Toronto-based iGaming technology supplier Bragg Gaming Group has announced a management shakeup days before it is scheduled to release its third-quarter financial results, with Matevž Mazij stepping down as chief executive officer.
Morten Tonnesen has been named interim CEO, as Bragg prepares for the release of its Q3 financial results this Friday. (CNW Group/Bragg Gaming Group)
Bragg announced that chief operating officer Morten Tonnesen, who joined the company in March, has been appointed interim CEO.
Tonnesen Takes Over Interim Leadership
Tonnesen brings more than 17 years of leadership experience across B2C and B2B iGaming, sports betting and technology. In B2C, he co-founded sports betting operator BetWarrior and spent six years at PokerStars. In B2B, he served as chief commercial officer at Shape Games, which was later sold to Kambi.
“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.”
Financial Pressures Mount at Bragg
Board chairman Matt Davey, appointed in July following Bragg’s US$9 million acquisition of Drayton International, said the company’s priorities include improving operating cash flow, strengthening its balance sheet and maintaining disciplined execution of its technology and content strategy.
The company is scheduled to report its Q3 2026 financial results this Friday (Nov. 13). Mazij, who has led Bragg since August 2023, will move into a strategic advisory role with no day-to-day management responsibilities.
The news comes amid a challenging period of operational setbacks, mass layoffs, corporate restructuring and a steep decline in stock price.
Shareholder Vote Preceded CEO Departure
The company reported a 12% year-on-year decline in second-quarter revenue to $26.1 million, while its net loss widened to $3.3 million from $2.1 million in Q2 2025.
The company also withdrew its full-year 2026 financial guidance in August.
Mazij’s departure follows a shareholder vote at an annual general meeting in June in Toronto, which saw Mazij resign from the company’s board of directors after failing to secure a majority, although he remained CEO.
Bragg offers a portfolio of proprietary and third-party casino games, along with a content aggregation platform that provides operators access to games through a single integration.
Its technology includes player engagement tools designed to improve retention and maximize customer lifetime value for operators.
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