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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.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Bragg Gaming Group Inc is a B2B supplier of online casino content, aggregation and platform technology for regulated operators, offering proprietary games, aggregated third-party titles and analytics-driven platform services. Long-term growth drivers include expansion into regulated jurisdictions, broader operator distribution and continued product development to enlarge its content library and platform capabilities. Investors may find the company attractive for exposure to rising online gambling demand and a scalable, recurring-revenue B2B model.
Primary investment risks are regulatory and licensing uncertainty across jurisdictions, intense competition from larger platform and content providers, and execution risk in expanding distribution and integrating acquisitions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| 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 | -10.08M | -6.70M | -2.93M | -1.93M | -6.69M |
| Net income | -12.80M | -5.15M | -3.84M | -3.48M | -7.51M |
| Selling general administrative | 40.92M | 36.34M | 33.63M | 31.68M | 25.92M |
| Selling and marketing expenses | - | 1.81M | 2.04M | 2.42M | 0.39M |
| Gross profit | 61.35M | 54.05M | 49.94M | 45.08M | 28.32M |
| Reconciled depreciation | 19.43M | 16.89M | 13.07M | 8.45M | 4.80M |
| Ebit | -7.38M | -3.95M | -0.71M | -0.12M | -4.50M |
| Ebitda | 23.26M | 12.95M | 12.36M | 8.34M | 0.30M |
| Depreciation and amortization | 30.63M | 16.89M | 13.07M | 8.45M | 4.80M |
| Operating income | -7.38M | -3.54M | -0.78M | -0.12M | -4.50M |
| Other operating expenses | 174.65M | 105.54M | 94.30M | 84.86M | 62.88M |
| Interest expense | 1.59M | 2.75M | 2.22M | 0.98M | 0.24M |
| Tax provision | 1.73M | -1.55M | 0.91M | 1.56M | 0.83M |
| Interest income | 0.03M | 3.16M | 0.00M | 0.01M | 0.18M |
| Net interest income | -1.14M | -2.75M | -2.22M | -0.97M | -0.18M |
| Extraordinary items | - | - | - | - | 0.00M |
| Income tax expense | 2.72M | -1.55M | 0.91M | 1.56M | 0.83M |
| Total revenue | 167.27M | 102.00M | 93.52M | 84.73M | 58.32M |
| Total operating expenses | 68.73M | 57.59M | 50.72M | 45.21M | 32.88M |
| Cost of revenue | 105.92M | 47.96M | 43.58M | 39.65M | 30.00M |
| Total other income expense net | -2.70M | -3.16M | -2.15M | -1.81M | -2.19M |
| Net income from continuing ops | -8.12M | -5.15M | -3.84M | -3.48M | -7.51M |
| Net income applicable to common shares | - | -5.15M | -3.84M | -3.48M | -7.51M |
| 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 | 159.94M | 106.59M | 103.37M | 104.39M | 83.39M |
| Intangible assets | 48.97M | 35.86M | 38.13M | 41.70M | 30.84M |
| Other current assets | 6.29M | 1.13M | 0.37M | 0.13M | 0.02M |
| Total liab | 59.00M | 33.10M | 33.12M | 34.85M | 17.20M |
| Total stockholder equity | 100.94M | 73.50M | 70.25M | 69.53M | 66.19M |
| Deferred long term liab | - | - | - | 7.31M | 3.77M |
| Other current liab | 33.03M | - | 2.92M | 18.83M | 13.68M |
| Common stock | 215.64M | - | 120.02M | 109.90M | 100.28M |
| Capital stock | 133.95M | 131.73M | 120.02M | 109.90M | 100.28M |
| Retained earnings | -144.02M | -81.21M | -76.06M | -72.23M | -68.74M |
| Other liab | - | - | - | 3.56M | 1.43M |
| Good will | 50.24M | 32.72M | 31.92M | 31.66M | 24.73M |
| Other assets | - | - | - | 7.36M | 3.80M |
| Cash | 10.72M | 10.47M | 8.80M | 11.29M | 16.01M |
| Cash and equivalents | - | - | - | 11.29M | 16.01M |
| Total current liabilities | 52.63M | 29.11M | 27.90M | 24.31M | 15.32M |
| Current deferred revenue | - | - | 16.77M | 0.75M | 0.03M |
| Net debt | 1.52M | - | -5.52M | -3.89M | -15.41M |
| Short term debt | 4.88M | - | 0.71M | 0.40M | 0.15M |
| Short long term debt | 3.51M | 6.58M | - | 0.11M | - |
| Short long term debt total | 12.24M | - | 3.28M | 7.39M | 0.60M |
| Other stockholder equity | 28.45M | - | 23.38M | 27.77M | 32.17M |
| Property plant equipment | - | - | - | 1.24M | 0.83M |
| Total current assets | 51.01M | 33.16M | 29.09M | 29.74M | 26.96M |
| Long term investments | 0.46M | - | - | - | - |
| Net tangible assets | - | - | - | 3.48M | 14.40M |
| Short term investments | - | - | 0.12M | - | - |
| Net receivables | 34.00M | 19.56M | 18.64M | 16.63M | 8.51M |
| Long term debt | - | - | - | 6.65M | - |
| Inventory | - | - | 1.28M | 1.70M | 2.42M |
| Accounts payable | 14.73M | 3.24M | 7.50M | 4.33M | 1.46M |
| Accumulated other comprehensive income | 0.88M | - | 2.92M | 4.09M | 2.48M |
| Non currrent assets other | 0.65M | - | 0.35M | 0.05M | 0.03M |
| Non current assets total | 108.93M | 73.43M | 74.28M | 74.65M | 56.43M |
| Capital lease obligations | 4.09M | 3.70M | 3.28M | 0.64M | 0.60M |
| Long term debt total | - | - | - | 6.99M | 0.45M |
| 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 | - | -13.17M | -9.72M | -16.87M | -23.88M |
| Change to liabilities | - | - | - | 4.67M | -2.77M |
| Total cashflows from investing activities | -24.78M | -13.17M | -9.72M | -16.87M | -23.88M |
| Net borrowings | -3.97M | 4.37M | -4.40M | 7.20M | -0.17M |
| Total cash from financing activities | -6.18M | 3.61M | -4.17M | 7.01M | 12.41M |
| Change to operating activities | - | - | - | -0.57M | -0.94M |
| Net income | -12.80M | -5.15M | -3.84M | -3.48M | -7.51M |
| Change in cash | -4.87M | 1.67M | -2.49M | -4.72M | -10.10M |
| Begin period cash flow | 15.59M | 8.80M | 11.29M | 16.01M | 26.10M |
| End period cash flow | 10.72M | 10.47M | 8.80M | 11.29M | 16.01M |
| Total cash from operating activities | 26.77M | 11.16M | 11.74M | 5.75M | -0.04M |
| Issuance of capital stock | - | - | - | 0.00M | 1.31M |
| Depreciation | 30.63M | 16.89M | 13.07M | 8.45M | 4.80M |
| Other cashflows from investing activities | -0.63M | -12.11M | -9.39M | -8.95M | -2.65M |
| Dividends paid | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Change to inventory | - | - | 2.94M | - | - |
| Change to account receivables | -1.64M | -1.43M | -2.94M | -7.74M | 2.25M |
| Sale purchase of stock | - | 0.36M | 0.44M | 0.01M | 12.76M |
| Other cashflows from financing activities | -2.29M | -0.75M | 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 in working capital | 5.08M | -3.84M | -0.46M | -3.31M | -2.00M |
| Stock based compensation | 1.39M | 0.81M | 2.06M | 3.77M | 4.67M |
| Other non cash items | 4.12M | 4.00M | -0.00M | 0.36M | 0.17M |
| Free cash flow | 26.19M | -2.00M | 2.02M | -2.17M | -3.31M |
Sector: Consumer Cyclical Industry: Gambling
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
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 2.40% |
1.28 | - | 476.19 | 0.66 | 0.70 | 0.42 | 3.14 |
| PBL Pollard Banknote Limited |
0.26 1.59% |
16.61 | 14.36 | 8.94 | 0.83 | 1.32 | 1.07 | 5.66 |
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.
| 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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