Bragg Gaming Group Inc.

NasdaqGS:BRAG Stock Report

Market Cap: US$53.6m

Bragg Gaming Group Management

Management criteria checks 1/4

Bragg Gaming Group's CEO is Matevz Mazij, appointed in Aug 2023, has a tenure of 2.75 years. directly owns 13.28% of the company’s shares, worth $7.11M. The average tenure of the management team and the board of directors is 1.8 years and 3.8 years respectively.

Key information

Matevz Mazij

Chief executive officer

€812.6k

Total compensation

CEO salary percentagen/a
CEO tenure2.8yrs
CEO ownership13.3%
Management average tenure1.8yrs
Board average tenure3.8yrs

Recent management updates

Recent updates

Seeking Alpha • Jun 23

Bragg Gaming: Positive Developments Have Gone Unnoticed

Summary Bragg Gaming posted Q1 revenue growth of 7.1%, with underlying growth of 27% when adjusting for the negative impact in The Netherlands. Shares are trading at an EV to adjusted EBITDA multiple of 4.3 and an FCF multiple of 10.8. I see FCF margins expanding to between 15% and 20% in the medium term, compared to the 6.7% FCF margin expected for this year. The double-digit revenue growth coupled with strong margin expansion expected ahead supports my buy rating on BRAG stock. Read the full article on Seeking Alpha
Seeking Alpha • Jan 12

Bragg Gaming: B2B iGaming Operator Set To Grow Double-Digit With Expanding Margins

Summary Bragg Gaming has faced multiple headwinds but continues to grow, driven by strategic focus on high-margin proprietary content and expansion into new markets. Founder Matevz's return as CEO and board revamp have strengthened leadership, with significant insider stock purchases signaling confidence in future growth. Despite recent stock volatility, Bragg's investments are paying off with double-digit revenue growth, margin expansion, and new client wins in key markets. Valuation remains attractive at 4.2x EBITDA, with potential for significant upside as Bragg improves cash generation, diversifies revenue, and enhances margins. Read the full article on Seeking Alpha
Seeking Alpha • Aug 02

Bragg Gaming: Q2 Is Comparing Against All-Time High Performance

Summary Bragg Gaming Group is going to report Q2 results, which will be compared against an all-time high financial performance. Underlying growth momentum remains good with game launches and new partnerships, but a renegotiation with a key partner has weakened the margin outlook. Bragg Gaming Group stock's valuation remains cheap, and the potential of being acquired, or a merger, poses further short- to mid-term upside. Read the full article on Seeking Alpha
Seeking Alpha • Apr 01

Bragg Gaming: Strategic Alternative Review Underlines Potential In Underlying Value

Summary Bragg Gaming reported Q4 results with a revenue decrease of -1.4% YoY, missing analysts' estimates due to a single customer's change in commercial terms. The company still expects good growth in 2024, but the adjusted EBITDA guidance likely doesn't anticipate operating leverage that I believe to drive the long-term investment case. Bragg has now formed a special committee to review strategic alternatives, sparking hopes for potential transactions revealing underlying shareholder value. The long-term story in my opinion still stands strong, and the current price reflects a good risk-to-reward, especially with strategic alternatives being looked at. Read the full article on Seeking Alpha
Seeking Alpha • Jan 17

Bragg Gaming: An Operating Leverage Opportunity

Summary Bragg is growing in the online gaming industry through new content releases and deals with customers globally. The company operates at around breakeven, but further growth could surface value with operating leverage as Bragg's operating model doesn't seem to require too much marginal SG&A. The valuation only prices in modest growth and margin expansion below my expectations, making the valuation seem like a good risk-to-reward. Read the full article on Seeking Alpha
Seeking Alpha • Sep 21

​ Bragg gaming and Bally’s Interactive partner for content development

Bragg Gaming (NASDAQ:BRAG) has entered into an expansive iGaming content development partnership with Bally’s (NYSE:BALY) digital arm Bally’s Interactive. Pursuant to the agreement, Bally’s Interactive online brands such as Virgin Casino, JackpotJoy and Vera&John, will launch content from Bragg’s proprietary slots studios, including Atomic Slot Lab and Indigo Magic, as well as from a range of exclusive proprietary and third-party titles from Bragg’s existing and future portfolio. In addition, Bragg will distribute titles on an exclusive basis via the company’s remote game server from a select number of Bally’s Interactive’s third-party partner studios marking a new and exclusive distribution channel for iGaming content from certain developers including Gaming Arts and King Show Games. The arrangement significantly increases the diversity of the content Bragg features in key regulated markets such as the UK and in the U.S. and with an option for more studios to be added to the partnership.
Seeking Alpha • Sep 06

Bragg Gaming secures $8.7M funding for further execution on growth initiatives

Bragg Gaming (NASDAQ:BRAG) enters into a funding agreement for an investment of $8.7M with Lind Global Fund II LP, an investment entity managed by The Lind Partners. The funding will be provided in the form of a $8.7M convertible security which will have a face value of $10M. The face value of the convertible security will have a 24-month maturity date and can be paid in cash or be converted into common shares of the company at a conversion price equal to 87.5% of the five-day volume weighted average price ("VWAP") immediately prior to each conversion. The shares issued upon conversion are subject to a 121-day lock-up period following deal close. The funding is secured by assets of the company and certain of its subsidiaries. “Importantly, since the beginning of 2021, our focus on enhancing our proprietary content development capabilities and our continued expansion into new regulated iGaming markets, including North America, have driven a significant increase in Bragg’s revenue as well as margin expansion, which has resulted in strong Adjusted EBITDA growth. This is further reflected in our expectation for 2022 full year revenue and Adjusted EBITDA growth of 34% and 46%, respectively. This investment provides capital we intend to deploy in a return-focused manner, to further strengthen our foundation for continued top line and cash flow growth.” said Yaniv Sherman, Chief Executive Officer of Bragg Gaming Group.
Seeking Alpha • Aug 09

Bragg Gaming GAAP EPS of $0.00 beats by $0.06, revenue of $20.8M beats by $2.59M

Bragg Gaming press release (NASDAQ:BRAG): Q2 GAAP EPS of $0.00 beats by $0.06. Revenue of $20.8M (+34.3% Y/Y) beats by $2.59M.
Seeking Alpha • Jun 30

Kalamba Games and Bragg Gaming expand partnership to include regulated U.S. igaming markets

Kalamba Games and Bragg Gaming (NASDAQ:BRAG) report an extension of their existing agreement, pursuant to which Kalamba will now distribute a selection of its high-performing slots on Bragg’s Remote Game Server into regulated markets in the U.S., as well as in Ontario, Canada. The new agreement for content distribution in North American markets will further boost both companies’ growth across key jurisdictions. Kalamba and Bragg’s ORYX Gaming originally partnered in 2017 through an agreement which resulted in Kalamba launching its popular iGaming content on the ORYX RGS in multiple global markets. The alliance with Bragg Gaming Group will be key to expand the reach of Kalamba Games portfolio to brand-new audiences with the growth and support of regulated U.S. igaming markets.

CEO Compensation Analysis

How has Matevz Mazij's remuneration changed compared to Bragg Gaming Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025n/an/a

-€8m

Sep 30 2025n/an/a

-€7m

Jun 30 2025n/an/a

-€5m

Mar 31 2025n/an/a

-€6m

Dec 31 2024€813kn/a

-€5m

Sep 30 2024n/an/a

-€5m

Jun 30 2024n/an/a

-€8m

Mar 31 2024n/an/a

-€5m

Dec 31 2023€469k€0.6836381201

-€4m

Sep 30 2023n/an/a

-€4m

Jun 30 2023n/an/a

-€3m

Mar 31 2023n/an/a

-€3m

Dec 31 2022€90kn/a

-€3m

Sep 30 2022n/an/a

-€4m

Jun 30 2022n/an/a

-€5m

Mar 31 2022n/an/a

-€7m

Dec 31 2021€191kn/a

-€8m

Compensation vs Market: Matevz's total compensation ($USD954.04K) is above average for companies of similar size in the US market ($USD621.92K).

Compensation vs Earnings: Matevz's compensation has increased whilst the company is unprofitable.

CEO

Matevz Mazij

2.8yrs
Tenure
€812,648
Compensation

Mr. Matevž Mazij has been a Director of Bragg Gaming Group since January 20, 2021 & serves as its Chief Executive Officer since August 28, 2023. He was Chair of the Board of Bragg Gaming Group Inc. since J...

Leadership Team

NamePositionTenureCompensationOwnership
Matevz Mazij
CEO & Director2.8yrs€812.65k13.28%
$ 7.1m
Robert Bressler
Chief Financial Officer1.8yrs€352.00k0.28%
$ 151.5k
Peter Lavric
Chief Technology Officer4.8yrs€770.58kno data
Tommaso Chio
Chief Legal & Compliance Officer1.8yrs€281.31k0.0068%
$ 3.7k
Mark Clayton
Interim Company Secretary & Independent Directorno data€142.53k0.17%
$ 89.0k
Adam Arviv
Co-Founder & Strategic Advisor5yrs€2.22mno data
Morten Tonnesen
Chief Operating Officerless than a yearno datano data
Tim Dawson
Investor Relations Officerno datano datano data
Simon Dudnjik
Chief Human Resources Officer1.3yrsno datano data
Neill Whyte
Chief Commercial Officer2yrsno datano data
Garrick Morris
Executive Vice President of Global Content - U.S. & Canada1.3yrsno datano data
Scott Milford
Executive Vice President of Group Contentless than a yearno datano data
1.8yrs
Average Tenure

Experienced Management: BRAG's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Matevz Mazij
CEO & Director5.3yrs€812.65k13.28%
$ 7.1m
Mark Clayton
Interim Company Secretary & Independent Director3.8yrs€142.53k0.17%
$ 89.0k
Adam Arviv
Co-Founder & Strategic Advisor5yrs€2.22mno data
Don Robertson
Independent Director2.9yrs€141.20k0.18%
$ 98.0k
Holly Gagnon
Independent Non-Executive Chairman5yrs€172.48k0.054%
$ 29.1k
Thomas Winter
Independent Directorless than a yearno data0.98%
$ 525.9k
Ron Baryoseph
Independent Director2.9yrs€125.89kno data
3.8yrs
Average Tenure
59yo
Average Age

Experienced Board: BRAG's board of directors are considered experienced (3.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 22:39
End of Day Share Price 2026/05/07 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bragg Gaming Group Inc. is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David McFadgenATB Cormark
David McFadgenATB Cormark Historical (Cormark Securities)
Michael HickeyBenchmark Company