Bragg Gaming Group has withdrawn its 2026 financial guidance after reporting a 12% decline in second-quarter revenue and beginning the integration of its recently acquired Drayton International business. Revenue fell from €26.1 million in Q2 2025 to €22.9 million during the three months ending 30 June 2026. Bragg nevertheless maintained adjusted EBITDA at approximately €3.5 million as workforce reductions and lower operating expenses supported its margin.
Second-quarter revenue decreased 12% year over year to €22.9 million.
Adjusted EBITDA remained broadly unchanged at €3.5 million, while the margin increased to approximately 15%.
Bragg’s net loss widened from €1.8 million to €2.9 million.
Proprietary-content revenue in Canada and the US grew 44%.
Bragg withdrew its 2026 guidance while integrating Drayton International and implementing further cost reductions.
According to Bragg’s official second-quarter results, revenue declined by €3.2 million compared with the same period last year. The supplier attributed the contraction partly to the anticipated end of legacy platform contracts in the Netherlands following customer migrations. Dutch revenue decreased 14% year over year, while Brazilian revenue remained flat as some operators moved to direct integrations with content suppliers.
Lower expenses helped reduce Bragg’s operating loss from €2.3 million to €1.9 million. However, its net loss widened to €2.9 million, equivalent to €0.11 per share, from €1.8 million and €0.07 per share in Q2 2025. Adjusted EBITDA remained broadly flat at €3.5 million despite the lower revenue. Bragg’s adjusted EBITDA margin increased from approximately 13% to 15%, an improvement of 212 basis points driven by workforce savings and a favourable change in bad-debt provisions.
Bragg’s proprietary-content business in North America provided the strongest counterpoint to the overall revenue decline.
Revenue from Bragg-owned content deployed in Canada and the US increased 44% compared with Q2 2025 and 25% from the first quarter of 2026. The performance supports the company’s strategy of placing greater emphasis on proprietary casino games and higher-margin content.
Bragg also entered Alberta when the province opened its competitive regulated iGaming market on 13 July. The supplier launched with multiple operators and made more than 80 games available to players. The opening created a new channelisation test following Ace Alliance’s H1 2026 analysis of Canada’s iGaming market, which found that offshore brands captured 59.4% of projected revenue nationally before Alberta’s regulated market launched.
Bragg had previously forecast full-year revenue of between €97 million and €104.5 million, adjusted EBITDA of €16 million to €19 million and an adjusted EBITDA margin of between 16% and 18%. The company withdrew that outlook after completing its acquisition of Drayton International on 22 July. Bragg said the integration remains at an early stage and it does not yet have sufficient operating history to forecast the combined business reliably.
However, the acquisition was not the only factor affecting the outlook. Before withdrawing its guidance, Bragg’s standalone business was tracking below the lower end of the revenue range and at the lower end of the adjusted EBITDA range. Its adjusted EBITDA margin was tracking toward the upper end of the previous forecast.
Bragg therefore expected weaker-than-forecast revenue even before incorporating Drayton into its results. The $9 million all-share acquisition expands Bragg’s exposure to US sports betting, horse racing technology and proprietary gaming content. Integrating Drayton and aligning the companies’ product and technology plans will be Bragg’s primary focus for the remainder of 2026.
Bragg announced a further reduction of approximately 19% of its global workforce in July, which is expected to generate €6 million in incremental annualised savings. The measures followed a 12% workforce reduction announced in January. Together, the two restructuring programmes are expected to lower Bragg’s annual costs by approximately €10.5 million. The company’s latest restructuring announcement described the changes as part of its effort to create a more focused operation capable of producing sustainable cash flow.
Bragg appeared in Ace Alliance’s August 3–7 iGaming stock snapshot shortly before the results were released. Investors will now be watching whether its cost reductions, Drayton integration and North American content growth can offset declining platform revenue—and when management will be able to provide a new forecast for the combined business.
