Bragg’s Mazij exits as CEO a week before Q3 results as Tonnesen takes interim role

Oryx founder Matevž Mazij has stepped down as chief executive of Bragg Gaming Group, and chief operating officer Morten Tonnesen has become interim CEO. The change comes months after shareholders voted Mazij off the board, and it hands a new leader a supplier with falling revenue and wider losses.

Bragg Gaming Group has replaced its chief executive a week before it reports quarterly results. Matevž Mazij, who founded Oryx Gaming, stepped down on 6 November 2026. Chief operating officer Morten Tonnesen took over as interim CEO the same day. The company did not give a reason for the change.

Mazij becomes a strategic advisor. He will advise the board on strategy and help keep relationships with key stakeholders steady during the handover. He will have no day-to-day management duties. Tonnesen now runs daily operations and reports to the board.

Shareholders had already pushed Mazij off the board

The exit follows a shareholder revolt in June. At the annual general meeting, 6,288,503 votes were cast against Mazij’s re-election as a director. A total of 5,008,342 votes, or 44.33%, backed him. Under Bragg’s majority voting policy, he then offered to resign from the board. He had been a director from February 2021 to July 2026 and chief executive since August 2023. Bragg bought Oryx in 2018.

His consulting agreement paid €485,000, plus a performance award of up to a further 150%, NEXT.io reported from the pre-AGM shareholder filing. Termination without cause would have cost Bragg another year’s fee.

The boardroom had already changed. Matt Davey, founder of Tekkorp Capital, became non-executive chairman on 22 July 2026. That was the day Bragg completed its purchase of Drayton International. The US$9,000,000 deal was paid entirely in 4,500,000 new Bragg shares. Afterwards, Davey held about 10.09% of the common shares through Tekkorp. He replaced Holly Gagnon as chair, and she stayed on as an independent director. Drayton gave Bragg its first business in US advance deposit wagering and added stakes in licensed game studios.

New leadership inherits shrinking revenue and wider losses

Davey said the board had full confidence in Tonnesen. The board will now focus on disciplined execution, a stronger balance sheet, operating cash flow and building and rolling out technology, content and services.

Those priorities follow a weak second quarter. Revenue dropped from €26.1m a year earlier. The net loss widened to €2.9m from €1.8m. Adjusted EBITDA held flat at €3.5m.

The mix matters. Revenue in the Netherlands fell 14% as older platform contracts ended. Revenue from Bragg’s own content in Canada and the US grew 44% year on year. Brazil was flat. The figures are consistent with a business losing legacy European platform income while its proprietary content grows in North America.

Costs offered some relief. The operating loss narrowed to €1.9m from €2.3m. Lower operating costs more than made up for the fall in gross profit.

Tonnesen joined Bragg as chief operating officer in March 2026. His earlier career included six years at PokerStars, and he was one of the founders of BetWarrior, a sportsbook business. He was also chief commercial officer at Shape Games, later sold to Kambi, and chief growth officer at Xtremepush. He now leads a dual-listed supplier with licences in more than 30 regulated markets.

The first test comes quickly. Bragg publishes its third-quarter 2026 results before markets open on Friday 13 November 2026.