Bragg Has Now Cut Staff Twice in Six Months, While the CEO Leading the Charge Was Voted Off the Board Just Weeks Ago

Key Points

• The July 2026 cuts follow January’s 12% reduction, lifting combined annualised savings to €10.5m; an additional €0.6m in termination costs is expected to land in H2 2026.
• Matevž Mazij stays on as CEO after 55.67% of shareholders rejected his re-election to the board at the 18 June 2026 AGM; his directorship ends after 90 days or when a replacement is named.
• Both rounds of cuts serve Bragg’s AI-First programme targeting 2027; Q1 net loss fell from €1.7m to €0.3m, though the company has not yet crossed into profit.

Six months after its first round of mass redundancies, Bragg Gaming Group has gone further still. The Toronto-based iGaming provider announced on 9 July that a further 19% of its global workforce would be let go, a move projected to produce approximately €6m in annualised cost savings once fully implemented. Set that alongside the €4.5m projected from January and total expected savings reach approximately €10.5m. Termination costs specific to the July round are put at around €0.6m, falling in H2 2026, separate from the expenses already absorbed in the first restructuring.

Two Rounds of Cuts, One Direction

January’s restructuring had a precise set of drivers behind it: rising regulatory complexity, tax strain in several markets, and the need to reach profitability faster. That round removed 12% of the workforce, carried approximately €1m in termination charges, and was projected to save €4.5m annually. Bragg presented it as structural repositioning. July’s announcement reads differently; this is not a course adjustment, it is an acceleration of what was already underway.

Matevž Mazij, CEO at Bragg, said: “We believe that the steps we took at the start of the year were the right ones for the business, and today we are going further. These measures are designed to deliver focus, discipline, execution and cash generation.” The company holds positions across more than 30 regulated markets, the US, Canada, and Europe among them. Its HUB content delivery platform and Fuze gamification toolset remain fully operational through the restructuring.

The AI Strategy That Connects Both Rounds

Neither round of cuts stands on its own. Both are anchored to Bragg’s AI-First programme, which the company has set a 2027 deadline for. The targets are specific: AI-supported products to appear in more than 90% of all launches, with over three-quarters of internal workflows carrying some form of AI involvement. Mazij placed the two together without hesitation: “By combining a more focused organisation with the acceleration of our AI-First transformation, we are structurally improving our costs while continuing to protect the technology, content and people that drive our competitive advantage.” Whether those words survive contact with the results that follow is the question the market will be watching.

Q1 Shows Movement, Not an Arrival

Q1 2026 brought incremental progress rather than a signal that something had broken open. Revenue moved from €25.5m in Q1 2025 to €25.7m, with net loss narrowing from €1.7m to €0.3m over the same period, a direction that is clearly right and still stops short of the profit line. If the combined €10.5m in annualised savings lands as projected, it would shift the company’s cost base with considerably more force than revenue momentum has generated on its own.

Bragg describes both restructurings as groundwork for industry growth and consolidation as iGaming regulation develops across global markets. Mazij added: “The measures announced today build directly on the restructuring we announced in January and move us decisively towards sustained cash generation, leaving Bragg leaner, sharper and well positioned for growth and the market consolidation opportunities we see ahead as the industry further regulates.”

A Share Price That Rose in January and Has Not Recovered Since

Bragg’s January announcement sent the share price climbing by nearly 30% as investors read the cost-cutting move as a signal worth rewarding. The rise did not last. Since that peak, the stock has retreated by approximately 32%, now sitting at C$2.63. The 52-week high of USD$4.78 puts the distance in sharp relief. Whether July’s announcement triggers another short-term response, or manages for the first time to produce something that holds, will become clear quickly.

The CEO Front and Centre, Three Weeks After Losing His Board Seat

Mazij leads the July announcement, but the position he speaks from is not a simple one. At Bragg’s AGM on 18 June 2026, 55.67% of shareholders voted against his re-election to the board of directors. He retains the CEO title; his board resignation takes legal effect 90 days after submission or when a new director is confirmed. Shareholder unease, though, had been accumulating well before the vote.

At some point prior to the AGM, Mazij cut his personal stake in the business from 17.7% to 13.55%, citing “urgent personal financial circumstances”, a decision that drew attention from shareholders already tracking the company’s direction. In August 2025, Bragg confirmed it would miss its own guidance, adding a layer of strain that arrived directly at the AGM. He now sits at the front of the company’s most significant restructuring to date while carrying a mandate that his own shareholder base has, in clear terms, signalled it wants reconsidered. “I want to sincerely thank the colleagues who are leaving Bragg for their dedication and contribution,” he said.

What Bragg Has Been Carrying into These Cuts?

The two restructurings do not exist in isolation. Bragg has been absorbing operational setbacks that give the cost-cutting its full context. Entain’s BetCity, the company’s largest anchor client, pulled off its Player Account Management platform and built its own proprietary technology stack; Wild Streak Gaming, Bragg’s Las Vegas slot studio, has shed developers and senior leadership figures; and in September 2025, Bragg put in place a $6m credit facility with the Bank of Montreal to retire a $7m promissory note tied to Wild Streak founder Doug Fallon.

Not everything has moved against the company. Bragg acquired Drayton International in May 2026 and completed a private placement in June at $1.73 per share. Matt Davey, founder of Tekkorp Capital, provided backing for the round and is expected to take the Non-Executive Chairman role, holding roughly 10% of the business.

What the Numbers and the Noise Add Up To?

Two rounds of major redundancies inside a single calendar year do not suggest smooth sailing. Bragg is compressing cost reduction because it needs to reach cash generation before its operational pressures stack up further. Revenue growth is thin; the net loss is narrowing but not gone; a flagship client has departed; and the CEO leads from a position his own shareholders have complicated. The AI-First strategy has a clear internal logic, yet that logic still needs to produce results before it earns sustained market confidence.

Matt Davey’s backing and the Drayton acquisition need to register in the revenue line, not just in the restructuring narrative. The €10.5m savings figure is meaningful, but it does not fill the gap BetCity’s departure created. Bragg’s H2 2026 results will carry far more weight than any statement made in the months before they arrive.