Bragg Gaming CEO Mazij Out as Board Director After AGM Defeat
Posted on: June 19, 2026, 03:30h.
Last updated on: June 19, 2026, 03:30h.
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Bragg Gaming CEO Matevž Mazij offered his resignation after 55.67% of shareholders voted against his board re-election
- Following a strategic review that concluded without a sale, Bragg’s stock plummeted nearly 60% in a year, dropping from $5.45 in August 2023 to $1.74 by June 2026
- The board shakeup follows a cybersecurity breach, two rounds of mass layoffs in 2026, the loss of anchor client Entain BetCity, and significant talent departures from the Wild Streak Gaming design team
Bragg Gaming Group (NASDAQ: BRAG) Chief Executive Officer (CEO) Matevž Mazij has offered his resignation from the company’s board of directors after failing to secure a majority vote from shareholders during the company’s annual general meeting yesterday (June 18) in Toronto.
Shareholders Rebel at the Ballot Box
The news comes amid a challenging period of operational setbacks, mass layoffs, corporate restructuring, and a steep decline in stock price for the iGaming content and technology provider.
At the meeting, a decisive 55.67% of votes cast were against his re-election (6,288,503 opposing votes), compared to just 44.33% (5,008,342 votes) in his favor. Directors Holly Gagnon, Mark Clayton, Thomas Winter, Donald Robertson, and Aaron Baryoseph were all successfully re-elected.
Under Bragg’s Majority Voting Policy, failing to secure a majority requires a director to tender a formal resignation. According to a statement issued by Bragg, Mazij will continue to serve as a director during a transitional period of up to 90 days—until his resignation becomes effective, a successor is appointed or elected, or the window expires on September 16.
Pressure Mounts from Activist Investors
Mazij originally assumed the CEO role in August 2023 with a mandate to stabilize the iGaming provider. The company develops and supplies iGaming content across several Canadian provinces—including a 2025 deal with Loto-Québec—U.S. online casino states, European countries, and celebrated a major entry into Brazil’s regulated market in January 2025.
However, Mazij’s tenure faced immediate, intense pressure from activist investors. In November 2023, investor Jeremy Raper publicly issued a scathing letter demanding an executive overhaul and a full company sale to maximize shareholder value, claiming Bragg had been a “chronic” laggard since its debut on the Nasdaq exchange in August 2021.
Market Value Plummets Following Failed Sale Process
While Bragg eventually formed a special committee to explore a sale, the strategic review concluded empty-handed. The announcement ruling out a sale impacted market sentiment, compounding pressure on the company’s financial valuation. Bragg’s share price has collapsed nearly 60% over the past year; since Mazij took the reins in August 2023 when shares traded at $5.45 (€4.76), the stock has cascaded down to $1.7478 (€1.53) as of June 2026.
In September 2025, Bragg secured a new $6 million (€5.2 million) credit facility with the Bank of Montreal (BMO). This financing was used to fully pay off an outstanding $7 million (€6.1 million) promissory note tied to Wild Streak Gaming’s founder, Doug Fallon, cutting the company’s annualized borrowing costs in half but placing a first-ranking security lien over all corporate assets.
Operational Hurdles and Client Loss Intensify Strain
The shareholder proxy defeat comes on the heels of major operational setbacks that eroded investor confidence over the course of the year. The pressure intensified this past May when Bragg suffered a major financial blow after losing its largest anchor client, Entain’s BetCity.
This strain was quickly worsened by a creative drain when the company lost core development talent and key members of the leadership team behind Wild Streak Gaming, its premium, Las Vegas-based slot studio. While these specialized departures disrupted a vital internal content engine, the corporate entity had only just managed to settle the debt facility attached to Fallon via the BMO loan.
In a bid to stabilize cash flow, leadership turned heavily to aggressive cost-cutting measures. Bragg first cut its global workforce by approximately 12% in January 2026, incurring around $0.9 million (€0.7 million) in termination costs to chase annualized savings of $5.2 million (€4.5 million). That restructuring proved insufficient, culminating in a second round of redundancies this month that saw another 60 employees terminated across the broader business.
Workforce Reductions and Financial Performance
The company has also undergone broader executive restructuring over the past few years, including the hiring of Scott Milford as Executive Vice President in June 2025, Neill Whyte as Chief Commercial Officer in May 2024, and Robbie Bressler as Chief Financial Officer in July 2024.
Milford has since left Bragg, lasting just 12 months in his new role.
Adding to the company’s tumultuous narrative, Bragg had to navigate a severe security scare alongside its corporate restructuring. In August 2025, the company detected a cybersecurity breach targeting its systems. While independent experts were brought in to contain the incident, leadership spent the following month untangling its restrictive liabilities.
In its Q1 2026 financial report, for the three-month period ending March 31, 2026, Bragg reported a year-over-year total revenue increase of just 0.6%, offset by a 12.1% decline in total U.S. revenue. Operating loss for Q1 2026 was USD $1.7 million (€1.48 million), a slight improvement from USD $1.8 million (€1.57 million) in the same period of 2025.
Cash Injection and New Board Leadership
To inject cash and restore governance stability, the company recently acquired gaming technology and content platform Drayton International, while simultaneously announcing a non-brokered private placement of up to 751,445 subscription receipts at US$1.73 (€1.51) per share.
This funding round secured backing from major corporate insiders alongside renowned gaming entrepreneur Matt Davey, the founder of Tekkorp Capital. Upon completion of the deal, Davey is slated to bring his iGaming expertise into the fold by taking over as Non-Executive Chairman of Bragg’s board of directors, controlling roughly a 10% stake in the company.
The Bragg product suite includes casino games developed both in-house and via partner studios, Fuze™ (which tracks players in real-time to reduce churn), Bragg Hub (which aggregates slot and table content), and Bragg PAM (a player account management system for back-end multi-market operations).
Long-Term AI Strategy Fails to Satisfy Restive Investors
The company has stated its intent to become a “fully AI-first” company by 2027, and in January 2026 announced a partnership with Golden Whale Productions to utilize that company’s machine learning and proprietary AI models. The goal is to boost predictive intelligence capabilities on the Bragg PAM platform, automating workflows while delivering more personalized player experiences.
Mazij noted in January 2026 that the technology will help with forecasting key metrics, like predicting revenue potential at 30-day, 60-day, and one-year intervals, and identifying player departure probabilities to optimize retention strategies.
However, with that “AI-First” transformation roadmap not slated to fully mature until 2027, restive shareholders clearly decided they could no longer wait out the current corporate strategy.
Casino.org reached out to Bragg Gaming Group for comment on the transition process, but has yet to receive a response.
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