Next story
Bragg Gaming revenue falls 23% to EUR 20.6m in third quarter
The gaming technology company reported an operating loss of EUR 3.2m and said restructuring had reduced its global workforce by approximately 27% since the start of the year.
Bragg Gaming Group reported third-quarter 2026 revenue of EUR 20.6m, down 23% from EUR 26.8m a year earlier, as the gaming technology company recorded a wider operating loss.
The operating loss rose to EUR 3.2m from EUR 1.2m in the third quarter of 2025. Adjusted EBITDA fell 33% to EUR 3.0m from EUR 4.4m, according to Focus Gaming News.
Bragg said the decline in gross profit exceeded its reduction in operating expenses. Gross profit fell EUR 3.1m, compared with approximately EUR 1.6m in operating cost savings during the quarter.
Normalized revenue, excluding BetCity and Drayton, was EUR 20.0m, down 12% from EUR 22.7m a year earlier but up 4% from EUR 19.3m in the second quarter of 2026. Revenue from proprietary content deployed in Canada and the United States grew 7% year over year.
Interim CEO Morten Tonnesen attributed the year-over-year revenue decline to customers migrating off Bragg’s Dutch platform and third-party providers in Brazil moving to direct integrations with operators.
Our cost reductions have not yet caught up with the revenue we have lost, and closing that gap is the immediate priority.
Restructuring programs announced on January 8, 2026 and July 9, 2026 reduced Bragg’s global workforce by approximately 27% since the start of the year. The company incurred EUR 1.1m in restructuring-related termination costs during the quarter.
Bragg completed its acquisition of Drayton International on July 22, 2026 for US$ 9m in shares. From the acquisition date through quarter end, Drayton contributed EUR 0.7m in revenue and EUR 0.3m in profit before income taxes.
After the quarter ended, Bragg ceased supplying licensed customers in Brazil in line with a provisional measure suspending licensed online betting and casino gaming. Licensed operators were required to cease operating from October 6, 2026; Bragg said the cash impact on the company was limited.
On November 6, 2026, Tonnesen became interim CEO and Matevž Mazij moved from CEO to strategic advisor. Management is refining the company’s direction and integrating the assets acquired with Drayton.