TLDR
- Bragg Gaming CEO Matevž Mazij stepped down on Nov. 6 after more than three years in the role.
- COO Morten Tonnesen, who joined in March 2026, is now interim CEO.
- Bragg shares fell 26%, from US$0.93 to US$0.69, after the announcement.
- Mazij lost his board seat in June after failing to win enough votes for re-election.
- Bragg will report its third-quarter results and outlook on Nov. 13.
Shares of Bragg Gaming Group fell 26% after the company said its chief executive was stepping down. The change came one week before the Toronto-based iGaming supplier is set to report third-quarter results.
Bragg stock on the Toronto Stock Exchange dropped from US$0.93 on Thursday morning to US$0.69 on Friday morning. The company announced the leadership change on Nov. 6.
Matevž Mazij left the CEO role after more than three years. Chief Operating Officer Morten Tonnesen will lead the company on an interim basis.
A Second Exit in Five Months
The CEO change follows an earlier setback for Mazij this year. In June, he resigned from Bragg’s board after failing to get the majority of votes needed for re-election at the 2026 annual general meeting.
Mazij had served as a director since 2021. He became CEO in 2023, five years after Bragg bought Oryx Gaming, the company he co-founded.
He will now serve as a strategic advisor. Bragg said the role is advisory only and carries no day-to-day management duties.
Board Chair Matt Davey thanked Mazij for his service. “He founded Oryx, successfully merged it into the company, and has led Bragg through a demanding period in the industry,” Davey said.
Tonnesen joined Bragg as COO in March 2026, about eight months before taking the top job. He co-founded sports betting operator BetWarrior.
He also worked as chief commercial officer at Shape Games and chief growth officer at Xtremepush. Davey said Tonnesen has the operational experience to guide the board’s priorities.
Those priorities include improving the balance sheet and operating cash flow. The board also wants continued work on the company’s technology, content, and services across iGaming and prediction markets.
“My focus is execution, delivering for our operator partners and running a simpler and more focused business,” Tonnesen said. He pointed to Bragg’s technology, proprietary content, and licenses in more than 30 regulated markets.
Weak Second Quarter Led to Withdrawn Guidance
The leadership change follows a difficult few months for the company. In August, Bragg withdrew its 2026 guidance after second-quarter revenue fell 12%.
Its net loss grew to US$3.3 million in the quarter. CFO Robbie Bressler cited a regulated iGaming shutdown in Brazil and tax changes in Europe.
There was some growth in North America. Revenue from proprietary content in the region rose 44% compared with a year earlier.
Bragg supplies online casino games from its own studios and aggregates games from outside developers. It also offers player account management and engagement tools to operators.
Its markets include Ontario and Alberta, Quebec through a deal with Loto-Québec, and several U.S. states. Earlier in 2026, Bragg bought B2B iGaming firm Drayton International for US$9 million.
The company has said it plans to become “iGaming’s ‘AI-First’ company.” Its long-term goal is to make 90% of new products and more than three-quarters of operational workflows AI-augmented.
Bragg has also announced plans to enter U.S. prediction markets. It aims to grow in regulated sports betting, horse racing, and advance deposit wagering.
Bragg will report its third-quarter 2026 results and its outlook for the rest of the year on Nov. 13. It will be the company’s first earnings report with Tonnesen as interim CEO.
