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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.

1. 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.

2. 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.

3. 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:

1. 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.
2. 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.
3. 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.
4. "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.