Bragg Replaces CEO Mazij With COO Morten Tonnesen a Week Before Q3 Results

Bragg Gaming has moved Matevž Mazij out of the chief executive's job, five months after shareholders voted against his re-election as a director. The new chairman's tests are now the interim CEO's brief, and the first report against them is due on 13 November.

• Bragg Gaming Group appointed Chief Operating Officer Morten Tonnesen interim chief executive on 6 November, and moved Matevž Mazij from CEO to an advisory role with no day-to-day management responsibility
• The Toronto-based supplier gave no reason for the change and did not say whether it is searching for a permanent chief executive
• Shareholders voted 55.67% against Mazij's re-election as a director in June, and he left the board in July, when Matt Davey became chairman on closing the Drayton International deal
• Second-quarter revenue fell 12% to €22.9 million and Bragg withdrew its 2026 guidance, although proprietary content revenue in Canada and the United States grew 44%
• Bragg reports third-quarter results on 13 November, its first since Brazil shut down regulated online betting and gaming

Bragg Moves Mazij to an Advisory Role and Hands Tonnesen the Business

Bragg Gaming Group (Nasdaq and TSX: BRAG) said in a Business Wire release on 6 November that Morten Tonnesen, chief operating officer since March 2026, had been appointed interim chief executive with effect that day, running day-to-day operations and reporting to the board. Matevž Mazij becomes strategic advisor with immediate effect, guiding the board on strategic matters and supporting continuity with key stakeholders. The release says the role "carries no day to day management responsibility".

Mazij founded Oryx Gaming, which Bragg acquired in 2018, and had been chief executive since August 2023. He served on the board from February 2021 to July 2026, the release says. It gives no reason for the change and does not mention a search for a permanent successor.

According to the release, Tonnesen co-founded and exited the sports betting operator BetWarrior, spent six years at PokerStars, and was chief commercial officer at Shape Games, later sold to Kambi, and chief growth officer at Xtremepush. Chairman Matt Davey said the board's focus is "disciplined execution", balance sheet strength, operating cash flow and technology, content and services, and that Tonnesen has "the operational experience to deliver against those tests". Tonnesen said his focus is "execution, delivering for our operator partners and running a simpler and more focused business".

A Shareholder Vote, a Share Deal and a New Chairman

At the annual meeting on 18 June, 6,288,503 votes (55.67%) were cast against Mazij's re-election as a director and 5,008,342 (44.33%) for him, according to Bragg's voting results, and he offered his resignation under the company's majority voting policy. On 22 July Bragg completed its $9.0 million all-share acquisition of Drayton International, and Davey, founder of Tekkorp Capital and previously the builder of NYX Gaming Group, became non-executive chairman with about 10% of the shares.

Bragg's second-quarter release of 13 August reported revenue of €22.9 million, down 12% from €26.1 million. Netherlands revenue fell 14% as legacy platform contracts rolled off, Brazil was flat as some operators moved to direct supplier integrations, and proprietary content in Canada and the United States grew 44%. The net loss widened to €2.9 million from €1.8 million, while Adjusted EBITDA held at €3.5 million, helped by headcount reductions. Bragg withdrew its 2026 guidance, saying it had no reasonable basis to forecast the combined business; on a standalone basis it had been tracking below the low end of the revenue range.

A July cut of about 19% of the workforce, on top of January's restructuring, is expected to save about €10.5 million a year in total. Bragg also went live in Alberta's newly regulated market on 13 July with more than 80 titles. Davey said in that release that the value of Bragg's assets "is not yet reflected in the Company's financial results", and that progress would be "measured in cash generation in the short term".

The Chairman's Agenda Is Now the Company's Agenda

In August Davey set out a sequence: strengthen the balance sheet, simplify the operating model, then invest. The 6 November release restates those priorities, and Tonnesen's "simpler and more focused business" echoes them. With a chairman holding about 10% of the shares and a shareholder base that voted against the chief executive as a director, the change looks board-led, although Bragg has not said so.

An Interim Title Leaves the Strategy Open

Tonnesen has been at Bragg for eight months and, with the chief financial officer and Davey, subscribed to the summer private placement at $1.73 per subscription receipt. NEXT.io reported the shares at $0.82 on 6 November, against $2.11 on 2 January. Without a stated search, the interim title keeps the board's options open: confirming Tonnesen, hiring from outside, or reshaping the company further after Drayton.

13 November Will Show How Much Brazil Costs

With no guidance in place since August, the third-quarter release will be the first test of the board's cash and cost priorities. Brazil was flat in the second quarter, but its regulated online market has since been shut down, and Kambi and Inspired have already pointed to a weaker fourth quarter. North American content growth is the clearest offset Bragg has reported.

Bragg has replaced its chief executive without giving a reason or naming a search. The 13 November results will show whether the board's cost and cash plan has a business strong enough to carry it.