Bragg taps ex-Bally’s SVP Robbie Bressler as interim CFO

Bressler replaces Ronen Kannor, who resigned in April

Bragg Gaming Group has named Robbie Bressler as its interim chief financial officer (CFO) effective July 1.

Bressler, a former SVP of finance at Bally’s and CFO at ForumPay, will replace Ronen Kannor, who resigned as CFO in April to pursue other opportunities.

Bressler spent more than five years as VP of finance at Gamesys Group before moving to Bally’s and closing the company’s acquisition of his former employer in October 2021. He left Bally’s after less than a year for the C-suite role at ForumPay.

“I am excited to join Bragg at this pivotal time in the company’s growth trajectory,” Bressler said. “Bragg has established itself as a leader in the global gaming technology and content space. I look forward to working with the talented team to continue driving the company’s financial performance and further unlocking shareholder value.”

Bragg CEO Matevž Mazij added that Bressler’s “deep expertise in finance and accounting, coupled with his extensive experience in the gaming industry, make him the ideal person to lead our finance function.”

Bressler’s arrival as interim CFO is Bragg’s latest executive management change. Mazig joined the Toronto-based company as CEO last August and Neill Whyte arrived as new chief commercial officer earlier this spring after leaving the same role at Digital Gaming Corporation.

Strategic review and financial results

Bressler’s interim appointment comes at a time when Bragg is pondering its future.

Although it posted a full-year 2023 revenue increase of 10.4% year over year to $137.6 million CAD in March, it soon became apparent that results were mixed at best.

In the fourth quarter of 2023, Bragg reported dips in overall revenue, gross profit and adjusted EBITDA, although betting revenue rose 18.1%.

The company announced the formation of a special committee to be utilized when the company deems it required or necessary to undertake a review of its strategic alternatives.

Potential actions could include a full or partial sale, a merger, financing, further acquisitions, or other strategic alternatives. Bragg gave no timetable to complete the strategic review process and stressed that no decisions have been made and there’s no guarantee that any major move will be made. Exploring the financial ramifications of potential options will be just one part of Bressler’s remit.

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