Bragg Gaming sees no revenue hit from cyber breach

Summary

Bragg Gaming Group says a cybersecurity incident detected on 16 August has been fully contained. The company reports no customer data was compromised, no operational disruption occurred, and it has seen no negative impact on revenue or profitability. Independent cybersecurity experts assisted the investigation and Bragg has strengthened its defences and reassured operator partners about the security of its titles.

Key Points

The breach was detected on 16 August and has been contained with no indication of personal data loss.
Bragg reports no material impact to revenue or profitability and expects response costs will not be material.
Independent cybersecurity experts were engaged and the company has enhanced its cyber defences.
Bragg has agreed a new $6m financing facility with the Bank of Montreal (BMO), replacing prior debt and cutting borrowing costs by more than half.
The one-year BMO facilities are asset-secured and include covenants: debt-to-EBITDA cap of 2.5x and fixed charge coverage ratio of at least 1.25x.
Borrowing costs under the new facility are expected to range between 5.9% and 7.9%, depending on loan type and leverage.
CEO Matevž Mazij says the deal is a “critical milestone” as Bragg shifts toward higher-quality earnings and margin focus.
The company has realised €2m in annualised cost synergies and targets a 20% adjusted EBITDA margin in H2 2025.
Bragg highlighted recent partnerships (Fanatics, Hard Rock Digital) and new hires in AI and innovation as drivers of long-term profitable growth.
Q2 2025 revenue was €26.1m, up 4.9% year-on-year.

Content summary

Bragg confirmed the incident was contained quickly after detection and that there is no sign of personal information being affected. The firm engaged independent cybersecurity specialists, implemented mitigation steps and strengthened security measures, and communicated assurances to operator partners.

Alongside the security update, Bragg announced a $6m credit facility with BMO to replace previous debt structures. The facility provides flexibility for working capital and corporate needs while materially lowering borrowing costs. Management emphasised the refinancing as part of a strategic pivot to prioritise margin, cash generation and higher-quality earnings, supported by recent cost synergies and strategic partnerships.

Context and Relevance

For investors and iGaming operators, this is a reassuring update: Bragg’s incident did not disrupt operations or revenue and the company has taken steps to shore up security and partner confidence. The refinancing reduces financial pressure and aligns with broader sector trends of focusing on profitability and cost discipline after several years of growth-focused investment. The mention of AI hires and content partnerships signals ongoing product and distribution efforts despite the incident.

Author note

Punchy: Sonja Lindenberg reports that Bragg has contained the breach and is pivoting hard to margin and cash. The combined message — containment plus cheaper debt — positions Bragg as stabilising and executing on its strategy.

Why should I read this?

Short version: if you track Bragg, iGaming suppliers or cyber risk in the sector, this is worth a quick read. It confirms no data loss, no revenue hit, and a refinancing that eases financial pressure — so the company looks stable and focused on profitability rather than just top-line growth.

Source

Source: https://next.io/news/technology/bragg-gaming-no-revenue-hit-cyber-breach/