at accelerating Bragg's "games-first" strategy. While the acquisition presents a pathway for future growth and market leadership, the stock's stability suggests that the market is awaiting the successful completion and integration of Drayton International before fully reflecting its potential benefits in the share price. The inherent uncertainties associated with integrating a new entity and realizing projected synergies often lead to a "wait-and-see" approach from investors, contributing to a lack of significant upward movement in the interim.
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Bragg Gaming (BRAG) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Performance and Forward Guidance with Modest Revenue Growth.
Bragg Gaming's fiscal Q1 2026 (ended March 31, 2026) results, released on May 14, 2026, presented a mixed financial picture. While the company reported an improved net loss, which was 55% better year-over-year at €1.2 million (US$1.4 million), and an earnings per share (EPS) beat of -$0.05 against an analyst consensus of -$0.0646, revenue growth remained modest at 0.6% year-over-year, reaching €25.7 million (US$29.7 million). Adjusted EBITDA also slightly decreased to €4.0 million (US$4.6 million) from €4.1 million in the prior year. The company's full-year 2026 revenue guidance, ranging from €97.0 million to €104.5 million, did not account for the potential impact of its pending acquisition, which may have led to a cautious market response as investors await a clearer consolidated financial outlook. This combination of modest top-line growth and a slight dip in EBITDA, despite improved net loss, likely balanced out investor sentiment, contributing to the stock stabilizing at its current level.
2. Anticipation and Integration Risk Surrounding the Drayton International Acquisition.
On May 14, 2026, Bragg Gaming announced a binding agreement to acquire Drayton International, a transaction described as "potentially transformative." This acquisition, expected to close in fiscal Q3 2026 (the fiscal calendar year for Bragg Gaming ends on December 31), is aimed at accelerating Bragg's "games-first" strategy. While the acquisition presents a pathway for future growth and market leadership, the stock's stability suggests that the market is awaiting the successful completion and integration of Drayton International before fully reflecting its potential benefits in the share price. The inherent uncertainties associated with integrating a new entity and realizing projected synergies often lead to a "wait-and-see" approach from investors, contributing to a lack of significant upward movement in the interim.
3. Ongoing Strategic Restructuring and Cost Optimization Efforts.
Bragg Gaming initiated a strategic restructuring at the beginning of fiscal Q1 2026 (January 8, 2026), which included an approximate 12% reduction in its global workforce. This restructuring was projected to result in annualized cash savings of approximately €4.5 million, with restructuring costs of around €1.0 million incurred in Q1 2026. These efforts are aimed at improving the company's cost structure and driving EBITDA growth. While such initiatives are fundamentally positive for long-term profitability, the market typically takes time to fully recognize and price in the tangible benefits of cost-saving measures. The immediate costs associated with restructuring, combined with the future-oriented nature of the expected savings, likely contributed to the stock's consolidation during the specified period.
4. Mixed Analyst Sentiment and Divergent Price Targets.
During the period, analyst sentiment for Bragg Gaming was mixed, with consensus ratings ranging from "Hold" to "Moderate Buy" among various firms. While some analysts maintained "Buy" ratings and issued 12-month price targets averaging between $5.33 and $5.91, representing a substantial potential upside of over 200% from the stock's trading price of approximately $1.70-$1.76 as of late June 2026, these ambitious targets have not translated into significant upward movement. This divergence between analyst projections and actual stock performance indicates either market skepticism regarding the feasibility of these targets in the short term or a cautious approach as investors await more definitive catalysts and sustained operational improvements. The lack of a strong, unified bullish sentiment from the broader analyst community likely contributed to the stock remaining largely flat.
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Stock Movement Drivers
Fundamental Drivers
The 1.7% change in BRAG stock from 3/31/2026 to 7/4/2026 was primarily driven by a 1.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.72 | 1.75 | 1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 106 | 106 | 0.1% |
| P/S Multiple | 0.4 | 0.4 | 1.6% |
| Shares Outstanding (Mil) | 26 | 26 | 0.0% |
| Cumulative Contribution | 1.7% |
Market Drivers
3/31/2026 to 7/4/2026| Return | Correlation | |
|---|---|---|
| BRAG | 1.7% | |
| Market (SPY) | 14.5% | 23.0% |
| Sector (XLY) | 7.5% | 31.0% |
Fundamental Drivers
The -16.7% change in BRAG stock from 12/31/2025 to 7/4/2026 was primarily driven by a -16.5% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.10 | 1.75 | -16.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 106 | 106 | 0.6% |
| P/S Multiple | 0.5 | 0.4 | -16.5% |
| Shares Outstanding (Mil) | 25 | 26 | -0.8% |
| Cumulative Contribution | -16.7% |
Market Drivers
12/31/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| BRAG | -16.7% | |
| Market (SPY) | 9.5% | 18.6% |
| Sector (XLY) | -1.7% | 23.2% |
Fundamental Drivers
The -59.5% change in BRAG stock from 6/30/2025 to 7/4/2026 was primarily driven by a -59.7% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.32 | 1.75 | -59.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 104 | 106 | 2.4% |
| P/S Multiple | 1.0 | 0.4 | -59.7% |
| Shares Outstanding (Mil) | 25 | 26 | -2.0% |
| Cumulative Contribution | -59.5% |
Market Drivers
6/30/2025 to 7/4/2026| Return | Correlation | |
|---|---|---|
| BRAG | -59.5% | |
| Market (SPY) | 21.6% | 8.1% |
| Sector (XLY) | 8.4% | 14.4% |
Fundamental Drivers
The -43.0% change in BRAG stock from 6/30/2023 to 7/4/2026 was primarily driven by a -45.2% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7042026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.07 | 1.75 | -43.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 106 | 20.4% |
| P/S Multiple | 0.8 | 0.4 | -45.2% |
| Shares Outstanding (Mil) | 22 | 26 | -13.7% |
| Cumulative Contribution | -43.0% |
Market Drivers
6/30/2023 to 7/4/2026| Return | Correlation | |
|---|---|---|
| BRAG | -43.0% | |
| Market (SPY) | 74.0% | 19.9% |
| Sector (XLY) | 41.1% | 20.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRAG Return | 3612% | -23% | 31% | -27% | -43% | -18% | 1170% |
| Peers Return | 21% | -39% | 7% | 36% | 9% | 21% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| BRAG Win Rate | 8% | 42% | 42% | 33% | 25% | 57% | |
| Peers Win Rate | 48% | 38% | 56% | 48% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| BRAG Max Drawdown | -59% | -63% | -32% | -55% | -68% | -42% | |
| Peers Max Drawdown | -36% | -60% | -44% | -30% | -42% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: INSE, RSI, GNL, NEOG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/2/2026 (YTD)
How Low Can It Go
| Event | BRAG | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.6% | -7.8% |
| % Gain to Breakeven | 18.4% | 8.5% |
| Time to Breakeven | 183 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.3% | -9.5% |
| % Gain to Breakeven | 12.8% | 10.5% |
| Time to Breakeven | 13 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 39 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.0% | -24.5% |
| % Gain to Breakeven | 64.0% | 32.4% |
| Time to Breakeven | 283 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.9% | -33.7% |
| % Gain to Breakeven | 58.4% | 50.9% |
| Time to Breakeven | 527 days | 140 days |
In The Past
Bragg Gaming's stock fell -15.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 18.4% gain to breakeven.
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Asset Allocation
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| Event | BRAG | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 39 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.0% | -24.5% |
| % Gain to Breakeven | 64.0% | 32.4% |
| Time to Breakeven | 283 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.9% | -33.7% |
| % Gain to Breakeven | 58.4% | 50.9% |
| Time to Breakeven | 527 days | 140 days |
In The Past
Bragg Gaming's stock fell -15.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bragg Gaming (BRAG)
Bragg Gaming Group Inc. is a global business-to-business (B2B) technology and content supplier for the online gaming industry. The company essentially provides the critical infrastructure and engaging game content that other companies, known as iGaming operators, utilize to power their own online casinos and betting platforms.
The core of Bragg Gaming's offering revolves around a single, integrated platform through which it delivers a diverse portfolio of games. This includes proprietary titles developed in-house, as well as third-party content secured through strategic distribution partnerships. Their game library encompasses popular categories such as slot, table, and card games, video bingo, scratch cards, live dealer experiences, and virtual sports. Beyond content, Bragg Gaming also provides managed operational and marketing services, offering a complete "turnkey" solution to help its operator customers efficiently run and promote their gaming services.
Bragg Gaming's primary customers are iGaming operators worldwide. These are the businesses that directly offer online gambling and betting services to end-users. By supplying these operators with advanced technology, a wide range of content, and robust operational support, Bragg Gaming enables them to deliver compelling and secure gaming experiences to their players across the globe, establishing itself as a vital partner in the international online gaming ecosystem.
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Bragg Gaming (BRAG)
- Shopify for online casino operators.
- A white-label Netflix for online casinos.
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- Gaming Content: Bragg supplies a diverse portfolio of online casino games, including slots, table games, video bingo, scratch cards, live dealer games, and virtual sports, from both proprietary and third-party studios.
- Gaming Platform: The company offers a technology platform that integrates and delivers its gaming content, forming part of its business-to-business online gaming solutions.
- Managed Operational Services: Bragg provides comprehensive operational management services to iGaming operators to support their day-to-day business needs.
- Marketing Services: The company offers marketing support and services designed to help its iGaming operator customers attract and retain players.
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Major Customers of Bragg Gaming Group Inc. (BRAG)
Bragg Gaming Group Inc. operates as a business-to-business (B2B) technology and content supplier, serving iGaming operator customers worldwide. Therefore, its major customers are other companies in the gaming industry, specifically online casino and sportsbook operators. While Bragg Gaming does not typically disclose a definitive list of its "major" customers by revenue contribution, it has publicly announced partnerships and content supply deals with numerous prominent iGaming operators. Below are examples of some of its known customer companies:
- Rush Street Interactive, Inc. (NYSE: RSI)
- Kindred Group plc (NASDAQ Stockholm: KIND-SDB), for brands like Unibet
- 888 Holdings plc (LSE: 888)
- Entain plc (LSE: ENT)
- DraftKings Inc. (NASDAQ: DKNG)
- Caesars Entertainment, Inc. (NASDAQ: CZR), for its Caesars Sportsbook & Casino
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- NeoGames S.A. (NGMS)
- Evolution Gaming Group AB (EVVTY)
- Gaming Corps AB (GCOR)
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Matevž Mazij Chief Executive Officer and Board Director
Matevž Mazij founded Oryx Gaming in Slovenia in 2010, building it into a leading full turnkey iGaming technology provider that was acquired by Bragg Gaming Group in 2018. He served as CEO of Oryx Gaming until 2021, then joined Bragg's Board of Directors. He was appointed Chief Executive Officer of Bragg in August 2023.
Robbie Bressler Chief Financial Officer
Robbie Bressler joined Bragg in July 2024, bringing over 18 years of experience from both financial services and online gaming industries. He previously held senior finance roles at Bally's Corp (NYSE: BALY), Gamesys Group (LON: GYS), and JPJ Group (LON: JPJ). Immediately prior to joining Bragg, he served as CFO of ForumPay, a crypto payment processor company. Bressler also spent nine years with Ernst and Young's financial service audit practice.
Morten Tonnesen Chief Operating Officer
Morten Tonnesen joined Bragg in March 2026 with more than 17 years of leadership experience across the iGaming, sports betting, and technology sectors. Prior to Bragg, he served as Chief Growth Officer at Xtremepush and Chief Commercial Officer at Shape Games, which was subsequently sold to Kambi. He also co-founded and successfully exited the sports betting operator BetWarrior and spent six years in various roles at PokerStars.
Neill Whyte Chief Commercial Officer
Neill Whyte is the Chief Commercial Officer. He joined Bragg from Digital Gaming Corporation, where he also served as CCO.
Garrick Morris Executive Vice President of Global Content, U.S. & Canada
Garrick Morris was promoted to Executive Vice President of Global Content, U.S. & Canada in March 2026, after joining Bragg as Senior Vice President Commercial for the U.S. & Canada in 2024. His iGaming management career spans over 15 years, including previous roles as Chief Operating Officer at Digital Gaming Corporation, Operations Manager at Microgaming, and IT Platforms Manager at Derivco.
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The key risks to Bragg Gaming Group (BRAG) are primarily driven by the dynamic and evolving nature of the iGaming industry.
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Regulatory Challenges and Legislative Developments: The iGaming industry is subject to complex and constantly changing regulatory landscapes across different jurisdictions globally. Bragg Gaming must navigate licensing issues, evolving data protection laws (such as GDPR), and cross-border compliance requirements. Changes in taxation and regulatory adjustments in specific markets, like the Netherlands, have already demonstrated a negative impact on the company's revenue growth. The need to adapt to diverse regulations, acquire licenses in multiple jurisdictions, and adhere to stringent compliance standards, including anti-money laundering (AML) and know-your-customer (KYC) frameworks, presents ongoing operational and financial challenges.
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Intense Competition and Market Saturation: The online gaming market is characterized by rapid growth but also intense competition and market saturation in certain regions. Bragg Gaming, as a technology and content supplier, faces the challenge of continually developing innovative proprietary content and platform management services that can gain traction in this crowded market. The success of their strategic pivot towards higher-margin proprietary content relies on its ability to resonate with players and compete effectively against numerous other gaming developers and websites.
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Cybersecurity Risks and Technology Disruptions: Like other companies in the online gaming sector, Bragg Gaming is exposed to significant cybersecurity risks. The company experienced a cyberattack in August 2025, though it reported the incident was contained with no indication of personal data compromise or operational disruption. However, the iGaming industry remains a consistent target for cybercriminals, with threats including DDoS attacks, account takeover attempts, payment fraud, phishing, and data breaches, which can lead to financial losses, reputational damage, and increased compliance oversight. General disruptions to technology networks, computer systems, and software also pose ongoing operational risks.
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Bragg Gaming Group Inc. (BRAG) operates as a technology and content supplier in the global gaming industry, offering business-to-business (B2B) online gaming solutions, a variety of games, and managed operational and marketing services. The addressable markets for its main products and services are substantial across various regions.
iGaming Platform and Solutions (B2B)
- The global iGaming Platform and Sportsbook Software Market was valued at approximately USD 15,401.1 million in 2025 and is projected to grow to about USD 58,206.8 million by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 14.22% from 2026 to 2035.
- The B2B segment accounts for 55% of this market.
- More broadly, the global iGaming Platform Market is expected to reach approximately USD 88.4 billion in 2024 and grow to about USD 333.5 billion by 2034, with a CAGR of 14.2% from 2025 to 2034.
- In 2024, Europe held a dominant share of over 42.8% of the global iGaming Platform Market, generating USD 37.83 billion in revenue. The German iGaming Platform Market alone was valued at USD 5.75 billion in 2024.
- The Game Aggregators & Content Providers segment, which aligns with Bragg's offerings, held a 35.4% share of the Global iGaming Platform Market in 2024.
- The global B2B online gaming market was valued at approximately USD 80 billion in 2023 and is expected to grow at an 8.5% CAGR from 2025 to 2030. North America is predicted to hold 35% of this market, with Europe contributing 30%.
Online Casino Games (Slots, Table Games, etc.)
- The global online casino market was estimated at USD 19.11 billion in 2024 and is projected to reach USD 38.00 billion by 2030, with a CAGR of 12.2% from 2025 to 2030. Another estimate places the global online casino market at USD 17 billion in 2023, expected to hit USD 39 billion by 2032.
- Europe's online casino industry held the largest revenue share, approximately 48%, in 2024.
- Within the online casino market, the iSlots segment captured over 65% of the revenue share in 2024.
- The B2B online gaming market for slot games is expected to reach USD 40 billion by 2030 globally.
Live Dealer Games
- The global Live Dealer Casino market reached USD 7.8 billion in 2024 and is projected to expand significantly to USD 20.4 billion by 2033, with a CAGR of 10.1% from 2025 to 2033.
- The live dealer sector is also projected to reach a market value of USD 4.5 billion by 2025.
- The Asia Pacific region alone contributed an estimated USD 1.7 billion in revenues to the Live Dealer Casino market in 2024 and is expected to show the highest CAGR globally.
Virtual Sports Betting
- The global Virtual Sports Betting Market was valued at approximately USD 12.67 billion in 2024 and is poised to grow to USD 53.27 billion by 2033, demonstrating a CAGR of 17.3% from 2026 to 2033.
- Other estimates project the global market to be worth around USD 14.4 billion in 2024, potentially reaching USD 110.5 billion by 2034 with a CAGR of 22.60% from 2025 to 2034.
- North America is a dominant region in the virtual sports betting market, holding an estimated 28.7% market share in 2025. Europe is also a significant market for virtual sports betting.
- The Asia-Pacific region dominated the virtual sports betting market in 2024, capturing over a 38.8% share with revenues of USD 5.5 billion. The virtual sports betting market in China was reported at USD 2.3 billion in 2024, with a notable CAGR of 23.4%.
Bragg Gaming's Total Addressable Market (Company Specific)
- As of February 2022, Bragg Gaming's Total Addressable Market (TAM) was approximately USD 12.5 billion, with an expectation to increase to over USD 18.0 billion by the end of 2022, driven by expansion into U.S. iGaming markets, Ontario, and other global markets.
- Earlier in 2021, Bragg Gaming increased its TAM by more than USD 10 billion to approximately USD 13.5 billion due to entering six regulated European markets (Switzerland, Germany, Greece, the Netherlands, the United Kingdom, and the Czech Republic). The aggregate 2022 online casino TAM for these six countries was projected to be approximately USD 9.5 billion.
- Bragg anticipates that Brazil's iGaming market, projected to reach USD 1.4 billion in 2025 and USD 3.7 billion by 2029, will contribute significantly to its growth.
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Bragg Gaming Group Inc. (BRAG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion into New Regulated iGaming Markets: Bragg Gaming is actively expanding its presence in newly regulating and growing iGaming markets, particularly in North America (including U.S. states such as New Jersey, Michigan, and Pennsylvania, as well as Canada) and Latin America (especially Brazil and Mexico). The company has reported significant growth in these regions, with proprietary content revenue in the U.S. increasing substantially year-over-year. Bragg also identifies newly regulating jurisdictions, such as Finland in Europe, as potential areas for future growth.
- Growth of High-Margin Proprietary and Exclusive Content: A significant driver for Bragg Gaming is the continued development and distribution of its high-margin proprietary and exclusive game content. This includes content from their in-house studios like Wild Streak Gaming, Atomic Slot Lab, and Indigo Magic, as well as exclusive games from third-party partners. The company has emphasized increasing the proportion of revenue generated from these higher-margin offerings.
- Strategic Partnerships and Enhanced Platform Delivery: Bragg Gaming focuses on forming and expanding strategic partnerships with leading iGaming operators to broaden the reach of its content and technology. Examples include partnerships with BetMGM across multiple U.S. states and a recently expanded agreement with Super Technologies to provide content aggregation and delivery services globally. The company leverages its Remote Games Server (RGS) and HUB content delivery platform to provide seamless, market-specific content and promotional tools to its partners.
- "AI-First" Transformation and New Vertical Expansion: Bragg Gaming is pursuing an "AI-First" strategy, aiming to integrate artificial intelligence into more than 90% of new product launches and over 75% of operational workflows by 2027. This focus on AI is expected to drive cost efficiencies and enhance product innovation. Additionally, the company plans to expand into new betting verticals, such as Historical and Live Racing and Prediction Markets, to diversify its revenue streams and capture new market opportunities.
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Outbound Investments
- In June 2021, Bragg Gaming Group acquired Wild Streak LLC, an iGaming content studio.
- In June 2022, the company acquired Spin Games LLC, an iGaming technology supplier and content provider.
- In the second quarter of 2025, Bragg added Brazilian iGaming development studio RapidPlay to its Powered by Bragg program.
Share Issuance
- On May 5, 2021, Bragg Gaming Group executed a 1:10 reverse stock split.
Capital Expenditures
- Capital expenditures for the 12 months prior to March 2026 were approximately $790,801.
- The company is directing strategic investments towards proprietary and exclusive content, data, player journey, and AI-enhanced engagement features for growth in 2025.
- Bragg plans an "AI transformation plan" to become an "AI-First company by 2027," with significant investments aimed at integrating AI into products and operational workflows.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Can Bragg Gaming Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.21 |
| Mkt Cap | 2.0 |
| Rev LTM | 472 |
| Op Inc LTM | 45 |
| FCF LTM | 12 |
| FCF 3Y Avg | 11 |
| CFO LTM | 69 |
| CFO 3Y Avg | 79 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.9% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | -4.4% |
| QoQ Delta Rev Chg LTM | -1.1% |
| Op Inc Chg LTM | -0.3% |
| Op Inc Chg 3Y Avg | 3.0% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 3.2% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 14.2% |
| CFO/Rev 3Y Avg | 11.8% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 3.7% |
Price Behavior
| Market Price | $1.75 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/22/2018 | |
| Distance from 52W High | -63.0% | |
| 50 Days | 200 Days | |
| DMA Price | $2.76 | $3.33 |
| DMA Trend | down | down |
| Distance from DMA | -36.6% | -47.4% |
| 3M | 1YR | |
| Volatility | 64.1% | 63.5% |
| Downside Capture | 94.96 | 75.80 |
| Upside Capture | 32.03 | -50.18 |
| Correlation (SPY) | 21.8% | 7.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.61 | 0.88 | 1.11 | 0.87 | 0.42 | 0.79 |
| Up Beta | -0.07 | 0.46 | 1.11 | 0.93 | 1.47 | 0.77 |
| Down Beta | 2.32 | 2.20 | 2.04 | 1.81 | 0.17 | 1.25 |
| Up Capture | 19% | -17% | 56% | 25% | -25% | 12% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 19 | 30 | 58 | 104 | 307 |
| Down Capture | 23% | 112% | 108% | 79% | 82% | 91% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 19 | 28 | 61 | 134 | 412 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRAG | |
|---|---|---|---|---|
| BRAG | -59.8% | 63.3% | -1.19 | - |
| Sector ETF (XLY) | 8.0% | 18.6% | 0.28 | 14.5% |
| Equity (SPY) | 21.7% | 12.5% | 1.29 | 8.2% |
| Gold (GLD) | 23.1% | 27.7% | 0.73 | 5.8% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -4.4% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 4.5% |
| Bitcoin (BTCUSD) | -42.0% | 42.7% | -1.15 | 14.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRAG | |
|---|---|---|---|---|
| BRAG | -29.8% | 64.3% | -0.31 | - |
| Sector ETF (XLY) | 6.6% | 23.9% | 0.24 | 26.7% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 25.2% |
| Gold (GLD) | 17.9% | 18.3% | 0.79 | 6.7% |
| Commodities (DBC) | 6.9% | 19.5% | 0.25 | 8.4% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 16.9% |
| Bitcoin (BTCUSD) | 12.2% | 53.8% | 0.41 | 17.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRAG | |
|---|---|---|---|---|
| BRAG | -24.8% | 75.5% | -0.37 | - |
| Sector ETF (XLY) | 12.7% | 22.1% | 0.53 | 24.5% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 23.3% |
| Gold (GLD) | 12.1% | 16.1% | 0.61 | 4.5% |
| Commodities (DBC) | 5.7% | 18.0% | 0.25 | 9.6% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 18.9% |
| Bitcoin (BTCUSD) | 59.0% | 66.2% | 0.99 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/31/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/26/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/21/2023 | 40-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/11/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 03/31/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/26/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/10/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/21/2023 | 40-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/11/2022 | 6-K |
| 12/31/2021 | 03/10/2022 | 40-F |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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