Bragg Gaming Group Appoints Morten Tonnesen as Interim CEO

Bragg Gaming Group announced on November 6, 2026, that chief operating officer Morten Tonnesen had been appointed interim chief executive, effective that day. He assumes responsibility for day-to-day operations and reports to the board, while Matevž Mazij moves from CEO to strategic advisor with immediate effect and no day-to-day management duties.

Tonnesen joined Bragg in March 2026 and has more than 17 years of leadership experience across B2C and B2B iGaming, sports betting and technology. He co-founded and exited sports betting operator BetWarrior and spent six years at PokerStars. His B2B roles included chief commercial officer at Shape Games, which was subsequently sold to Kambi, and chief growth officer at Xtremepush.

Tonnesen described the existing business and his operating priorities: “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.”

Mazij will counsel the board on strategic matters and support continuity with key stakeholders through the transition. He founded Oryx Gaming, which Bragg acquired in 2018, and had served as CEO since August 2023. He also sat on Bragg’s board from February 2021 to July 2026. Board chair Matt Davey thanked Mazij for his service and credited him with leading Bragg through a demanding period for the industry.

Davey set out the requirements for the next phase: “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.”

Cost Pressures and the Drayton Integration

In its second-quarter results, published August 13, 2026, Bragg reported a 12% revenue decline to €22.9 million from €26.1 million a year earlier. Revenue from proprietary content deployed in Canada and the United States grew 44% year over year despite the overall decline. Reduced operating expenses helped narrow the operating loss to €1.9 million from €2.3 million, but net loss widened to €2.9 million from €1.8 million.

Adjusted EBITDA, a non-IFRS measure based on earnings before interest, taxes, depreciation and amortization and adjusted for items including lease-related amounts, share-based compensation and specified transaction and exceptional costs, was €3.5 million, broadly flat year over year. The associated margin, which Bragg calculates as Adjusted EBITDA divided by revenue, rose to 15% from 13%. Bragg attributed the expansion to compensation savings from headcount reductions and a favorable period-over-period change in bad-debt provisions.

Cash and cash equivalents were €3.3 million at June 30, 2026, compared with €6.7 million at December 31, 2025. The cost program was also still expanding. On July 9, 2026, Bragg announced a further reduction of approximately 19% of its global workforce. At the time, the company expected about €6 million in incremental annualized cash savings, bringing total expected annualized savings to approximately €10.5 million together with the restructuring announced on January 8, 2026.

Bragg completed its $9 million all-share acquisition of Drayton International on July 22, 2026, adding an integration task to the restructuring program. It withdrew its previously disclosed standalone 2026 revenue and Adjusted EBITDA guidance in August because integration planning was at an early stage and management did not have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year.

The handover separates daily executive authority from Mazij’s advisory continuity. Tonnesen must now pursue the simpler business he described while integrating Drayton, with lower cash and continuing losses alongside the growth in proprietary-content revenue in Canada and the United States. The practical measure of the new structure is whether it advances the board’s cash-flow and balance-sheet objectives while sustaining the technology and content development that accompanies them.