Matt Davey Takes the Helm at Bragg: A Rescue Mission for the B2B Supplier

The Slovenian B2B supplier Bragg Gaming is entering a pivotal era of transformation. Matt Davey, the founder of Tekkorp Capital and a well-known industry figure, has officially taken over as Chairman of the Board. This move follows Tekkorp’s acquisition of North American B2B firm Drayton International, which resulted in Davey’s investment vehicle holding a 10.09% stake in the company. His appointment comes at a time when Bragg has been struggling with a stagnant share price and a streak of 11 consecutive loss-making quarters, leaving investors wary of the company's future.

Davey, an electrical engineer by training, brings a wealth of financial and operational experience to the table. He believes the public markets have fundamentally undervalued Bragg’s potential, particularly its proprietary content and positioning in the advancing US iGaming sector. While previous leadership faced criticism over a failed strategic review and CEO Matevž Mazij's reduction of his personal stake, Davey intends to provide the necessary leadership to stabilize the shareholder base and clean up the company's market message.

Numbers and facts

Bragg's recent financial history has been marked by difficult but necessary cost-cutting measures. Throughout 2026, the company executed two major waves of redundancies, ultimately shedding 31% of its global workforce. These cuts are expected to yield approximately 10.5 million Euros in annual savings. According to Davey, this right-sizing was essential as the operating cost base had become disconnected from revenue realities, especially after the loss of key client BetCity in 2023 following its acquisition by Entain.

In addition to workforce reduction, Davey is banking on technological innovation to drive top-line growth. The company previously announced a partnership with Golden Whale to develop the “Bragg Brain,” a foundational AI initiative. Davey views AI through two lenses: cost compression in asset and code production, and a deeper analytical understanding of product deployment to maximize revenue. He remains bullish on the North American market, suggesting that the industry should look at the 20% growth rate observed over the last decade as a long-term trend.

"We definitely felt there was an opportunity to really lean in more around the North American focus, particularly around content, and that’s a set of expertise that we can bring to the table." - Matt Davey, Chairman of the Board at Bragg Gaming

Background

The internal atmosphere at Bragg has been tense. Sources indicate that the heavy layoffs have negatively impacted morale, leaving many employees stretched thin. Furthermore, the relationship between management and shareholders reached a breaking point in 2024 when a strategic review aimed at a potential sale ended without a deal. Davey acknowledges these challenges but argues that a company must be fit and healthy to survive in the long run. He suggests that while M&A is often the easy part, the real work lies in making the operations sustainable and efficient.

One of the unique aspects of Bragg’s strategy is its strict adherence to locally regulated markets. Unlike competitors who might operate in unregulated gray zones, Davey sees heavy regulation as a competitive advantage. The scrutiny, taxes, and compliance requirements associated with these markets create a moat that prevents fly-by-night competitors from entering the space. However, this strategy requires a precision-tuned operating model to ensure that the higher costs of compliance do not outpace earnings.

Why it matters for German players

For German players engaging with platforms licensed by the Gemeinsame Glücksspielbehörde der Länder (GGL), Bragg's stability is vital as they provide a significant portion of the slot content and underlying technology for local operators. The German market is one of the most strictly regulated in the world, governed by the GlüStV 2021. Players must adhere to the 1,000 Euro monthly deposit limit and the 1 Euro per spin cap while being monitored by the LUGAS central database.

If Bragg successfully focuses on simplifying its product set, German players might see more reliable and better-integrated game content in the future. However, a pivot toward North America could lead to a slower rollout of localized features if resources are prioritized elsewhere. Nevertheless, Davey’s commitment to regulated jurisdictions suggests that Germany will remain a key part of their roadmap. The use of generative AI in content production could also lead to more diverse gaming experiences specifically designed to meet the technical requirements of German law.

What it means for GGL-licensed casinos

For operators holding a GGL license, the leadership change at Bragg provides a sense of professional oversight during a volatile period. These casinos rely on suppliers who can navigate the complex German whitelist requirements without disruption. The goal of delivering better fundamentals over the next four to five quarters is a positive sign for B2B partners who need long-term stability in their supply chain. As long as Bragg maintains its focus on compliance and simplifies its branding and product strategy, GGL-licensed casinos can expect a more streamlined partnership.