Bragg Gaming Group named Chief Operating Officer Morten Tonnesen interim CEO on November 6. He takes over as the online casino supplier works to integrate a recent acquisition and improve the cash it generates from operations.
Outgoing CEO Matevž Mazij will advise the board and help maintain relationships during the transition. He will no longer run daily operations. Bragg did not give a reason for the change or name a permanent successor.
Tonnesen Has Worked on Both Sides of the Gambling Business
Tonnesen joined Bragg in March. He previously spent six years at PokerStars and helped found sportsbook operator BetWarrior. He also held a senior commercial role at Shape Games, a software supplier that Kambi later acquired. That experience spans businesses that serve players directly and companies that build the technology those operators use.
Mazij’s connection to Bragg goes back to Oryx Gaming, the technology company he founded and Bragg acquired in 2018. He had been Bragg’s CEO since August 2023.
Cash Flow and the Drayton Integration Are in Focus
Bragg’s second quarter showed why the board is paying attention to cash and costs. Revenue fell 12% from a year earlier to €22.9 million, even as revenue from Bragg’s own games in Canada and the US rose 44%. Growth in that part of the business was not enough to offset declines elsewhere.
Bragg bought gaming technology and content company Drayton International in July for $9 million in shares. It withdrew its full year forecast in August, saying it had too little operating history with the combined business to make a reliable projection. Bragg has listed its next earnings call for November 13, an opportunity for the company to update investors on the integration and the board’s push to improve operating cash flow.
