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Bragg Gaming Group, which supplies online casino games to Fanatics Casino, FanDuel Casino, Caesars Palace Casino, and Golden Nugget Casino in Michigan, recorded strong growth from its proprietary content in the US and Canada during the second quarter.
Revenue from Bragg-owned content deployed across the two countries increased 44% from a year earlier and 25% from the first quarter of 2026, even as the company’s total revenue declined and it withdrew its full-year guidance.
Bragg did not break the growth down by country, state, or operator, making it unclear how much came from the Michigan online casino market.
Bragg works with several Michigan online casinos
Bragg’s July 2025 launch with Fanatics Casino gave players access to its full catalog, including titles from Atomic Slot Lab, Wild Streak Gaming, and Indigo Magic.
The games are delivered through Bragg’s remote gaming server and Bragg HUB platform, which allow operators to add content from Bragg’s in-house studios and third-party studio partners through one integration.
Fanatics was not Bragg’s first Michigan casino partner. The supplier launched its content and remote gaming server technology with Caesars Palace Casino in 2022 and FanDuel Casino in 2023 before expanding through Golden Nugget Online Casino in 2024.
The Golden Nugget launch added titles such as Cai Fu Emperor Ways, Egyptian Magic, and Bluberi’s Devil’s Lock, giving Bragg another distribution channel in Michigan.
Growth fails to offset declines elsewhere
Despite the North American content growth, Bragg’s total revenue declined during the quarter.
The company reported second-quarter revenue of approximately $26.1 million, down 12% from a year earlier. Bragg attributed part of the decline to a 14% drop in the Netherlands as legacy platform contracts ended following customer migrations. Revenue in Brazil remained flat as some operators moved to direct integrations with game suppliers.
Adjusted EBITDA remained flat, while the adjusted EBITDA margin rose from 13% to 15%. Bragg said reduced compensation costs following headcount cuts and a favorable change in bad-debt provisions helped offset the effect of lower revenue.
Its operating loss narrowed, but its net loss widened.
Bragg withdraws 2026 guidance
Bragg withdrew its full-year outlook after completing its $9 million all-stock acquisition of Drayton International on July 22.
The company said the previous forecast covered Bragg as a standalone business and that it lacked enough operating history to provide a reliable projection for the combined company while integration planning remained in its early stages.
Even before accounting for Drayton, Bragg said it had been tracking below the low end of its projected revenue range and at the low end of its adjusted EBITDA range. Its adjusted EBITDA margin was tracking near the upper end of the forecast.
Bragg also announced a reduction of approximately 19% in its global workforce.
Bragg said integrating Drayton, aligning the companies’ content and technology plans, and establishing a lower operating cost base would be its priorities for the remainder of the year.
