TORONTO – Bragg Gaming Group CEO Matevž Mazij has offered his resignation from the company’s board after shareholders voted against his re‑election at the annual general meeting, the company said Wednesday.
Mazij failed to secure majority support, with 55.7% of votes cast opposing his return to the board. Under Bragg’s majority‑voting policy, directors who do not receive majority backing must tender their resignation. Bragg said Mazij will remain on the board for up to 90 days while a successor is identified or until his resignation takes effect no later than Sept. 16.
The vote marks the latest setback for the Toronto‑based iGaming technology provider, which has faced a year of operational and financial strain. Bragg’s share price has fallen nearly 60% since mid‑2023, dropping from $5.45 in August 2023 to $1.74 this month, following a strategic review that ended without a sale.
The company has also dealt with a cybersecurity breach, two rounds of layoffs in 2026, and the loss of its largest client, Entain’s BetCity. Bragg has seen key departures from its Wild Streak Gaming studio and broader leadership turnover.
Mazij, who became CEO in August 2023, had been under pressure from activist investors, including a 2023 public campaign urging a leadership overhaul and a sale of the business. Bragg later formed a special committee to explore strategic alternatives, but the process concluded without a transaction.
Financial performance has remained sluggish. In its first‑quarter results, Bragg reported revenue up 0.6% year over year but a 12.1% decline in U.S. revenue. The company posted a $1.7 million operating loss for the quarter.
Bragg has sought to stabilize operations through cost‑cutting and new financing, including a $6 million credit facility from the Bank of Montreal in 2025 and a recent acquisition of Drayton International. The company also announced a private placement backed by insiders and gaming executive Matt Davey, who is expected to become non‑executive chairman and hold roughly a 10% stake.
Bragg has promoted an “AI‑first” strategy aimed at transforming its technology stack by 2027, but the long‑term timeline has not eased shareholder frustration.
