Bragg Gaming Targets North American iGaming Potential Despite Withdrawn Guidance

Bragg Gaming Group is increasingly focusing its attention on the North American continent. Following its recent entry into the regulated iGaming market of the Canadian province of Alberta on July 13, 2026, the gaming technology provider sees enormous potential in a region that is currently only regulated to a small extent. While Europe saw setbacks, particularly in the Netherlands with a 14% revenue decline, the business overseas is flourishing. With the completed $9 million acquisition of Drayton International, Bragg secures additional capacity in Advanced Deposit Wagering (ADW), providing access to over 30 US states.

The latest financial results for the second quarter of 2026 highlight the company's transformation. While total revenue fell to €22.9 million compared to €26.1 million in the previous year's period, adjusted EBITDA remained stable at €3.5 million. This development is primarily due to savings in personnel costs and a more efficient cost structure. Nevertheless, the financial situation remains tight, with a net loss of €2.9 million recorded. However, optimism prevails regarding the scalability of the North American market, where Bragg has already entered into partnerships with numerous operators in Alberta.

Numbers and facts

In a direct comparison between Q2 2026 and the same period last year, the growth in the US and Canada stands out at 44%. In Alberta, more than 80 of the provider's titles are already live. The acquisition of Drayton International was fully funded by the issuance of 4.5 million new common shares. A particularly important point for the future is market penetration in the US. Currently, only 12% of the US population resides in areas with regulated iGaming. Experts estimate the total potential of the US market at full maturity to be around €97 billion.

Robbie Bressler, Chief Financial Officer at Bragg, emphasized the strategic importance of the current steps during the earnings call:

“We are quite excited about what iGaming, and iCasino especially, is doing in North America across many jurisdictions. What interests us the most is what’s happening in the iCasino market in the US and Canada. It is just the continual growth of that market that is extremely impressive.” - Robbie Bressler, CFO at Bragg Gaming Group

Background

Under the strategic direction of CEO Matevž Mazij, Bragg aims to evolve from a pure component supplier to the architect of a complete ecosystem. This includes an increased focus on proprietary games and AI-driven models. The acquisition of Drayton also brings Bragg equity interests in five game development studios and three technology platforms. The Advanced Deposit Wagering segment is particularly attractive for Bragg, as traditional iCasino is currently legal in only seven US states, while ADW has a much broader legal basis in over 30 states.

However, expansion has also come at a cost to predictability. Since the integration of Drayton is still in an early stage, Bragg has withdrawn its previous guidance for the remainder of the 2026 fiscal year. The company currently does not see a reasonable basis to provide a forecast for the combined business. In Europe, Bragg still achieved success, such as the partnership with Belgian operator 711 or the market entry in Greece with the Superbet brand.

Why it matters for German players

The situation remains stable for German players, as Bragg primarily acts as a B2B supplier for licensed platforms. It is important that German users only play on portals that are on the whitelist of the Joint Gambling Authority of the States (GGL). These providers guarantee compliance with the Interstate Treaty on Gambling 2021, which includes a cross-provider deposit limit of €1,000 per month. Anyone playing at a German-licensed casino using Bragg software also benefits from the connection to the LUGAS system, which is used for player blocking and limit control.

What it means for GGL-licensed casinos

German casinos with a GGL license must meet strict requirements, such as the €1 stake limit per round for virtual slot games. As Bragg increasingly focuses on proprietary content and AI models, licensed German operators could benefit in the future from more innovative player engagement tools that still comply with strict German youth protection and prevention rules. German players are strongly advised against switching to providers with MGA or Curacao licenses, as these lack the legal protection and oversight provided by the GGL.