In a significant move, Bragg Gaming Group has announced the appointment of Robbie Bressler as its interim Chief Financial Officer (CFO). Bressler steps into the role following the resignation of Ronen Kannor, who left his position in April to pursue other opportunities outside the company. This senior-level change marks a pivotal moment for Bragg, as it navigates through a period of strategic transformations and potential market shifts.
Robbie Bressler is no stranger to the gambling industry, having embarked on his career in this domain back in 2014. His first major role was as a controller at The Intertain Group, which set the stage for his future endeavors in finance within the gaming sector. Subsequently, he moved on to Gamesys Group, where he served as vice-president of finance and corporate controller. His tenure at Gamesys lasted for five and a half years, a period during which he garnered invaluable experience and insights into the gaming industry’s financial operations.
Bressler’s expertise came to the forefront when he took on a similar role at Bally’s Corporation. Notably, he played a crucial role in Bally’s acquisition of Gamesys in October 2021, a landmark deal that underscored his proficiency in managing high-stakes financial transactions. Following the acquisition, Bressler was appointed as senior vice-president of finance for interactive at Bally’s, although his stint lasted just under a year before he decided to leave the company.
In February 2023, Bressler transitioned to ForumPay, where he took on the role of CFO. His time at ForumPay further solidified his reputation as an adept financial leader, capable of steering companies through complex economic landscapes. Before his foray into the gambling industry, Bressler honed his skills at Ernst & Young, working within the financial services assurance group — a foundation that has evidently served him well throughout his career.
Expressing his enthusiasm about joining Bragg, Bressler stated, “I am excited to join Bragg at this pivotal time in the company’s growth trajectory. Bragg has established itself as a leader in the global gaming technology and content space. I look forward to working with the talented team to continue driving the company’s financial performance and further unlocking shareholder value.”
Bragg’s CEO, Matevž Mazij, echoed this sentiment, highlighting Bressler’s extensive experience in both finance and the gaming industry. “We are delighted to welcome Robbie to the Bragg team as interim CFO. His deep expertise in finance and accounting, coupled with his extensive experience in the gaming industry, make him the ideal person to lead our finance function,” Mazij said.
Bressler’s appointment is the latest in a series of senior-level changes at Bragg in recent months. Following Kannor’s departure, Bragg also brought on Neill Whyte as its new Chief Commercial Officer (CCO). Whyte, who joined from Digital Gaming Corporation where he served as CCO until February, is expected to play a key role in driving Bragg’s commercial strategies.
Meanwhile, Lara Falzon, who held dual roles as president and chief operating officer, exited the company late last year. Her departure came just two months after Matevž Mazij assumed the mantle of CEO and chairman.
. Upon his appointment, Mazij articulated a vision to spearhead growth strategies for Bragg, particularly in existing markets such as North America and Europe.
These leadership changes are occurring as Bragg explores strategic alternatives for its business, a process that could potentially lead to significant structural changes. In March, Bragg announced the formation of a special committee to review its options, which include a possible sale of the group or its assets, mergers, new financing opportunities, or further acquisitions.
Updating stakeholders during the Q1 results announcement last month, Mazij mentioned that the company is making “encouraging progress” in its strategic review process. However, he emphasized that while these efforts are ongoing, it remains “business as usual” at Bragg.
In terms of financial performance, Bragg experienced a mixed Q1. Revenue surged by 49.9%, reaching €23.8 million (£20.3 million/$25.9 million), yet higher operational costs contributed to a net loss of €2.3 million, a significant increase from the €1.0 million loss recorded in the previous year. Additionally, adjusted EBITDA saw a decline of 12.8%, dropping to €12.8 million for Q1.
Despite these challenges, Bragg remains optimistic about its prospects for the year ahead, reaffirming its full-year guidance. For 2024, the company projects revenue to be in the range of €102.0 million to €109.0 million, with adjusted EBITDA anticipated to fall between €15.2 million and €18.5 million.
As Bragg continues to navigate through these transformative times, the addition of Robbie Bressler as interim CFO is seen as a strategic move to bolster its financial leadership and support its growth objectives.
