Toronto-based Bragg Gaming Group, a leading provider of igaming technology and content, announced on July 9 a workforce reduction of 19%, which follows a previous 12% cut made in January.
Bragg Gaming Group of Toronto has declared additional layoffs in its global workforce. (CNW Group/Bragg Gaming Group)
In a statement released today, Bragg indicated that this decision is expected to generate annual cash savings of around USD $6.85 million (€6 million) once fully executed.
This additional savings comes on top of the USD $5.14 million (€4.5 million) in cash conserved from the layoffs announced in January.
Further Workforce Reductions
“We firmly believe the decisions made earlier this year were pivotal for our organization, and today we are taking further steps,” expressed Matevž Mazij, Bragg’s Chief Executive Officer.
“These actions aim to enhance focus, promote discipline, ensure efficient execution, and increase cash flow. By merging a more streamlined organization with the rapid advancement of our AI-First strategy, we are systematically optimizing our costs while safeguarding the technology, content, and talent that provide us with a competitive edge.”
Acceleration of AI Initiatives
This latest announcement arrives at a challenging juncture for Bragg, amidst operational difficulties, a corporate overhaul, and a downturn in stock performance. As of 3:49 p.m. EST today, Bragg's Nasdaq share price stood at USD $1.83 (€1.60), down from its 52-week peak of USD $4.78 (€4.18) per share.
Notably, on June 19, Mazij stepped down from the board of directors after not achieving a majority vote from shareholders during the annual general meeting held on June 18 in Toronto.
Corporate Struggles Mount
Recent challenges include the loss of its primary client, Entain’s BetCity, which switched from Bragg’s Player Account Management (PAM) platform to its own proprietary technology following its acquisition of the Dutch operator in 2023.
Moreover, the company has faced talent loss within the leadership team, particularly impacting Wild Streak Gaming, its premium slot studio based in Las Vegas.
In September 2025, Bragg secured a USD $6 million (€5.2 million) credit line from the Bank of Montreal to clear a USD $7 million (€6.1 million) promissory note associated with Wild Streak Gaming’s founder Doug Fallon.
Leadership Changes Persist
On May 14, Bragg announced its acquisition of gaming technology and content platform Drayton International, followed by a June 1 announcement about a non-brokered private placement offering up to 751,445 subscription receipts at USD $1.73 (€1.51) per share.
This funding has garnered support from significant corporate insiders as well as notable gaming entrepreneur Matt Davey, the founder of Tekkorp Capital. Upon completion of this deal, Davey is expected to infuse his expertise into Bragg as the Non-Executive Chairman, holding a roughly 10% ownership stake in the company.
Capital Raising and Future Growth
“The measures announced today build on the restructuring executed in January and starkly steer us toward sustainable cash generation, making Bragg leaner, sharper, and well-prepared for growth as well as market consolidation opportunities arising from increasing industry regulation,” remarked Mazij.
Bragg Gaming Group provides a comprehensive suite of services including PAM, Bragg HUB, an igaming product delivery solution, and Fuze, an engagement and gamification toolkit.
The company operates across multiple Canadian provinces, the United States, various European nations, and Brazil.
