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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)

Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
Euros (millions)(1) | 3Q24 | 3Q23 | Change |
Revenue | € 26.2 | € 22.6 | 15.9 % |
Gross profit | € 14.0 | € 11.9 | 18.1 % |
Gross profit margin | 53.5 % | 52.5 % | 99 bps |
Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
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Vaulta and Ultra Embark on Strategic Partnership to Power the Future of Gaming and Finance

Vaulta, a scalable operating system powering Web3 Banking with fast, low-cost transactions and seamless blockchain connectivity, today announces a strategic partnership with Ultra, the one-stop destination for gamers, publishers, and developers.
This financial and technical alliance positions Ultra as Vaulta’s gaming arm and marks the next phase of Ultra’s ambition to lead the gaming space.
Together, Vaulta and Ultra will accelerate the creation of a full-service platform where digital assets can be tokenized, traded, and monetized across games, all powered by a fast, low-cost, and interoperable infrastructure. In addition to tokenized assets, this platform will also support decentralized marketplaces, cross-game integrations, and metaverse banking.
Gus van Rijckevorsel, CEO of Ultra, shared, “By 2030, the Web3 gaming market is expected to grow to $615 billion, outpacing both movies and TV exponentially and signaling a major shift in how consumers engage with their entertainment. To harness this potential, the gaming industry needs better infrastructure designed for publishers, developers, and gamers, and we’re here to deliver that. We’re laser-focused on creating the content and structural partnerships necessary to make Ultra THE gaming platform recognized by the gaming industry. Vaulta is a major brick on that path, and this partnership is a solid foundation on which we build the future of gaming and finance. And at the core of this lasting partnership is a mutual alignment on our long-term interests.”
This partnership supports Vaulta’s mission to drive innovation in tokenization and real-world asset integration,” said Yves La Rose, founder and CEO of Vaulta Foundation. “Ultra’s advanced gaming platform paired with Vaulta’s financial and DeFi infrastructure will enable decentralized marketplaces, cross-game asset utilization, and metaverse banking solutions. Positioning Ultra as Vaulta’s gaming hub provides a gateway to Gaming and GameFi opportunities to our community. At the heart of our collaboration is a shared ambition to elevate digital assets to the standards of traditional finance, empowering users with new financial opportunities powered by Web3.”
Convictions behind this partnership
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A new definition of the modern player
Gone are the days when “player” meant just someone holding a controller. Ultra recognizes three types of players: gamers, viewers, and content creators, each with unique behaviors, needs, and expectations. In partnership with Vaulta, Ultra is building critical infrastructure to fit this new reality and serve all three player groups.
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Every industry will have its own chain
Finance has Vaulta. Gaming has Ultra. Both chains are purpose-built and interoperable, aligning deeply with the needs of their respective audiences. Ultra is not adapting general-purpose tech. It’s building the backbone of the gaming industry from the ground up.
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UOS will be THE gaming currency
Ultra is committed to establishing $UOS as the default currency for in-game transactions, rewards, and monetization across titles, platforms, and services. Just as the dollar dominates oil, $UOS will define value in gaming.
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Access and consumption of games will change
Similar to how Netflix revolutionized film and Spotify transformed music, Ultra envisions a shift in how people access and engage with games. Gamers deserve immersive platforms. Developers desire tools and reach. Publishers demand data and performance. Ultra is building a complete ecosystem that puts them all first.
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Crypto must be treated with the same standards as traditional finance
That’s why Ultra partners only with chains like Vaulta, ones that treat crypto with the same expectations as fiat: prioritising trust, utility, and transparency. Real utility demands real accountability.
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AI will unlock the next layer of personalized gaming
AI isn’t just a feature, it’s a fundamental shift in how players should experience games. That’s why Ultra is embedding AI deeply into its ecosystem to serve three purposes: hyper-personalization, real-time gameplay guidance, and intelligent ecosystem interaction. Players won’t just play, they’ll be guided, supported, and understood.
Building the Infrastructure for the Next Era
As co-leaders in blockchain innovation, this partnership is fundamentally guided by a shared purpose to serve the future of gaming, combining Vaulta’s financial rails with Ultra’s user-first infrastructure.
The partnership aims to radically upgrade the outdated backbone of the gaming industry, delivering ultra-fast transactions, scalable gaming experiences, improved security, and new tools for developers and publishers.
Ultra serves three core clients – gamers, developers, and publishers – and everything it builds is made to serve their needs. Ultra is building a complete ecosystem that puts them all first. This partnership enhances that mission with sharper tools, smarter systems, and better outcomes for each.
Technical Exchange Details
The partnership will provide Ultra with access to:
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Vaulta Spring framework: enabling improved scalability and security alongside a smoother user experience for its platform
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Vaulta Banking OS framework: Offering enhancements in transaction speed and asset management, while giving Ultra’s gaming ecosystem access to the multi-chain interoperability (IBC) environment
In exchange, Ultra will provide Vaulta with:
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Ultratest: A next-generation smart contract testing framework, which allows developers to launch faster and more securely
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MSIG Signing Tool: A breakthrough in secure gaming transactions and digital ownership
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Predicate System: Reduces gas fees to make blockchain gaming more affordable and accessible
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HSM Signing Code hardware: Secure hardware signing for private key management
Broader Impact and What’s Next
This partnership isn’t just about technology exchange, it represents a broader alignment of values between two industry-first platforms. As blockchain adoption deepens across industries, Vaulta and Ultra are taking the lead in building the specialized infrastructure needed to serve real users at scale. The partnership unlocks new opportunities and standards for what’s possible in digital entertainment.
At the same time, it supports Vaulta’s broader goal of engaging directly with industry leaders to build the next iteration of global finance, through real use cases, real infrastructure, and real collaboration. More partnerships will follow in the coming weeks, all designed to unlock new use cases, drive innovation, and accelerate adoption across the digital economy.
This partnership follows Vaulta’s recent rebrand (previously EOS Network) and strategic alignment to Web3 Banking, and comes on the heels of key milestones in Ultra’s 2025 roadmap, including the closing of a $12 million round led by NOIA Capital and the key c-suite appointment of Maxime van Steenberghe as Ultra’s new COO.
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GameZone: The Ultimate Destination for Online Tongits Enthusiasts

In the ever-evolving world of online gaming, one platform stands out as the go-to destination for Tongits lovers everywhere. GameZone has masterfully brought this beloved Filipino card game into the digital age, offering an experience that’s as thrilling as it is authentic. Let’s dive into what makes GameZone the crown jewel of online Tongits platforms and why you should join the excitement today!
Tongits: A Filipino Tradition Goes Digital
Tongits, a game deeply rooted in Filipino culture, has been a staple at family gatherings, fiestas, and friendly get-togethers for generations. This rummy-style card game, typically played with three players and a standard 52-card deck, is more than just a pastime—it’s a test of skill, strategy, and a bit of luck.
The objective is simple yet challenging: be the first to empty your hand by forming melds (sets of the same rank or runs of consecutive cards in the same suit). But don’t be fooled by its simplicity; Tongits requires keen observation, a sharp memory, and tactical thinking to outmaneuver your opponents.
As technology advances, GameZone has taken on the mantle of bringing this cultural treasure to the digital world, ensuring that Tongits enthusiasts can enjoy their favorite game anytime, anywhere.
- Unparalleled Authenticity
GameZone’s dedication to preserving the true essence of Tongits sets it apart from the competition. Here’s how they maintain that authentic feel:
- Strict Adherence to Traditional Rules: Every aspect of the game, from card dealing to turn sequences and valid melds, follows the official rules recognized by Filipino players.
- Realistic Card Distribution: The platform uses advanced algorithms to ensure fair and random card dealing, mimicking the unpredictability of a physical shuffle.
- Natural Game Flow: Smooth turn transitions and realistic timing preserve the suspense and excitement of each move, making you feel like you’re sitting at a real table.
- Diverse Game Modes for Every Player
Whether you’re a casual player or a competitive enthusiast, GameZone has a mode that’s perfect for you:
- Classic Mode: Experience Tongits in its purest form, just as it’s been played for decades.
- Quick Play: Perfect for those short on time but still craving a Tongits fix.
- Tournament Mode: Test your skills against the best and compete for substantial prizes.
- Tongits Plus and Joker Variants: Spice things up with exciting rule variations that add new layers of strategy.
- Private Tables: Create your own digital “tambayan” to play exclusively with friends and family.
- Real-Time Multiplayer Action
Gone are the days of predictable AI opponents. GameZone connects you with real players from across the Philippines and beyond, ensuring that every game is a unique challenge. The platform’s sophisticated matchmaking system pairs you with opponents of similar skill levels, guaranteeing balanced and competitive matches.
- Rewards That Keep You Coming Back
GameZone knows how to keep players engaged with a comprehensive rewards system:
- Achievement Milestones: Unlock badges and rewards for accomplishments like winning streaks or tournament participation.
- Seasonal Events: Participate in limited-time events for exclusive prizes and bonuses.
- Tournament Prizes: Compete in high-stakes tournaments for cash rewards and valuable in-game items.
These incentives not only enhance the gaming experience but also provide tangible goals for players to strive towards.
- Uncompromising Security and Fairness
In the world of online gaming, trust is paramount. GameZone prioritizes player security and game integrity through:
- PAGCOR Licensing: Operating under the Philippine Amusement and Gaming Corporation’s regulatory framework ensures compliance with legal and ethical standards.
- Encrypted Transactions: All financial transactions are secured using industry-standard encryption protocols.
- 24/7 Customer Support: A dedicated team is always available to assist with any issues or questions.
- User-Friendly Interface and Customization
GameZone’s interface is a perfect blend of aesthetics and functionality:
- Clean, Responsive Design: Enjoy smooth animations and crisp graphics that enhance immersion without sacrificing performance.
- Intuitive Navigation: Easily switch between game modes, access your profile, or manage rewards with just a few taps or clicks.
- Customization Options: Personalize your gaming experience with unique avatars, table designs, and more.
- Cross-Platform Compatibility
Play Tongits your way, on your preferred device:
- Mobile App: Available for both iOS and Android, perfect for gaming on the go.
- Web Browser: Access GameZone from any computer with an internet connection.
- Seamless Syncing: Your progress and rewards are synced across all devices, so you can switch seamlessly between platforms.
Maximizing Your GameZone Experience
To get the most out of your time on GameZone, consider these tips:
- Start with Quick Play: Use these shorter games to familiarize yourself with the platform and warm up your skills.
- Join a Club: Connect with like-minded players to share strategies, organize friendly matches, and climb the leaderboards together.
- Participate in Tournaments: Challenge yourself in competitive play and aim for those big prizes.
- Customize Your Profile: Stand out from the crowd with unique avatars and table designs that reflect your personality.
- Stay Updated: Follow GameZone’s social media accounts and in-game announcements to stay informed about new features, events, and promotions.
The Future of Tongits is Here
GameZone has successfully bridged the gap between tradition and technology, offering an online Tongits experience that honors the game’s rich history while embracing the conveniences of the digital age. Its commitment to authenticity, diverse game modes, real-time multiplayer action, generous rewards, and a secure environment make it the undisputed leader in online Tongits platforms.
Whether you’re a seasoned player looking for high-stakes competition or a casual gamer seeking fun and social interaction, GameZone provides an immersive, fair, and rewarding experience. The platform’s user-friendly interface, cross-platform support, and vibrant community create an ecosystem where the spirit of Filipino card gaming thrives in the modern era.
By joining GameZone, you’re not just playing a game; you’re becoming part of a legacy. You’re connecting with players from all walks of life, united by their love for Tongits. You’re carrying forward a beloved tradition, ensuring that future generations can enjoy this quintessential Filipino game in its most exciting form yet.
So, what are you waiting for? The cards are dealt, the table is set, and your opponents are ready. Join GameZone today and experience the ultimate Tongits adventure. Whether you’re looking to relive cherished memories, make new friends, or test your skills against the best, GameZone is your gateway to the thrilling world of online Tongits. Get ready to shuffle, deal, and play your way to victory!
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Club Atlético River Plate and Betano Announce Long-Term Principal Partnership

Club Atlético River Plate and Kaizen Gaming, one of the world’s biggest GameTech companies and owner of the Betano online sports betting and gaming brand, announce a new long-term partnership that will see Betano become the club’s new main and front-of-shirt partner, starting from the current season.
The new partnership with River Plate follows an exciting year for Kaizen Gaming and its Betano brand, which launched in Argentina just a year ago and is already regarded as one of the country’s leading online gaming platforms. Alongside expanding its sponsorship programs, corporate social responsibility initiatives, and growing market presence, Kaizen Gaming has also solidified its role as a pioneer in shaping the online gaming industry internationally and fostering safe, controlled environments for players.
For River Plate, this agreement represents a strategic step in its international expansion and in the diversification of its revenue streams. In this regard, the alliance with Betano is a clear example of the club’s commitment to innovation, excellence, and building strong relationships with leading global brands.
Jorge Brito, President of River Plate, said: “Partnering with Kaizen Gaming and its brand Betano marks a significant milestone for us. Their presence in 19 international markets aligns perfectly with our global vision. Through its sponsorships of the CONMEBOL Copa América™ 2024 and the Argentine Professional Football League’s “Torneo Betano”, Kaizen Gaming has reinforced its leading role in the world of sports. River Plate is also a global leader in sports marketing, backed by a passionate fan base, an iconic stadium and an unmatched record of over 85 consecutive sold-out home matches. We are proud to be the most followed club in the world. With this partnership, we continue to grow, break new ground, and we’re excited to welcome Betano to the River Plate family.”
Stefano Di Carlo, River Plate’s General Secretary, added: “This agreement is the result of a long-term strategy we have been developing to consolidate the club as a global leader, backed by its institutional strength and more than 120 years of sporting success. The fact that an international brand like Betano has selected us as its partner speaks volumes about the strength of the River Plate brand worldwide and the confidence our institutional and sporting project inspire.”
Julio Iglesias, Chief Commercial Officer at Kaizen Gaming, said: “River Plate is a global footballing institution with one of the largest fan bases in the world and a history dating back over 120 years. As soon as we started speaking with the club, we knew we had found a partner who shared our values and relentless drive to raise the bar and set the highest standards in everything they do. The club and its fans’ passion for football is second to none, and it is exciting to be joining them on the next chapter of their illustrious history. At Betano, we are always aiming for the top.”
The new partnership expands beyond marketing activities. Kaizen Gaming continues to join its partners in driving positive social impact in local communities, whilst promoting the value of responsible gaming.
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