Bragg Gaming Group has closed its US$9 million acquisition of Drayton International and accepted the board resignation of chief executive Matevž Mazij, two moves the Toronto-based supplier announced on July 22 that reset its boardroom and mark its entry into US horse race wagering.
Mazij keeps the chief executive role but leaves the board after shareholders voted him off it in June. Matt Davey, founder of investment fund Tekkorp Capital and Bragg’s largest disclosed holder, becomes non-executive chairman.
Shareholders forced the board exit
Mazij’s departure from the board follows the June 18 annual general meeting, where 55.67% of votes cast opposed his re-election against 44.33% in favor. Under Bragg’s majority voting policy, a director who fails to secure a majority must tender a resignation. The board accepted it effective July 22.
The outcome leaves Mazij in an unusual position. He remains chief executive, a role he has held since August 2023 after founding predecessor business Oryx Gaming, but no longer sits on the board that oversees him. The company has not named a successor, and the question of who eventually replaces him as CEO is now open.
Holly Gagnon is also stepping aside as board chair. She stays on the board as an independent director.
The reshuffle caps a difficult year for the supplier. Bragg contained a cybersecurity incident in 2025 and on July 9 announced a 19% workforce reduction as part of an AI-focused restructuring, one of a run of staff cuts across the sector this year.
Drayton deal opens US horse racing
The board changes coincide with the completion of the Drayton purchase, first announced as a binding term sheet in May. Bragg paid US$9 million entirely through the issuance of 4,500,000 common shares, with no cash component.
Drayton brings equity interests across a portfolio of licensed gaming studios and proprietary distribution infrastructure. It also gives Bragg its first position in Advance Deposit Wagering (ADW), the regulated online model used to bet on US horse racing, a market the supplier had not previously operated in.
Matevž Mazij, chief executive of Bragg, said:
Drayton gives Bragg a direct, credible entry into the US Advance Deposit Wagering (ADW) market, a diversified portfolio of studio equity interests and proprietary distribution infrastructure that materially expands our content scale.
The deal extends Bragg’s position as a content and platform supplier at a point when the largest B2B gambling suppliers are competing for share in regulated US verticals.
New chairman and fresh financing
Matt Davey takes the chairman seat effective at closing. Through Tekkorp Capital, the gaming-focused investment fund he founded and chairs, Davey holds roughly 10.09% of Bragg’s outstanding shares on a non-diluted basis, making his interests those of a large shareholder as well as chairman.
Matt Davey, non-executive chairman of Bragg, said:
Bragg has built the foundations needed for a powerful platform and distribution business: real content, real technology, and real licences in highly regulated markets. I’ve built businesses through this phase before, and I look forward to supporting the board and management as they do it here.
Bragg used the same announcement to firm up its balance sheet. It converted 751,445 subscription receipts from a prior private placement into common shares and warrants at US$1.73 per receipt, with the warrants exercisable at US$2.16 for 36 months. The company separately renewed its senior credit facility with Bank of Montreal for another year on existing terms.
The reset boardroom, closed acquisition and renewed credit line give Bragg a cleaner platform for the profitability push it has tied to AI and US growth. The immediate test is execution against that plan, with the succession question hanging over a chief executive who now reports to a board he no longer sits on.
Source: Bragg Gaming Group
