Bragg Gaming Shaken: CEO Matevž Mazij Steps Down Immediately

Bragg Gaming Group is undergoing a radical transformation at the top of its leadership hierarchy. As the company confirmed on 6 November 2026, Matevž Mazij is stepping down as Chief Executive Officer. This move takes effect immediately, ending Mazij's operational leadership which he held since August 2023. While he will remain with the group as a strategic advisor, official statements clarify that he will no longer have any day-to-day management responsibilities. The news hits the industry at a time when Bragg is grappling with significant economic challenges.

Morten Tonnesen is taking the helm on an interim basis. Tonnesen only joined the business in March 2024 as Chief Operating Officer and brings experience from PokerStars and BetWarrior. He now faces the task of leading a company that has lost massive market value in recent months. Bragg's share price has crashed by about 61 percent since the beginning of the year. While the price per share was at 2.11 US dollars on 2 January, the stock is currently trading at only about 0.82 US dollars.

Numbers and facts

The provider's economic situation is tense. In the second quarter, Bragg reported a 12 percent drop in revenue compared to the previous year. Weak earnings from the Netherlands and flat performance in Brazil particularly pressured the group. Consequently, management withdrew its initial financial guidance for the current year. The company had originally projected revenue between 97 million euros and 104.5 million euros, with adjusted EBITDA between 16 million euros and 19 million euros.

To cut costs, Bragg resorted to drastic measures. In January, the global workforce was reduced by 12 percent, followed by another round of layoffs in July that saw another 19 percent of employees leave. Overall, management hopes to achieve annual savings of around 10.5 million euros through these cuts. Despite these austerity measures, the financial future remains uncertain, as the integration of Drayton International, acquired for 9 million US dollars in July, has not yet brought the desired stability.

Background

Mazij's departure was foreshadowed during the summer. During the Annual General Meeting in June, shareholders voted with a majority of 55.67 percent against his re-election to the board. Mazij, who founded Oryx and successfully integrated it into Bragg, lost the support of investors. Matt Davey, Chairman of Bragg, nevertheless found conciliatory words for the outgoing chief.

„On behalf of the board, I want to thank Matevž for his service as CEO and for everything he has built at the company. 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.“ - Matt Davey, Chairman of Bragg Gaming Group

Morten Tonnesen, now steering the company, is focusing on operational excellence. He emphasized the strength of the existing technology and the footprint in over 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.“ - Morten Tonnesen, Interim CEO of Bragg Gaming Group

Why it matters for German players

For German customers playing at online slot sites featuring titles from Bragg or its subsidiaries like Oryx Gaming, little changes in the short term. The games remain available as long as the respective operator holds a license from the Joint Gambling Authority of the States (GGL). As Bragg acts as a B2B provider, they are strictly bound by the requirements of the Interstate Treaty on Gambling 2021. This includes the 1,000 euro monthly deposit limit via the LUGAS system and the maximum stake of 1 euro per spin on virtual slots. However, the company's financial instability could lead to fewer new game developments for the German market as the focus currently lies on cost savings and restructuring. Players should ensure they only play at providers listed on the official GGL whitelist to maintain legal security.

What it means for GGL-licensed casinos

German casinos with a GGL license often rely on Bragg's stable platform solutions. A change in leadership and the search for strategic alternatives, such as a company sale, could have long-term effects on software maintenance. Casinos must ensure that technical integration continues to meet German requirements for player protection and data transmission to the supervisory authority. Should Bragg indeed be sold, this could lead to consolidation in the supplier market, potentially limiting the selection of independent platform providers for German operators.