Bragg Gaming Group CEO steps down ahead of third-quarter results

TORONTO · Bragg Gaming Group has announced a change in leadership just before its third-quarter financial report is due. Matevž Mazij has stepped down as chief executive officer and will take on a strategic advisory role without daily management responsibilities. The Toronto-based iGaming technology supplier has appointed chief operating officer Morten Tonnesen as interim CEO. Tonnesen joined the company in March. The company's third-quarter results for 2026 are scheduled for release this Friday.

Interim CEO Morten Tonnesen has over 17 years of experience leading companies in consumer and business-facing iGaming, sports betting and technology. His background includes co-founding the sports betting operator BetWarrior and a six-year tenure at PokerStars. He also previously served as chief commercial officer at Shape Games, which was later acquired by Kambi. "The quality of what is already here is what makes this a fantastic opportunity," said Tonnesen. "Strong technology, growing proprietary content, and a licensed footprint across more than 30 regulated markets. My focus is execution, delivering for our operator partners and running a simpler and more focused business."

Board chairman Matt Davey outlined the company's current priorities, which are improving operating cash flow, strengthening the balance sheet and executing its technology and content strategy with discipline. Davey was appointed chairman in July after Bragg completed a US$9 million acquisition of Drayton International. The management change occurs during a difficult period for the company, which has seen operational problems, significant layoffs, corporate restructuring and a sharp fall in its share price. Financial results for the second quarter showed revenue fell 12 percent year-over-year to $26.1 million. The net loss for the quarter widened to $3.3 million from $2.1 million in the same period last year.

In August, the company withdrew its financial guidance for the full 2026 year. Mazij's exit follows a vote at the annual general meeting in Toronto this past June, where he resigned from the board after failing to secure a majority of shareholder votes. He had remained as CEO following that meeting. Mazij had been leading the company since August 2023. The company provides a range of casino games, both its own and from third parties, through a content aggregation platform. Its services also include player engagement technology aimed at helping operators retain customers and increase their value over time.