Bragg Gaming has announced that it plans to terminate 19% of its global workforce in an effort to improve the company’s cost structure, which is expected to generate €6...
Bragg Gaming Group has announced the appointment of Matt Davey as non-executive chairman, following the completion of the company’s acquisition of Drayton International.
The appointment comes less than a month after Bragg Gaming CEO Matevž Mazij resigned from the board, and with the latest acquisition of Drayton, the Toronto-listed company aims to further expand into the regulated U.S. sports betting market.
Regarding Davey’s position, he is set to replace Holly Gagnon, who stepped down from the role of chair but will continue to serve as a director on the board. Davey, who’s the founder of Tekkorp Capital, now owns a 10.09% stake in Bragg through Tekkorp.
Holly Gagnon commented:
“Matt is highly respected throughout our industry and brings deep strategic, operational, and governance experience. His track record speaks for itself, but what stands out to me is that he’s not just advising Bragg; he’s now genuinely invested in where we go next.”
Bragg further praised Davey for his experience in the U.S. betting and gaming sectors and a strong record of value creation in the industry.
Matt Davey stated:
“Bragg has built the foundations needed for a powerful platform and distribution business: real content, real technology, and real licenses in highly regulated markets. The next chapter is about disciplined execution: focus, balance sheet strength, operating cash flow, and revenue growth driven by letting the product do the talking. I’ve built businesses through this phase before, and I look forward to supporting the board and management as they do it here.”
With the Drayton acquisition, which cost Bragg $9 million, the company is expected to enter advance deposit wagering (ADW) and receive a portfolio of studio equity interests.
