Bragg Q1 2025 Financial Report: 150% Year-Over-Year Growth in US Online Casino Revenues

• 27% year-on-year revenue growth excluding Netherlands
• Brazil launch in early 2025 a key takeaway
• 62% YoY proprietary content revenue growth, reaching a record 15.5% of total revenue

Bragg Gaming Group has announced significant financial achievements for the first quarter of 2025, driven largely by the surging demand for premium content within the global online casino sector. The company reported a remarkable 150% increase in US revenue compared to the same period a year ago, a milestone fueled by its strategic emphasis on proprietary games that enhance the player experience at any top-tier online casino. This substantial growth is further supported by a successful expansion into lucrative new markets, including Brazil and the United States, solidifying Braggs position as a leader in the evolving digital gambling landscape.

In total, Bragg reported a revenue of US$28.6 million for Q1 2025. CEO Matevž Mazij expressed excitement over the company’s performance, stating, “We are thrilled to be reporting a strong start to 2025, showcasing that we are executing on our strategy and promoting the metrics vital to shareholder value.”

$28.6 Million in Q1 Revenue

While growth rates were impressive overall, Mazij singled out the Netherlands as a particular challenge. Revenue from this market has seen a decline of 19% compared to Q1 2024 due to new regulatory restrictions, including deposit limits and increased taxes on gaming. However, excluding this setback, the company achieved a healthy 27% revenue growth year-on-year.

As proprietary content grows in popularity, it accounted for 15.5% of Bragg’s total revenue, a record achievement reflecting a 62% increase over the past year.

Caesars Entertainment Content Deal

During this quarter, Bragg also made significant strides in partnerships. They expanded their collaboration with Caesars Entertainment to include game development exclusivity and leasing technology that will enable Caesars to design proprietary online casino games for markets in Canada and the United States.

The very first game developed under this partnership, termed the Caesars Palace Signature Multihand Blackjack Surrender, was launched recently.

Bragg remains optimistic about future prospects, anticipating double-digit increases in revenue and adjusted EBITDA throughout 2025. The company has set its sights on potential opportunities, particularly the legalisation of online casinos in Ohio, as a new revenue stream.

Online Casino Booming

Market trends show a promising outlook, with the US online casino sector projected to grow from US$9.5 billion in 2025 to over US$75 billion at maturity. This trend reinforces Bragg’s commitment to capture this growth momentum as they continue to expand faster than the market.

As noted by Mazij, “The momentum for new states to embrace online casino regulations is building, and we are exceedingly positive about the opportunities this growth presents.”

In conclusion, Bragg Gaming Group’s first quarter financial results highlight a formidable commitment to growth and strategic market positioning within the evolving landscape of online gaming. With plans to exploit both innovation in proprietary content and expansion into emerging markets, Bragg is poised for a future brimming with potential.

Ohio Online Gambling Bill Filed, Casino Resistance Remains

For yet another legislative session in the Ohio General Assembly, legislation aiming to expand legal online gambling to the internet has been introduced.

This week, state Senator Nathan Manning (R-North Ridgeville) introduced Senate Bill 197, which aims to legalise and tax internet gambling. If passed, this bill will permit online casinos to operate slots and interactive table games, such as poker, along with online parimutuel wagering and iLottery activities.

The legislation will further allow the four brick-and-mortar casinos in Ohio — Jack Cleveland, Hollywood Columbus, Hard Rock Cincinnati, and Hollywood Toledo — as well as the seven licensed video lottery racinos, to apply for iGaming licenses in one coordinated platform.

Of the total tax revenue generated from iGaming, 99% would go to the Ohio General Fund, while only 1% would be allocated to the state’s Problem Gambling Fund.

Bipartisan Support

Only seven states have legal iGaming currently. Over several legislative sessions, Ohio lawmakers have been attempting to join the ranks of Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia in allowing residents to gamble online.

Senator Manning’s bill has received backing from Senate President Rob McColley (R-Napoleon) and House Speaker Matt Huffman (R-Lima), both advocating that expanding casino gambling online could yield substantial new revenues for the state. Additionally, Democrats are open to exploring new online gambling avenues, complementing existing internet sports wagering.

“Certainly, other states have illustrated that when these funds are channelled into often underfunded programs, it provides a much-needed assistance. We should definitely consider this,” said Minority Leader Nickie Antonio (D-Lakewood).

Republicans, commanding a supermajority in the Senate and holding a strong grip on the House (65-34), believe that public sentiment surrounding online gambling has shifted.

“The public opinion towards these matters has evolved compared to a decade ago. Ohioans seem to be seeking more freedom regarding how they spend their recreational time and money,” noted McColley.

Speaker Huffman further commented on the public’s evolving perspective, noting that awareness of how iGaming could avert tax hikes has changed minds.

Casino Opinions

Opinions among land-based casino operators are mixed regarding the impact of iGaming on their businesses. Some companies, such as MGM Resorts, Boyd Gaming, and Penn Entertainment, which operate six out of Ohio’s eleven casinos and racinos, are supportive of expanded online gambling opportunities.

However, Jack Entertainment, the oldest gaming operator in Ohio, staunchly opposes iGaming. The company operates Jack Cleveland and Jack Thistledown.

Similarly, Churchill Downs has expressed concerns regarding online casinos, arguing that they threaten traditional gaming establishments. Churchill Downs holds a 50% stake in Miami Valley Gaming, a harness race track and racino in Turtlecreek.

Senate Bill 197 has been referred to the Senate Select Committee on Gaming for further evaluation.

Summary

As Ohio’s legislators debate the merits of online gambling, the introduction of Senate Bill 197 marks a significant step towards potential change in the state’s gambling laws. With substantial support from some, yet notable resistance from established casino operators, the future of iGaming in Ohio remains uncertain but filled with opportunity and challenges alike.

How Online Gambling Regulation Can Protect Players: AGCO’s Call for Media Platforms to Stop Promoting Unregulated Sites

The Alcohol and Gaming Commission of Ontario (AGCO) is intensifying its efforts to combat the rise of illegal betting platforms by emphasizing the critical importance of strict online gambling regulation. While media platforms continue to promote unregulated sites like Bodog, recent data shows that a significant number of bettors are still bypassing legal frameworks. This trend highlights a growing tension between consumer behavior and the evolving standards of online gambling regulation, which are essential for ensuring player protection and maintaining a fair marketplace.

Understanding the Challenge of Market Channelization

Grey market operators are businesses that lack licensing in Ontario but may hold licenses in other regions like Malta or Curacao, providing their services to Ontarians. Before the regulated igaming market launched in April 2022, it was reported that a staggering 70% of online gambling in Ontario occurred on grey market websites.

To address this issue, the AGCO implemented a deadline of October 31, 2022 for grey market operators to become compliant with Ontario’s igaming regulations or exit the market.

The Status of Grey Market Sites

In a study conducted by IPSOS, which examined Ontario’s regulated igaming market over three years, it was found that illegal gambling sites still maintain a considerable foothold among players in the province. The study revealed that an impressive 83.7% of Ontarians prefer to gamble on regulated sites, showcasing the need for robust regulatory enforcement.

In response to these findings, the AGCO has reached out to over a dozen traditional and digital media platforms, urging them to cease advertising unregulated gambling and sports betting sites like Bodog to residents of Ontario.

The Importance of Combating Illegal Gambling

The AGCO is dedicated to protecting Ontario players and ensuring they have the safest experiences on regulated igaming sites,” stated Dr. Karin Schnarr, Chief Executive Officer and Registrar of the AGCO.

“By refusing to carry advertisements from unregulated and high-risk operators like Bodog, media organisations can demonstrate social responsibility and play a pivotal role in safeguarding Ontarians while supporting Ontario’s regulated market.”

Bodog, operated by Il Nido Inc., has effectively blocked players from Quebec and Nova Scotia from accessing its platform. However, it has been reported to be advertising heavily on various platforms in Ontario, attracting players from the province.

Conclusion: Promoting Responsible Gaming

By taking these actions, broadcasters and digital media companies can help mitigate risks posed by unregulated sites to Ontarians and contribute to the sustainability of Ontario’s regulated igaming market—goals that align with the AGCO’s mission.

As we move forward, it’s crucial for all stakeholders in the gaming industry to prioritise player safety and ensure that the regulations in place are adhered to. The AGCO’s efforts to curb the promotion of illegal gambling platforms not only protect players but also bolster the credibility of the regulated market in Ontario.

Key Takeaways:

• The AGCO is pushing for media platforms to stop advertising unregulated gambling operators.
• Regulated igaming launched in April 2022, dramatically reducing grey market gambling.
• 83.7% of Ontario gamblers prefer regulated platforms, revealing a strong market preference.
• It’s crucial for media organisations to act responsibly in promoting gaming platforms.

Additional Facts:

• Grey market gambling accounted for 70% of online gambling before regulation.
• The AGCO’s deadline for compliance is effective and aims for the safe enjoyment of gambling.
• Bodog is currently advertising heavily in Ontario despite being blocked in other provinces.

In summary, as the gambling landscape continues to evolve, the commitment from regulatory bodies like the AGCO is essential to maintaining a secure environment where players can enjoy gambling responsibly. This call to action underscores the importance of vigilance in promoting only those platforms that adhere to legal standards, ensuring player safety across Ontario.

Chippendales Moves to Third Venue in a Year, Adding to the Thrill of Las Vegas Casinos and Entertainment

When exploring the premier entertainment scene, nothing captures the electric energy of the city quite like the world-class Las Vegas casinos, which serve as the heart of the action. From high-stakes gaming to spectacular shows, the following are the key highlights of the Las Vegas entertainment landscape.

• The Chippendales will be moving to their third theatre this summer.
• The male revue, which has struggled with ticket sales, will transition from its current location at Linq’s Mat Franco Theater.
• The new venue will be Planet Hollywood, significantly smaller in size.

In the whirlwind of Las Vegas entertainment, the Chippendales are on the move again. Having spent less than four months at the Mat Franco Theater at the Linq Hotel, this iconic male revue is gearing up for yet another relocation, this time to Planet Hollywood.

The Chippendales recently transitioned from their long-standing run at Rio, which concluded on New Year’s Eve, to the Linq where they opened on January 17. Unfortunately, ticket sales have been less than stellar. Reports indicated that they often sold fewer than 100 seats out of the 575 available for each performance at the Linq theatre, leading to the cancellation of Sunday matinee shows and the “Chipps & Salsa” brunch package.

Concerns Over Ticket Sales

The challenges facing the Chippendales are not unique to them; the entertainment industry in Las Vegas has seen a general decline in ticket sales due to:

1. Intense competition from superstar residencies.
2. Rival male revues, particularly “Thunder Down Under” and “Magic Mike Live,” which have captured audience attention.
3. Declining international tourism, impacting overall attendance.
4. The ageing of the Chippendales brand itself, impacting its catchiness with younger crowds.

Tickets for the show are not available beyond July 31, although headliner Mat Franco continues to perform, with dates scheduled through the end of the year. The upcoming move to Planet Hollywood will place the show in a venue that only accommodates 250 guests, making it a more intimate setting compared to their previous location.

A Glimpse Into Chippendales’ History

Founded in 1975 by Steve Banerjee, the Chippendales began as a small nightclub in Los Angeles where men were celebrated for their looks. The troupe quickly gained fame in the early ’80s with its now-iconic costume of white cuffs and bowtie, drawing similarities to the Playboy brand. However, the Chippendales faced several hurdles throughout the years:

• Banerjee’s tragic demise following legal troubles reflected the darker side of their fame.
• The brand has been through a series of ownership changes, including a period under Lou Pearlman, infamous for his own legal issues.

Despite these challenges, the Chippendales have maintained a presence in Las Vegas entertainment, evolving over the decades while continuing to charm audiences with their energetic performances.

Moving Forward

The move to Planet Hollywood signifies a new chapter for the Chippendales. With an updated focus and smaller venue, they aim to rekindle interest and increase their ticket sales. The show might be facing stiff competition, but with their storied history and dedicated fan base, they’re more than determined to thrive in the ever-changing landscape of Las Vegas.

In summary, while the Chippendales have encountered numerous obstacles, their adaptability and historical significance in entertainment provide them with a foundation on which they hope to build a successful future in their new home.

From Court to Casino: How the Mohegan Tribe’s WNBA Acquisition Bolsters Their Sports Betting Empire

• Mohegan is said to be shopping the WNBA’s Connecticut Sun
• The Sun have called Connecticut home since 2003
• WNBA team valuations have soared in recent years

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The Mohegan Tribe is reportedly weighing the option of selling its Women’s National Basketball Association (WNBA) franchise, the Connecticut Sun, to rapidly generate much-needed capital. This strategic move reflects the shifting landscape of the sports business, where teams are increasingly viewed through the lens of engagement and the massive growth of sports betting markets. Such a sale comes amidst financial strains following a significant investment in South Korea that did not yield expected returns, forcing the tribe to seek liquidity in a high-stakes economic environment.

Mohegan, the gaming and hospitality arm of the Connecticut Tribe, recently encountered a drop in its credit ratings leading them to explore various options, including bringing on investment bank Allen & Company for this potential sale.

Since relocating to Connecticut in 2003, the Sun have demonstrated competitive spirit, clinching the WNBA Eastern Conference title twice, although they’ve never secured the coveted WNBA Championship title. Notably, they have consistently reached the playoffs over the past eight seasons.

WNBA Valuations Soaring

The franchise initially entered the league when the Mohegan Tribe negotiated a $10 million deal to relocate the team from Orlando. Over time, WNBA franchises have dramatically increased in value, reflective of a growing interest in women’s basketball fueled by recent legislative changes allowing for sports betting.

Factors contributing to this increase include:

• The “Caitlin Clark effect” – a surge in popularity thanks to star players.
• The rising visibility and media interest in women’s sports.
• Legalisation of sports betting across various states, enhancing fan engagement.

As assessed by sources, the Connecticut Sun’s valuation at approximately $80 million places them amongst the lower tier of WNBA teams, just ahead of the Dallas Wings and Atlanta Dream. In contrast, the Las Vegas Aces lead the pack at $140 million.

The Sun plays in a relatively small media market with the lowest attendance figures in the league. Their home games at the 10,000-seat Mohegan Sun Arena average an attendance of around 8,451, significantly lower compared to franchises like the Indiana Fever, which reports over 17,000 fans per game.

Attractive Offering

With ongoing interest in women’s basketball, including prospects for league expansion, the Mohegan Tribe can expect numerous interested buyers. Reports indicate that more than ten groups have expressed interest in acquiring the franchise, reflecting the growing trend towards professional women’s sports.

The average valuation for a WNBA team currently stands at $96 million, especially when contrasted with NBA teams that average nearly $4.7 billion. The market dynamics are shifting rapidly, making this a noteworthy moment for both buyers and sellers in the sports business realm.

As the 2025 WNBA season approaches, eyes will be on the developments concerning the Connecticut Sun and the potential far-reaching impacts on women’s basketball.

In summary, the Mohegan Tribe’s consideration to sell its WNBA franchise represents a critical financial strategy amidst a changing sports landscape. With rising valuations and increased interest in women’s basketball, there will be many eager to explore this opportunity.