Bragg Gaming Appoints Morten Tonnesen As Interim CEO Following Mazij Departure

Bragg Gaming Group has appointed Morten Tonnesen as interim Chief Executive Officer, effective 6 November 2026, following the departure of Matevž Mazij from the company's executive leadership.

Tonnesen, who joined Bragg as Chief Operating Officer in March, will assume responsibility for day-to-day operations and report directly to the Board of Directors. Mazij will remain involved with the business as a strategic advisor, supporting the board and maintaining relationships with key stakeholders without retaining operational management responsibilities.

The leadership change comes as Bragg seeks to strengthen its financial position following a decline in second-quarter revenue and a period of corporate restructuring. The company has not disclosed a reason for Mazij's departure as CEO, which follows his unsuccessful re-election to the board earlier this year.

Mazij Moves To Advisory Role After Three Years As CEO

Mazij became Bragg's Chief Executive Officer in August 2023, having previously founded Oryx Gaming, the technology business acquired by Bragg in 2018. He also served on the company's board between February 2021 and July 2026, playing a significant role in the supplier's development across regulated international gambling markets.

His departure from the board followed Bragg's annual general meeting on 18 June, when shareholders voted against his re-election as a director. The vote saw 6,288,503 shares, representing 55.67% of votes cast, oppose his appointment, compared with 5,008,342 votes, or 44.33%, in favour. Under Bragg's majority voting policy, Mazij subsequently offered his resignation from the board.

Although the company has not linked that shareholder vote directly to the latest executive changes, the transition places Tonnesen in charge of operations while Mazij continues to provide strategic support.

Bragg Non-Executive Chairman Matt Davey thanked Mazij for his contribution and outlined the company's priorities under its new leadership arrangements.

“The board’s focus for the next phase is on disciplined execution, improving balance sheet strength, operating cash flow, and development and deployment of market leading technology, content and services,” Davey said.

Tonnesen Takes Charge Of Operational Strategy

Tonnesen joined Bragg in March 2026 with responsibility for improving operational efficiency and leading the company's artificial intelligence transformation. His appointment as interim CEO comes just eight months after he assumed the Chief Operating Officer position.

Before joining Bragg, Tonnesen served as Chief Growth Officer at customer engagement technology company Xtremepush and Chief Commercial Officer at Shape Games, which was subsequently acquired by sports betting technology supplier Kambi. He also co-founded sportsbook operator BetWarrior and spent six years at PokerStars, giving him experience across online gambling operations, technology and commercial development.

His immediate responsibilities will include overseeing Bragg's operational performance and implementing the board's priorities as the company continues developing its proprietary gaming content and technology services. Bragg has not announced a timetable for appointing a permanent CEO or confirmed whether Tonnesen will be considered for the position.

The leadership transition also follows changes at board level earlier this year. Davey, founder and Chairman of Tekkorp Capital, became Bragg's Non-Executive Chairman on 22 July, coinciding with the completion of its US$9 million all-share acquisition of Drayton International, a diversified gaming technology and content business.

Financial Performance Remains Under Pressure

Bragg reported second-quarter 2026 revenue of €22.9 million, representing a 12% decline from €26.1 million during the corresponding period last year. The reduction was partly attributed to weaker performance in the Netherlands, where revenue fell 14% as legacy platform contracts expired following customer migrations.

The company recorded a net loss of €2.9 million, compared with €1.8 million a year earlier, although its operating loss narrowed from €2.3 million to €1.9 million as lower operating expenses helped offset reduced gross profit. Adjusted EBITDA remained unchanged at €3.5 million, reflecting the impact of cost controls during a challenging trading period.

Despite the overall revenue decline, Bragg reported stronger performance from proprietary gaming content in North America, with revenue from Canada and the United States increasing 44% year-on-year. Revenue in Brazil remained flat, while the company continued expanding its presence in newly regulated markets.

In July, Bragg launched more than 80 gaming titles in Alberta following the opening of the Canadian province's regulated iGaming market. The expansion added another jurisdiction to the supplier's international footprint, which now covers more than 30 regulated markets.

Bragg's next financial update is scheduled for 13 November, when the Nasdaq and Toronto Stock Exchange-listed company will publish its third-quarter 2026 results before markets open.

The announcement will provide an early indication of whether Bragg's cost reduction measures and expansion in North America are helping offset weaker performance in established European markets. It will also represent the company's first quarterly results presentation following Tonnesen's appointment as interim CEO.