Bragg Gaming Group announced a three‑year extension of its partnership with the 711 Group, adding a turnkey Player Account Management (PAM) platform, online casino content, and player‑engagement services to power the launch of the 711.be brand in Belgium’s newly regulated iGaming market. The deal marks the 11th online casino brand to be powered by Bragg’s solution and expands the company’s footprint beyond its largest Dutch client.
Bragg reported Q3 2025 revenue of €26.8 million, a 2% year‑over‑year increase that fell short of the €31.18 million consensus estimate. Earnings per share were –€0.09, missing the –€0.07 forecast. Excluding the Netherlands, revenue grew 20% and proprietary content revenue rose 35%. Adjusted EBITDA reached €4.45 million, up 9% YoY, and the company reiterated full‑year 2025 revenue guidance of €106.0 million to €108.5 million and adjusted EBITDA guidance of €16.5 million to €18.5 million.
The revenue miss was driven largely by a 22% decline in the Netherlands, where increased regulation and higher taxes squeezed demand. Growth in the United States (up 86%) and Brazil (up 80%) partially offset the Dutch headwinds, but the mix shift toward lower‑margin markets and the continued impact of regulatory costs kept total revenue below expectations.
Margin performance remained resilient. Adjusted EBITDA of €4.45 million represents a margin of roughly 16.6%, up from 15.7% in the prior year, reflecting disciplined cost management and the higher mix of proprietary content contracts. The company’s focus on high‑margin PAM and content offerings helped cushion the impact of the Dutch downturn.
Strategically, the Belgium launch diversifies Bragg’s customer base and positions the company for future expansion into additional regulated markets. The three‑year term provides a stable revenue stream from a Tier‑1 operator, while the partnership’s extension clause opens the door to new jurisdictions. Management views the deal as a testament to the quality and reliability of Bragg’s turnkey solution and a key step in the company’s growth strategy.
Matevž Mazij, Bragg’s CEO, said the extension “is a direct testament to the quality and reliability of our products and our turnkey capabilities.” Gilles De Backer, COO of 711.nl, added that the partnership “has been a resounding success in the Netherlands, and extending the relationship into Belgium was a natural next step.”
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