Bragg brings in former Bally’s SVP Bressler as interim CFO

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Bressler replaces Ronen Kannor, who resigned as CFO in April to pursue opportunities away from Bragg.

Bressler joined the gambling industry in 2014, working as a controller at The Intertain Group. From here, he went on to become vice-president of finance and corporate controller at Gamesys Group.

After five and a half years with Gamesys, Bressler took on a similar role at Bally’s and completed its acquisition of Gamesys in October 2021. Bressler spent just under a year as senior vice-president of finance for interactive at Bally’s before leaving the business.

From here, he took on the role of CFO at ForumPay in February 2023, serving in the position ever since.

Prior to his time in the gambling industry, Bressler worked in the financial services assurance group at Ernst & Young.

“I am excited to join Bragg at this pivotal time in the company’s growth trajectory,” Bressler said. “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 CEO Matevž Mazij added: “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.”

More changes at Bragg

Bressler joining as interim CFO is the latest senior-level change at Bragg in recent months.

A few weeks after Kannor stepped down, Bragg appointed Neill Whyte as its new chief commercial officer. Whyte joins from Digital Gaming Corporation, where he was CCO until his departure in February.

Lara Falzon also exited her roles as president and chief operating officer of the business late last year. 

Incidentally, Falzon’s exit was announced two months after Mazij was appointed as CEO and chairman. Upon taking charge, Mazij said he planned to initiate growth strategies for Bragg in its existing markets, including North America and Europe.

Bragg continues to mull strategic alternatives

The changes come as Bragg could push forward with a potential sale. In March, Bragg said it was considering strategic alternatives for the business, with a special committee formed to review its options. 

Possibilities being mooted include the sale of the group or its assets, a merger, financing and further acquisitions.

Updating the market when Bragg published its Q1 results last month, Mazij said the group is making “encouraging progress” on the review process. However, he also said it is very much “business as usual” while this work continues.

As for its performance in Q1, the period was somewhat mixed for Bragg. Revenue was 49.9% higher at €23.8m (£20.3m/$25.9m) but higher spending hit bottom line.

Bragg posted a net loss of €2.3m, more than double the €1.0m loss in 2023. In addition, adjusted EBITDA dropped 12.8% to €12.8m for Q1.

However, the business remains upbeat about its prospects for 2024, so much so that it reiterated full-year guidance. Revenue is set to be between €102.0m and €109.0m in 2024, with adjusted EBITDA to range from €15.2m to €18.5m.

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