Bragg Gaming Q3 2026: Revenue Falls 23% to €20.6m as Brazil Suspension Hits and Net Loss Widens to €4.3m

Bragg Gaming Group reported third-quarter 2026 revenue of EUR 20.6m (USD 23.4m) on 13 November 2026, a 23% drop from a year earlier, as customer migrations and the suspension of licensed online gaming in Brazil weighed on the supplier's top line.

The headline decline overstates the underlying trend. Normalized revenue, which Bragg defines as revenue excluding BetCity and Drayton International, was EUR 20.0m, down 12% from EUR 22.7m in Q3 2025 but up 4% from EUR 19.3m in Q2 2026. Margins improved, while losses and cash burn worsened.

Bragg Gaming Q3 2026 results at a glance

Revenue fell, gross margin rose and profitability weakened. The table sets out the main figures from the quarter.

Adjusted EBITDA means earnings before interest, taxes, depreciation and amortization, adjusted for items the company treats as non-recurring. Gross margin was also up 450 basis points from 52% in Q2 2026. Bragg credits a larger share of proprietary content and lower volumes of aggregated third-party content. Revenue from proprietary content deployed in Canada and the US grew 7% year on year in the quarter and 21% over the nine months.

The nine-month net loss was EUR 8.348m, against EUR 6.774m in the same period of 2025. Cash was EUR 2.478m at 30 September 2026, down from EUR 6.658m at 31 December 2025.

Brazil suspension and the Dutch platform migration

Bragg says two shifts drove the revenue decline: customers leaving its Dutch platform, and third-party providers in Brazil moving to direct integrations with operators. The release describes the BetCity platform migration as complete.

On Brazil, Bragg states that the country's President signed a provisional measure on 25 September 2026 suspending licensed online betting and online casino gaming. Licensed operators had to stop operating from 6 October 2026, and Bragg stopped supplying its licensed Brazilian customers on that timetable. The company says the cash impact is limited because its Brazilian revenue is mostly lower-margin aggregated content, and that gross margin improved in the first month after supply ended.

Bragg's Brazilian footprint was built through the Superbet casino expansion and its investment in RapidPlay. The same suspension featured in Kambi's Q3 2026 results, where the sportsbook supplier reported adjusted EBITA growth despite the ban.

Cost cuts, Drayton and leadership change

Cost savings have not yet matched the lost gross profit. The EUR 3.1m fall in gross profit in the quarter exceeded roughly EUR 1.6m of operating cost savings. Bragg says the programme launched in July 2026 is still phasing in.

Drayton has been consolidated since completion. In Q2 2026, Bragg reported revenue down 12% and said Drayton would close after quarter end, according to its 6-K filing with the US Securities and Exchange Commission.

On 6 November 2026, Morten Tonnesen became Interim CEO. He had been Chief Operating Officer since March 2026. Matevž Mazij moved from CEO to Strategic Advisor, as covered in our report on the leadership change. Tonnesen said cost reductions "have not yet caught up" with the lost revenue.

What to watch next

Bragg has issued no numeric guidance. It says it is not aware of significant changes to operating conditions beyond those described in the release. Three questions now matter for operators and investors:

• Cost run-rate: whether the July programme closes the gap between gross profit and operating costs.
• Liquidity: how far cash of EUR 2.478m supports operations after a nine-month net loss of EUR 8.348m.
• Content mix: whether proprietary content in North America, where Bragg has built partnerships such as the Golden Nugget deal, can offset the loss of Brazilian aggregated volumes.

Status reviewed on 13 November 2026. Figures come from Bragg Gaming Group's third-quarter 2026 results release of 13 November 2026 and its Q2 2026 filing. More finance news and Latin America and Caribbean coverage.