Key Takeaways
- Bragg Gaming Group CEO Matevž Mazij stepped down on Nov. 6, a week before the Toronto-headquartered iGaming company reports its Q3 results.
- COO Morten Tonnesen took over on an interim basis, eight months after arriving at the company.
- Mazij previously resigned from the company’s board in June after failing to get enough votes to be re-elected.
Toronto-headquartered iGaming supplier Bragg Gaming Group announced a change of CEO on Nov. 6.
Matevž Mazij stepped down as the company’s chief executive after more than three years in the role and will be replaced on an interim basis by COO Morten Tonnesen.
Mazij co-founded Oryx Gaming, which Bragg bought in 2018. He became Bragg’s CEO in 2023 and was also a director of the company from 2021 until he resigned from Bragg’s board of directors this summer after he did not receive the required majority of votes needed to be re-elected at the 2026 AGM.
Mazij will now transition to the role of strategic advisor, which the company confirmed is an advisory position that carries no day-to-day management responsibilities.
“On behalf of the Board, I want to thank Matevž for his service as chief executive officer and for everything he has built at Bragg,” said Bragg Board Chair Matt Davey. “He founded Oryx, successfully merged it into the company, and has led Bragg through a demanding period in the industry. We are pleased that he will continue to contribute his knowledge of the business in his new role.”
COO Tonnesen steps in as interim CEO
Replacing Mazij on an interim basis is Tonnesen, who joined Bragg as COO in March 2026. Tonnesen is the co-founder of sports betting operator BetWarrior, the former chief commercial officer at Shape Games, and ex-chief growth officer at Xtremepush.
Davey said that Tonnesen has the operational experience to guide the board’s focuses, including improving the company’s balance sheet and operating cash flow, as well as continued development and deployment of its technology, content, and services across iGaming and prediction markets.
“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.
“I want to thank Matevž for his support through this transition and for what he has built.”
Shares of Bragg on the Toronto Stock Exchange dropped 26% from US$0.93 on Thursday morning to US$0.69 on Friday morning after the transition announcement.
Mazij leaves after revenue slid, net loss grew in Q2
Bragg will report its third-quarter 2026 financial results and rest-of-year outlook on Nov. 13.
In August, Bragg withdrew its 2026 guidance after Q2 revenue fell 12% and its net loss grew to US$3.3m. CFO Robbie Bressler pointed to pressures such as Brazil’s regulated iGaming shutdown and tax changes in Europe as reasons for the dip. However, in North America, revenue from proprietary content increased 44% year-on-year
Bragg operates in more than 30 regulated markets globally, including Canada’s commercial iGaming provinces of Ontario and Alberta, Quebec via a deal with Loto-Québec, several U.S. states, and more. It supplies proprietary online casino games from its in-house studios to operators, as well as aggregating games from third-party developers, and offering player account management and engagement solutions.
The firm plans to become “iGaming’s ‘AI-First’ company,” with a long-term roadmap to making 90% of new products and more than three-quarters of all operational workflows AI-augmented. The company also announced plans to join the U.S. prediction markets boom and to expand its presence in regulated sports betting, horse racing, and advance deposit wagering (AGW). It bought B2B iGaming firm Drayton International earlier in 2026 for US$9m.
