Bragg Gaming Group Chief Executive Officer Matevž Mazij has resigned from the company’s board after shareholders voted not to re-elect him at the Toronto-headquartered company’s AGM on Thursday.
Mazij did not receive the required majority of the votes needed to be re-elected and, in accordance with Bragg’s majority voting policy, he has offered to resign. The company said Mazij will continue to serve as a director until either his offer is accepted, a successor is appointed or elected, or until a 90-day grace period is complete.
Shareholders voted 55.67% to 44.33% not to re-elect Mazij, who has led the gaming supplier and aggregator for almost three years.
Meanwhile, directors Holly Gagnon, Mark Clayton, Thomas Winter, Donald Robertson and Aaron Baryoseph were all re-elected.
Bragg hits headwinds
Bragg supplies and develops online casino games in a range of regulated markets, including multiple Canadian provinces, almost all U.S. online casino states, and numerous South American and European countries. It owns several in-house games studios, aggregates content from third parties for operators, offers a player account management system, and provides other solutions.
It has enjoyed major expansion and surging growth in recent years, but things have tailed off recently. Bragg reported Q1 earnings that showed year-over-year quarterly revenue growth of 0.6%, while total U.S. revenue declined 12.1%. The company is also running at a net loss.
That came after the company implemented a large round of layoffs in January, cutting around 12% of its total global workforce. Bragg cited a need to improve its overall cost structure, drive EBITDA growth and shorten the time to achieve sustained net profitability as motivations for the layoffs.
“Given the increasingly complex regulatory compliance requirements, recent tax headwinds across key regions, emerging market opportunities, consolidation in the market and our increased focus on short-term profitability, we needed to take this step now of restructuring the company’s staffing,” said Mazij at the time.
Leadership overhaul and AI focus
The shareholder vote on Mazij’s board position follows several key executive hires at Bragg in 2024 and 2025, including:
- A new Chief Financial Officer
- A new Chief Commercial Officer
- An Executive Vice President of Global Content
- An EVP of AI and Innovation
Most recently, in early March, it brought on former Xtremepush C-suite leader Morten Tonnesen as Chief Operating Officer and named Matt Davey as Non-Executive Chairman of the Board.
Under the evolving leadership, the company has recently cited a desire to become “iGaming’s ‘AI-First’ company”, wherein 90% of new products and more than 75% of operational workflows will be augmented by AI. It also intends to explore establishing a significant presence in the U.S. prediction markets sector.
“We believe Bragg will stand out as the sole B2B provider operating at the convergence of iGaming, sports, and predictions,” said Mazij in March.
