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 shift from aggregation volume to proprietary content.
Our read
- Licensing depth: UKGC, MGA and six of seven US iCasino states, roughly 30 regulated jurisdictions in total.
- 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.
- 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.
- Pricing is on request across every product, with no public rate card, developer docs or sandbox.
- No in-house live casino: live dealer comes from aggregated third-party suppliers.
- Flash Jackpot is operator-funded, with no cross-operator network prize pool.
- New investment goes to owned and exclusive games, not to the aggregation catalog.
- Crypto support stops at payment acceptance via BurraPay, with no crypto-native wallet or provably fair line.
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.
Crypto-first or grey-market casinos, teams that need published pricing and self-service developer docs, and operators that want a pure aggregation specialist rather than a group steering investment toward proprietary content.
Markets & licensing
Bragg holds direct B2B licenses from the UKGC and MGA through to six US iCasino states and both major Canadian provinces, and is licensed, certified or approved in 30+ regulated jurisdictions. The licenses 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
Licensing tier: 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.
As a dual-listed public supplier, Bragg sells only into licensed jurisdictions.
Casino content
Most of any catalog is the same aggregated shelf every competitor can license. What separates providers is whether any of it is their own work, and whose studios are behind it.
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, 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.
Scoped per market, with certification cleared in each regulated jurisdiction before launch.
Products & tools
The Hub is the volume business and the studios are where new investment goes, with Fuze bundled into the Hub and the PAM sold on its own or as the base of a turnkey.
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.
- Slots, table, live casino, instant and scratch content
- 400+ new releases monthly
- 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, with a +74% lift in bets
- AI game recommendations learning per player in real time, with a +45% lift in 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, with a 57% cut in bonus cost
- Big Ticket Bonanza, Fuze Arcade and promo push notifications, platform and provider agnostic across proprietary, aggregated and sportsbook content
Bragg Studios
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
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
- Bonus engine plus affiliate earnings and commission reporting
- Live in the Netherlands and 22 other jurisdictions
- Full turnkey adds managed sportsbook, marketing and operations services
Platform & capabilities
Everything the product does out of the box. If a feature isn't listed, the vendor either doesn't offer it or doesn't say.
Crypto & risk maturity
Crypto support and risk controls are the two capabilities operators check first, so each carries its own grade.
The history
Longevity in this industry usually comes with a change of owner somewhere in 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
A strategic alternatives review runs March to November and ends with the company staying independent. 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
The BetMGM exclusive North America slots deal takes effect in April and the Drayton acquisition is agreed in May. Matt Davey of Tekkorp is slated to become non-executive chairman as founder Matevz Mazij prepares to step down from the board.
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
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Bragg vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| 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 |
Pricing & terms
Bragg quotes pricing per deal. Below is how the model and the terms are structured.
GGR revenue share is the norm for content and aggregation. The legacy BetCity agreement in the Netherlands runs on a fixed fee.
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
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.