A significant transition is underway at Bragg Gaming Group (Bragg) as the organization prepares to bid farewell to its Chief Financial Officer (CFO) Ronen Kannor. After a tenure spanning four impactful years, Kannor has announced his decision to step down from his post effective 3rd June, seeking fresh career vistas beyond the perimeter of the company’s operations.
Ronen Kannor’s affiliation with Bragg commenced in May 2020. During his four-year stewardship as CFO, he brought to Bragg his extensive experience from his previous role as group CFO at Stride Gaming Group, where he served for over five-and-a-half years. Kannor’s career landscape prior to his engagement in the gambling sector was marked by influential roles in the property industry. He held the position of CEO at Inspired Real Estate for nearly six years and contributed his expertise to VC Development Group.
With Kannor’s planned departure, Bragg has already initiated the process to locate a successor to take over the CFO responsibilities. The executive’s contributions have been both acknowledged and exalted by his colleagues and peers within the industry. In reflection of his tenure, Kannor expressed his gratitude, commending the Bragg team for steadfastly overcoming challenges while achieving consistent growth. He voiced his commitment to a seamless transition for the new appointee, extending his appreciation to the supporting board at Bragg and rendering special acclaim to his finance team’s unwavering commitment to the company’s financial progression.
Bragg’s CEO and board chair, Matevž Mazij, did not withhold praise for Kannor, lauding him for his dedication and crucial involvement in Bragg’s leadership team. Under Kannor’s financial direction, Bragg experienced remarkable transformation. The company elevated its stock listing to the Toronto Stock Exchange, accomplished a dual listing on NASDAQ, and executed two successful acquisitions. Additionally, Bragg reported successive years of revenue, gross profit, and adjusted EBITDA growth.
Ronnen’s exit announcement comes at a pivotal moment for Bragg, which is exploring a range of strategic alternatives that could significantly reshape the company’s future. Bragg has signaled the possibility of either a complete or partial sale, prompting consideration of other paths such as mergers, new financing arrangements, and further acquisitions. A special committee has been formed to meticulously evaluate these avenues without setting a definitive timeline for the strategic review completion.
In the midst of internal shuffling, Bragg also disclosed its financial results for the year ending 31 December 2023. The past year presented a mixed bag for the business, with a noteworthy 9.8% increase in revenue, rising to €43.6m. This boost is partly credited to new content agreements with prominent industry players like Betsson, 888/William Hill, and PokerStars, and expansions into markets such as Mexico through a partnership with Caliente and Italy with Microgame. While the company fortified its foothold in established territories like the US, UK, Spain, and Switzerland, it faced a hike in expenses across various sectors. Elevated spending ultimately negated the revenue ascent, leading to a widened net loss of €5.0m.
However, the news was not all somber as Bragg reported a 25.6% growth in adjusted EBITDA to €15.2m. As Kannor prepares to turn the page in his career, both he and Bragg are positioned to embrace the impending changes on their respective horizons.
