Bragg Gaming Group, a provider of online gambling content and technology, has appointed Robbie Bressler to the position of interim Chief Financial Officer (CFO), with effect on 1 July.
Bressler succeeds Ronen Kanor who left Bragg in April for other opportunities.
Bressler entered the gambling industry as a controller at The Intertain Group in 2014. He then became vice president of Finance and Corporate Controller at Gamesys Group.
Bressler, who spent five-and-ahalf years at Gamesys before joining Bally’s to take on the same role in October of 2021. Bressler worked for Bally’s as the senior vice president of finance, interactive before leaving.
In February 2023 he was appointed CFO of ForumPay, and has held the post ever since.
Bressler began his career in gambling after working in Ernst & Young’s financial services assurance department.
Bressler stated, “I’m excited to be joining Bragg during this crucial time for the company’s growth trajectory.” Bragg is a global leader in gaming content and technology.
I look forward to continuing to drive the financial performance of the company and unlocking further shareholder value with this talented team.
Matevz Mazij, Bragg’s CEO said: “We welcome Robbie as our interim CFO.” He is the perfect person for the finance department because of his expertise in accounting and finance, as well as gaming experience.
Bragg undergoes more changes
Bressler’s appointment as interim CFO marks the most recent senior-level changes at Bragg.
Few weeks after Kannor stepped aside, Bragg named Neill Whyte its new Chief Commercial Officer. Whyte comes from Digital Gaming Corporation where he served as CCO before his February departure.
Lara Falzon resigned as chief executive officer and president of the company at the end last year.
Falzon was announced to be leaving the company two months after Mazij became CEO and Chairman. Mazij stated that he would implement growth strategies in Bragg’s existing markets including North America, Europe, and Australia.
Bragg is still mulling over strategic options
Bragg may be preparing to sell the company. Bragg announced in March that it would be reviewing strategic options for its business. A special committee was formed to examine the possibilities.
Possible options include selling the assets or the entire group, merging, getting financing, and making more acquisitions.
Mazij, who updated the market last month when Bragg released its Q1 results, said that the group was making “encouraging” progress on the review. He also stated that it’s “business as usual”, while the review process continues.
Bragg’s performance was mixed in the first quarter. The revenue was up 49.9% at EUR23.8m ($25.9m/£20.3m), but the bottom line suffered.
Bragg reported a loss of EUR2.3m in Q1, more than twice the EUR1.0m from 2023. The adjusted EBITDA for the first quarter fell 12.8%, to EUR12.8m.
The business is still optimistic about the prospects of 2024. It has even reiterated its full-year forecast. The revenue is expected to be EUR102.0m-EUR109.0m by 2024. Adjusted EBITDA will range between EUR15.2m and EUR18.5m.
