Bragg Review
7.5/10Public content-and-aggregation group (NASDAQ and TSX: BRAG) behind Bragg Hub, a single API to 15,000+ games from 120+ providers, plus three owned studios, the Fuze engagement toolkit and a GLI-certified PAM. Licensed from the UKGC to six US iCasino states, and mid-way through a declared shift from aggregation volume to proprietary content.
Our read
Three owned studios growing 70% YoY in Q4 2025, the Powered By Bragg exclusive program, and a 15,000-title aggregated catalog behind one API. No in-house live casino keeps it off a 9.
One contract and one casino API into the full library, with a back office covering supplier permissions and per-jurisdiction settings. No public docs or sandbox, so everything runs through sales.
UKGC, MGA, six US states, Ontario and BC, backed by ISO/IEC 27001:2022 and a GLI-certified PAM across roughly 30 regulated jurisdictions. Few suppliers this size match it.
Caesars, BetMGM, DraftKings and bet365 are the kind of clients that would normally earn an 8, but EUR 3.4M of cash, layoffs tied to runway and the June 2026 boardroom revolt cap the number at 6.
No public pricing anywhere, and the filings disclose revenue mix rather than rates. Guidance below the prior year adds commercial uncertainty for anyone signing a multi-year deal.
Fuze covers jackpots, tournaments, quests and AI recommendations, and the PAM adds a bonus engine and affiliate reporting. No published SLAs or 24/7 commitment holds it back.
Methodology. Our own score, a weighted average of six dimensions, tilted toward content library and compliance. This grade starts from the May 14, 2026 Q1 earnings call, where the CEO described 'shifting away from low margin aggregation volume' on the same day the filing showed third-party content at 48.9% of revenue, and works outward from that tension. Product and licensing facts were checked against the UKGC public register, SEC filings and Bragg's own pages, and they hold up. The corporate layer (cash, guidance, the June 18 AGM revolt) is what drags the composite down. Scores follow our standard aggregator rubric, weighted toward what an operator can independently verify. Read the full methodology
- Licensing depth most mid-cap rivals lack: UKGC, MGA and six of seven US iCasino states, roughly 30 regulated jurisdictions in total.
- Verifiable tier-1 clients, including a Caesars West Virginia exclusive, an exclusive BetMGM North America slots deal effective April 2026, DraftKings, bet365, Hard Rock and Fanatics.
- 15,000+ games from 120+ providers through one contract and one API, with the Fuze engagement layer built in at no extra integration cost.
- Proprietary content is growing fast: up 70% YoY in Q4 2025, with US proprietary GGR up 270% YoY in Q2 2025 against a market up 31%.
- Owns a GLI-certified PAM and full turnkey stack alongside aggregation, so one vendor can carry wallet, content, promotions and managed services.
- Thin cash position: EUR 3.4M at March 31, 2026, down from EUR 6.7M at year-end, with a 12% workforce cut in January 2026 that management tied to preserving cash runway.
- Shrinking guidance: FY2026 revenue is guided at EUR 97-104.5M, below the EUR 106.1M actually booked in 2025.
- Governance instability: a failed 2024 strategic review, a stock down roughly 60% in a year, and a June 2026 AGM where 55.67% of shareholders voted against the founder-CEO's board seat.
- Strategic ambiguity for aggregation buyers: the CEO is publicly 'shifting away from low margin aggregation volume' while third-party content still made up 48.9% of Q1 2026 revenue, up from 45.0% a year earlier.
- The Netherlands, historically the flagship market, is shrinking, BetCity survives only as a legacy fixed-fee account, and Bragg missed the EGR B2B 2026 Aggregator Platform shortlist entirely.
Regulated operators in the US, Canada, Brazil and Europe that want one certified integration covering a wide third-party library plus exclusive content the tier-1 US brands already run. Also a fit for operators that want a PAM or full turnkey from the same vendor, which most aggregators cannot offer.
Crypto-first or grey-market casinos, teams that need published pricing and self-service developer docs, and anyone unwilling to carry counterparty risk on a supplier with EUR 3.4M of cash, shrinking guidance and an unresolved CEO succession.
Markets & licensing
Bragg holds direct B2B licenses from the UKGC and MGA through to six US iCasino states and both major Canadian provinces, and the group counts itself licensed, certified or approved in 30+ regulated jurisdictions. The register entries sit under the Oryx entities that predate the Bragg brand.
Licensed and live in six of the seven US iCasino states: New Jersey, Pennsylvania, Michigan, Connecticut, Delaware and West Virginia. The state licenses arrived with the 2022 Spin Games acquisition, West Virginia was added in 2025 through an exclusive Caesars Entertainment launch, and Ontario plus British Columbia cover Canada. The pending Drayton acquisition adds horse-racing ADW distribution that is legal in 30+ US states, expected from Q3 2026.
Holds UKGC remote licenses for gambling software and casino game hosting under Oryx Gaming Limited, account 55254, active since November 19, 2021, with a second registration under Oryx razvojne storitve d.o.o., account 55253. UK supply runs through the Malta and Slovenia entities rather than a UK company.
- UK (UKGC)United Kingdom
- Gambling software and casino game host (remote) · Oryx Gaming Limited · acct 55254 · active since Nov 2021 · second entity Oryx razvojne storitve d.o.o., acct 55253
- Malta (MGA)Malta
- B2B critical gaming supply · MGA/B2B/298/2015
- US states (6 of 7 iGaming)United States
- iGaming content supply, licensed and live · US-NJ · US-PA · US-MI · US-CT · US-DE · US-WV · via the 2022 Spin Games acquisition
- Canada (AGCO / GPEB)Canada
- Supplier registrations · Ontario (AGCO) · British Columbia (GPEB/BCLC)
- Romania (ONJN)Romania
- Class II B2B licenses · Licenses 1015 and 1016
- Greece (HGC)Greece
- B2B supplier license · HGC-000052-MN
- Other European and LatAm licensesMultiple
- B2B supply · Sweden (SGA) · Belgium (GC) · Isle of Man (GSC) · Gibraltar (2023) · Bahamas · Peru (MINCETUR, Feb 2024)
Licensing tier: A licensing footprint most mid-cap suppliers cannot match: UKGC, MGA, six live US states and about 30 jurisdictions overall. The Netherlands, Germany, Spain, Italy, Colombia and Brazil are served with certified software under operator licenses rather than local B2B permits.
Brazil went live in January 2025 with roughly a third of licensed operators at launch, including Superbet, Betano and KTO. Finland is next: the SuomiVeto turnkey signed in January 2026 positions Bragg ahead of that market's 2027 liberalization.
No restricted-market list is published. As a dual-listed public supplier, Bragg sells only into licensed jurisdictions.
Casino content
The catalog at a glance: its size, the game types on offer, the jackpot model, and whether the provider builds its own titles or aggregates third-party studios.
From content only, to an operator-configurable platform engine, to a cross-operator network.
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
The Hub is sold as one contract and one casino API: a single integration opens 15,000+ games from 120+ providers, spanning slots, tables, live casino, instant and scratch content. Delivery runs on Bragg's own RGS layer, the Oryx stack in Europe and the Spin Games heritage server in the US, and the back office manages supplier permissions, game categories and per-jurisdiction settings from one screen. Operators that take the PAM get a single omni-channel wallet with a seamless balance across retail and online, while Hub-only clients keep their existing platform and wallet. Fuze ships inside the Hub, so jackpot drops, tournaments and quests work across the whole catalog without extra integration work.
No timeline published. Bragg markets the Hub as giving 'instant access' through one contract and one API, with actual scoping per market and certification.
Products & tools
Bragg sells three things today, the Hub aggregation API, the Fuze engagement layer and its own studios' games, while the declared strategy pulls proprietary-first, away from the aggregation volume the Hub was built on.
Bragg Hub
The aggregation platform inherited from Oryx: one contract and one casino API into 15,000+ games from 120+ providers, with a back office that handles supplier permissions and per-jurisdiction settings, and Fuze built in.
- 15,000+ games from 120+ providers via a single API
- Slots, table, live casino, instant and scratch content
- 400+ new releases monthly (vendor claim)
- Back office with game categories, supplier permissions and per-jurisdiction settings
- Multi-brand dashboard and multi-dimensional reporting
- Two studio partnership models: full service (RGS, licensing, certification) or distribution
Fuze
Bragg's engagement layer, bundled with the Hub: operator-funded Flash Jackpot drops, tournaments with real-time leaderboards, quests, an AI game-recommendation system and player segmentation, all reported in real time.
- Flash Jackpot: self-funded jackpot drops on selected games
- Tournaments with real-time leaderboards, entry rules and prize pools
- Quests and missions (vendor claims +74% bets)
- AI game recommendations learning per player in real time (vendor claims +45% revenue per session)
- Segmentation rules for VIPs, casuals, new and lapsing players
- Real-time reporting on participation, retention and bonus cost against ROI
- Bonus Engine rewards (vendor claims 57% optimization of bonus costs)
- Big Ticket Bonanza, Fuze Arcade and promo push notifications, platform and provider agnostic across proprietary, aggregated and sportsbook content
Bragg Studios & Powered By Bragg
The proprietary side: Wild Streak Gaming, Atomic Slot Lab and Indigo Magic, plus the Powered By Bragg program that distributes exclusive third-party titles from studios like GAMOMAT, King Show Games and Bluberi.
- Three owned studios: Wild Streak Gaming, Atomic Slot Lab, Indigo Magic
- Powered By Bragg exclusives: GAMOMAT, King Show Games, Bluberi, Sega Sammy Creation and more
- Operator exclusives: BetMGM North America slots (Dollars & Dreams) from April 2026, bespoke Caesars and Hard Rock titles
- Proprietary content revenue up 70% YoY in Q4 2025
- US proprietary GGR up 270% YoY in Q2 2025 against a market up 31%
- Pending Drayton deal adds stakes in five studios and 100+ titles
Bragg PAM & Turnkey
A GLI-certified player account management platform with an omni-channel wallet, sold standalone or as the base of a full turnkey with content, Fuze, a managed sportsbook and managed services.
- Omni-channel wallet: unified retail and online balance
- Real-time KYC, fraud prevention and automated responsible gaming
- Automated compliance and risk handled in near real time (vendor claim)
- Bonus engine plus affiliate earnings and commission reporting
- Live in the Netherlands and 22 other jurisdictions per vendor count
- Full turnkey adds managed sportsbook, marketing and operations services
Platform & capabilities
The feature set: what's built in. Capabilities light up when present. Anything not shown isn't offered or isn't disclosed.
Crypto & risk maturity
The two graded capabilities operators check first, pulled out of the matrix.
On the record
The history that matters: the milestones, the scale, the awards, and who runs it.
Oryx Gaming was founded in Ljubljana in 2010 by Matevz Mazij and grew into a turnkey iGaming supplier. Toronto-listed Breaking Data Corp acquired it in December 2018 and renamed itself Bragg Gaming Group. Wild Streak Gaming (2021, $30M) and Spin Games (2022, $25M) added Las Vegas content and the US state licenses, and the group consolidated under the single Bragg brand in September 2022. A pending 2026 deal for Drayton International would add stakes in five more studios and US horse-racing distribution.
Brands & clients on the platform
Corporate
- Oryx Gaming (2018)
- Wild Streak Gaming (2021, $30M)
- Spin Games (2022, $25M)
- Drayton International (2026, ~$9M all-stock, pending close)
Leadership
Milestones
- 2010
Oryx Gaming founded in Ljubljana, Slovenia by Matevz Mazij.
- 2018
Breaking Data Corp acquires Oryx and becomes Bragg Gaming Group, listed in Toronto.
- 2022
Spin Games acquisition closes, bringing US licenses (NJ, PA, MI) and a US RGS. Oryx, Spin Games and Wild Streak consolidate under the Bragg brand. Atomic Slot Lab debuts.
- 2024
Strategic alternatives review (March to November) ends with no sale after the board rejects all bids as below intrinsic value. Delaware becomes the fifth US state via Rush Street Interactive.
- 2025
Live in regulated Brazil from January with about a third of licensed operators. Caesars West Virginia launch makes it six US states. Hard Rock Digital exclusive content deal. Blaze in Brazil takes the full 80-game proprietary and exclusive library in December.
- 2026
12% workforce cut in January tied to cash runway. BetMGM exclusive North America slots deal takes effect in April. Drayton acquisition agreed in May. June AGM votes 55.67% against founder-CEO Mazij's board seat. Insiders and incoming chairman Matt Davey back a US$1.3M private placement tied to the Drayton close in June.
Where they're pushing next
- United States (US proprietary GGR up 270% YoY in Q2 2025)
- Brazil (live since January 2025 with about a third of licensed operators)
- Finland (SuomiVeto turnkey signed January 2026, ahead of 2027 liberalization)
- US horse-racing ADW, legal in 30+ states (pending Drayton close, Q3 2026)
Awards & recognition
Trust signals
The checks an operator runs before signing: incidents, enforcement, ownership, and longevity, from our research.
Bragg vs alternatives
The same attributes, side by side, from our normalized provider set, useful for seeing where this vendor fits against its peers.
| Attribute | Bragg | Fusion (Pariplay) | Light & Wonder |
|---|---|---|---|
| Founded | 2018 | 2010 | 1973 |
| Team | 400+ | 1,800+ | 6,500+ |
| Games | 15,000+ | 14,000+ | 6,500+ |
| Game studios | 120+ | 150+ | 60+ |
| In-house studio | Hybrid | Hybrid | Yes |
| Sportsbook | — | — | No |
| Crypto | — | — | No |
| Licenses | UKGC, MGA, Gibraltar +15 | Gibraltar, MGA, UKGC +12 | UKGC, MGA, US-NJ +14 |
| US market | Available | Available | Available |
| Pricing | On request | On request | On request |
The take: Against Fusion (Pariplay), Bragg brings more of the stack: an owned PAM, turnkey delivery, three studios and six live US states, where Fusion is the purer aggregation play. Against Light & Wonder it is outgunned on scale, and L&W made the EGR B2B 2026 Aggregator Platform shortlist while Bragg did not. Bragg's case is the bundle, exclusive US content deals plus Fuze plus a PAM from a single mid-cap vendor. Its counterparty risk is the highest of the three, so price that into the contract terms.
Pricing & terms
Bragg keeps its numbers off the record: pricing is quoted per deal, under NDA. Below is what's public about the model and terms.
GGR revenue share is the norm for content and aggregation, with rates undisclosed. At least one fixed-fee arrangement exists (the legacy BetCity agreement in the Netherlands). Group gross margin of 55.5% in Q1 2026 implies roughly 45% of revenue flowing out, largely as third-party content royalties, which is why management labels aggregation low margin and pushes proprietary titles.
Pricing on request across all products. As a public company Bragg discloses revenue mix while keeping rates private: aggregated third-party content was 48.9% of Q1 2026 revenue and proprietary content grew 70% YoY in Q4 2025. Turnkey deals (PAM, content, Fuze, managed sportsbook and managed services) are a separate larger commercial track used in the Netherlands, Belgium and Finland. FY2026 guidance is EUR 97-104.5M revenue with EUR 16-19M adjusted EBITDA.
The aggregation deal
Integration path
- 1Contact Bragg's commercial team and scope which pieces you need: Hub aggregation alone, content supply, or the PAM-based turnkey
- 2Sign a single contract covering the library, then agree your market list and per-jurisdiction compliance obligations
- 3Integrate the one casino API against Bragg's RGS (the Oryx stack in Europe, the Spin Games heritage server in the US)
- 4Configure the Hub back office: supplier permissions, game categories and jurisdiction settings per market
- 5Clear certification for each regulated market, leaning on the GLI-certified components and existing state approvals
- 6Pick the content mix across Bragg Studios, Powered By Bragg exclusives and the third-party catalog, switch on Fuze promotions and go live
Support & account management
The service layer operators inherit: availability, the channels support runs on, and language coverage.
Frequently asked
The things operators actually ask before signing.
Is Bragg still an aggregator, or is it moving away from aggregation?+
Both, and that is the tension to price in. Bragg Hub still sells one contract and one casino API into 15,000+ games from 120+ providers, and aggregated third-party content was 48.9% of Q1 2026 revenue, up from 45.0% a year earlier. At the same time the CEO told the Q1 2026 earnings call the company is 'shifting away from low margin aggregation volume and third party content dependency to proprietary-first IP model.' The rail is staying, but new investment is flowing to owned and exclusive games.
Who owns Bragg Gaming Group?+
It is a public company, dual-listed as BRAG on both NASDAQ and the TSX, so ownership is fully disclosed. Governance is in flux: 55.67% of shareholders voted against founder-CEO Matevz Mazij's board re-election at the June 18, 2026 AGM and he has offered to resign from the board. Matt Davey of Tekkorp, who will hold about 10% once the Drayton deal closes, is slated to become non-executive chairman.
Can I use Bragg in the US?+
Yes. Content is licensed and live in six of the seven US iCasino states (New Jersey, Pennsylvania, Michigan, Connecticut, Delaware and West Virginia) plus Ontario and British Columbia in Canada. The pending Drayton acquisition adds advance deposit wagering distribution for horse racing, legal in 30+ states, expected from Q3 2026.
Is Bragg available to UK operators?+
Yes. Oryx Gaming Limited holds a UKGC remote license for gambling software and casino game hosting, account 55254, active since November 2021, with a second registration (account 55253) under the Slovenian entity Oryx razvojne storitve. Both entities also carry the group's ISO/IEC 27001:2022 certification.
How does Bragg charge?+
Nothing is published, so budget for a negotiation. Content and aggregation deals follow the standard GGR revenue-share model with rates set per operator, and at least one legacy fixed-fee agreement exists (BetCity in the Netherlands). The public accounts hint at the economics: group gross margin was 55.5% in Q1 2026, meaning roughly 45% of revenue flows back out, mostly as third-party royalties.
Is Bragg financially healthy?+
Mixed, and worth diligence before a multi-year commitment. FY2025 revenue was EUR 106.1M with EUR 16.6M adjusted EBITDA, but cash stood at just EUR 3.4M on March 31, 2026, FY2026 revenue is guided at EUR 97-104.5M (below 2025), and January 2026 brought a 12% workforce cut that management tied to maintaining cash runway.
Does Bragg support crypto?+
Only at the payments level. A September 2025 partnership with BurraPay adds compliance-first crypto payment acceptance to Bragg PAM and the content delivery stack, aimed at US tribal gaming and regulated markets. There is no crypto-native wallet, no provably-fair content and no on-chain settlement.
Can operators demo Bragg's games before signing?+
Yes, for the proprietary side. Bragg runs a Playground portal at playground.bragg.group where registered users test Bragg-produced RGS titles with unlimited play-money Bragg coins and no real-money deposits. It covers the owned-studio catalog rather than the 15,000-title aggregated library, so evaluating third-party content still goes through the sales team.
How concentrated is Bragg's revenue?+
One account matters, no single market dominates. The Q1 2026 filing shows one customer contributing EUR 4.5M, about 18% of quarterly revenue, with no other client above 10%. By billing geography Malta led at EUR 5.8M, ahead of the Netherlands at EUR 4.5M, Brazil at EUR 2.9M and the US at EUR 2.5M.