Bragg Gaming Group

BRAG

Electronic Gaming & Multimedia · Technology

Price

$1.70

-0.02 (-1.16%)

Market Cap

$43.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+29.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 19.5M (2021) → 25.3M (2025)

Bragg Gaming Group is a technology company that supplies software and content to online casinos and sports betting operators. It provides a platform that delivers casino games, data tools, and player management systems to gambling companies in regulated markets. Bragg does not run its own casino — it sells the technology that other gambling sites use to operate.

The company earns revenue by licensing its platform and content to casino operators, typically through recurring fees tied to player activity. Bragg operates mainly in Europe and North America, with a growing presence in newly regulated U.S. states. Its small market cap and negative operating margin reflect a business still working toward consistent profitability. The key growth driver is U.S. online gambling expansion, as more states legalize iGaming — but the main risk is that larger, better-funded competitors like Everi and IGT could crowd out smaller suppliers in those same markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+32.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

19.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$6M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Bragg Gaming Group grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

37.2%

Modest — 37.2% gross margin

Operating Margin

-5.6%

Losing money on operations — -5.6%

ROCE

-2.2%

Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+34.1%

Fast-growing sales (34.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

9.8%

Modest free cash flow (9.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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