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Last update at 2026-06-22T20:00:00Z
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Bragg Gaming Group Inc. (BRAG): A Bull Case Theory
Tue 20 May 25, 05:49 PMIs Bragg Gaming Group Inc. (BRAG) the Hottest Gambling Stock of 2025 So Far?
Mon 17 Feb 25, 06:18 PM| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -10.06849M | -6.70000M | -2.92600M | -1.92600M | -6.68600M |
| Minority interest | - | - | - | - | - |
| Net income | -12.78651M | -5.14700M | -3.83600M | -3.48400M | -7.51200M |
| Selling general administrative | 39.94M | 36.34M | 33.63M | 31.68M | 25.92M |
| Selling and marketing expenses | 0.98M | 1.81M | 2.04M | 2.42M | 0.39M |
| Gross profit | 61.30M | 54.05M | 49.94M | 45.08M | 28.32M |
| Reconciled depreciation | 19.43M | 16.89M | 13.07M | 8.45M | 4.80M |
| Ebit | -7.36938M | -3.94800M | -0.70900M | -0.11500M | -4.49900M |
| Ebitda | 23.24M | 12.95M | 12.36M | 8.34M | 0.30M |
| Depreciation and amortization | 30.61M | 16.89M | 13.07M | 8.45M | 4.80M |
| Non operating income net other | - | - | - | - | - |
| Operating income | -7.36938M | -3.54300M | -0.77700M | -0.11500M | -4.49900M |
| Other operating expenses | 174.51M | 105.54M | 94.30M | 84.86M | 62.88M |
| Interest expense | 1.59M | 2.75M | 2.22M | 0.98M | 0.24M |
| Tax provision | 1.73M | -1.55300M | 0.91M | 1.56M | 0.83M |
| Interest income | 0.03M | 0.00000M | 0.00100M | 0.01M | 0.06M |
| Net interest income | -1.14300M | -2.75200M | -2.21600M | -0.97200M | -0.18400M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 2.72M | -1.55300M | 0.91M | 1.56M | 0.83M |
| Total revenue | 167.14M | 102.00M | 93.52M | 84.73M | 58.32M |
| Total operating expenses | 68.67M | 57.59M | 50.72M | 45.21M | 32.88M |
| Cost of revenue | 105.84M | 47.96M | 43.58M | 39.65M | 30.00M |
| Total other income expense net | -2.69911M | -3.15700M | -2.14900M | -1.81100M | -2.18700M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -8.11500M | -5.14700M | -3.83600M | -3.48400M | -7.51200M |
| Net income applicable to common shares | - | - | - | -3.48400M | -7.51200M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 159.81M | 106.59M | 102.92M | 104.39M | 83.39M |
| Intangible assets | 48.93M | 35.86M | 38.13M | 41.70M | 30.84M |
| Earning assets | - | - | - | - | - |
| Other current assets | 6.28M | 2.62M | 1.65M | 0.13M | 0.02M |
| Total liab | 58.95M | 33.10M | 32.98M | 34.85M | 17.20M |
| Total stockholder equity | 100.86M | 73.50M | 69.95M | 69.53M | 66.19M |
| Deferred long term liab | - | - | - | 7.31M | 3.77M |
| Other current liab | 30.03M | 17.95M | 15.79M | 18.83M | 13.68M |
| Common stock | 215.46M | 131.73M | 119.50M | 109.90M | 100.28M |
| Capital stock | 133.95M | 131.73M | 120.02M | 109.90M | 100.28M |
| Retained earnings | -143.90387M | -81.21000M | -75.73623M | -72.22700M | -68.74300M |
| Other liab | - | - | - | 3.56M | 1.43M |
| Good will | 50.20M | 32.72M | 31.78M | 31.66M | 24.73M |
| Other assets | - | - | 0.00000M | 7.36M | 3.80M |
| Cash | 10.71M | 10.47M | 8.76M | 11.29M | 16.01M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 52.59M | 29.11M | 27.78M | 24.31M | 15.32M |
| Current deferred revenue | - | - | 0.91M | 0.75M | 0.03M |
| Net debt | 1.52M | -0.19100M | -2.59182M | -3.89200M | -15.40600M |
| Short term debt | 7.85M | 7.46M | 3.61M | 0.40M | 0.15M |
| Short long term debt | 3.51M | 6.58M | - | 0.11M | - |
| Short long term debt total | 12.23M | 10.28M | 6.17M | 7.39M | 0.60M |
| Other stockholder equity | 28.43M | 17.68M | 19.80M | 27.77M | 32.17M |
| Property plant equipment | - | - | - | 1.24M | 0.83M |
| Total current assets | 50.97M | 33.16M | 28.97M | 29.74M | 26.96M |
| Long term investments | 0.46M | 0.00000M | - | - | - |
| Net tangible assets | - | - | - | 3.48M | 14.40M |
| Short term investments | - | - | 0.12M | - | - |
| Net receivables | 33.98M | 20.07M | 18.56M | 16.63M | 8.51M |
| Long term debt | - | - | - | 6.65M | - |
| Inventory | - | - | 0.00000M | 1.70M | 2.42M |
| Accounts payable | 14.72M | 3.24M | 7.47M | 4.33M | 1.46M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | 0.88M | 5.30M | 6.38M | 4.09M | 2.48M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 0.65M | - | 0.05M | 0.05M | 0.03M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 108.84M | 73.43M | 73.96M | 74.65M | 56.43M |
| Capital lease obligations | 4.09M | 3.70M | 3.28M | 0.64M | 0.60M |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -13.16600M | -9.72300M | -16.87300M | -23.88300M |
| Change to liabilities | - | - | - | 4.67M | -2.77300M |
| Total cashflows from investing activities | -24.75998M | -13.16600M | -9.72300M | -16.87300M | -23.88300M |
| Net borrowings | -3.97100M | 4.37M | -4.39700M | 7.20M | -0.17100M |
| Total cash from financing activities | -6.17818M | 3.61M | -4.16600M | 7.01M | 12.41M |
| Change to operating activities | - | - | - | -0.57000M | -0.94000M |
| Net income | -12.78651M | -5.14700M | -3.83600M | -3.48400M | -7.51200M |
| Change in cash | -4.15326M | 1.67M | -2.49100M | -4.71900M | -10.09600M |
| Begin period cash flow | 14.86M | 8.80M | 11.29M | 16.01M | 26.10M |
| End period cash flow | 10.71M | 10.47M | 8.80M | 11.29M | 16.01M |
| Total cash from operating activities | 26.75M | 11.16M | 11.74M | 5.75M | -0.04100M |
| Issuance of capital stock | - | - | - | 0.00000M | 1.31M |
| Depreciation | 30.61M | 16.89M | 13.07M | 8.45M | 4.80M |
| Other cashflows from investing activities | -0.63026M | -12.10900M | -9.39100M | -6.61800M | -2.65400M |
| Dividends paid | 0.00000M | 0.00000M | 0.00000M | 0.00000M | 0.00000M |
| Change to inventory | - | - | -0.00000M | - | - |
| Change to account receivables | -1.63554M | -1.43100M | -2.01300M | -7.73800M | 2.25M |
| Sale purchase of stock | - | - | - | - | - |
| Other cashflows from financing activities | -2.02788M | -0.75200M | 0.23M | 7.86M | 11.27M |
| Change to netincome | - | - | - | 4.10M | 4.67M |
| Capital expenditures | 0.57M | 13.17M | 9.72M | 7.92M | 3.27M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 5.07M | -3.83800M | -0.45500M | -3.31300M | -1.99600M |
| Stock based compensation | 1.39M | 0.81M | 2.06M | 3.77M | 4.67M |
| Other non cash items | 4.12M | 4.00M | -0.00200M | 0.36M | 0.17M |
| Free cash flow | 26.17M | -2.00500M | 2.02M | -2.16800M | -3.30700M |
Sector: Consumer Cyclical Industry: Gambling
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BRAG Bragg Gaming Group Inc |
-0.03 1.73% | 1.70 | - | 476.19 | 0.49 | 0.70 | 0.42 | 3.15 |
| GRKZF Greek Organization of Football Prognostics S.A |
- -% | 15.25 | 14.78 | 8.71 | 2.21 | 24.39 | 6.70 | 13.17 |
| ARLUF Aristocrat Leisure Limited |
- -% | 35.60 | 26.33 | 19.23 | 3.10 | 4.56 | 4.80 | 11.38 |
| FLUT Flutter Entertainment plc |
-4.39 4.31% | 97.44 | - | 14.10 | 1.16 | 2.11 | 1.72 | 14.19 |
| EVVTY Evolution Gaming Group AB ADR |
0.28 0.39% | 72.65 | 11.33 | 10.92 | 6.79 | 2.87 | 5.37 | 7.86 |
Bragg Gaming Group Inc. operates as an iGaming content and technology solutions. The company offers Bragg PAM, a player account management platform; Bragg HUB, an iGaming product delivery solution; and Fuze, a gamification and engagement toolset. It also offers casino content, and marketing and operational services. The company operates in Malta, the Netherlands, the United States, Brazil, Curaçao, Marshall Islands, Belgium, Croatia, Isle of Man, Czech Republic, and internationally. The company was formerly known as Rockies Financial Corporation and changed its name to Bragg Gaming Group Inc. in 2018. Bragg Gaming Group Inc. is headquartered in Toronto, Canada.
130 King Street West, Toronto, ON, Canada, M5X 1E3
| Name | Title | Year Born |
|---|---|---|
| Ms. Lara Falzon | Pres & COO | NA |
| Mr. Ronen Kannor | Chief Financial Officer | 1977 |
| Mr. Peter Lavric | Chief Technology Officer | NA |
| Mr. Yaniv Spielberg | Chief Strategy Officer & Company Sec. | NA |
| Mr. Yaniv Sherman | Chief Exec. Officer | NA |
| Mr. Adam Joseph Arviv | Co-Founder & Strategic Advisor | NA |
| Tim Dawson | Investor Relations Officer | NA |
| Giles Potter | Chief Marketing Officer | NA |
| Ms. Benny Bonsu | Head of Women's Sport at GiveMeSport | NA |
| Mr. Chris Looney | Chief Commercial Officer | NA |
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