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Bragg confirms departure of CFO Kannor

| By Robert Fletcher
Bragg Gaming Group has announced that Ronen Kannor has resigned from his role as chief financial officer (CFO) of the provider.
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Kannor will officially depart Bragg on 3 June. He is stepping down as CFO to pursue other career opportunities away from the business.

Kannor has served in the role for four years, having joined Bragg in May 2020. Prior to this, he was group CFO at Stride Gaming Group for more than five and a half years.

Before joining the gambling sector, Kannor worked for several businesses in the property industry. These include Inspired Real Estate, where he was CEO for almost six years, and VC Development Group.

Bragg confirmed it has already commenced a search to appointment a replacement CFO.

““It has been an honour to be part of the Bragg team which has successfully navigated many challenges and continued to deliver consistent growth over the past four years,” Kannor said. “I thank the board for their support throughout my time with Bragg. I am now fully focused on ensuring a smooth handover to my successor.

“Special thanks goes to my finance team, who work tirelessly to deliver the positive change and financial growth that the company continues to achieve. I wish them and all of my colleagues continued success with Bragg now and in the future.”

Bragg CEO and board chair Matevž Mazij added: “We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team.

“During his tenure as CFO, the company has undergone huge positive transformation. This includes being uplisted to the Toronto Stock Exchange, dual listed on the Nasdaq and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth. 

“We wish Ronen all the very best in his future endeavours.”

Bragg mulls potential sale

Confirmation of Kannor’s upcoming exit comes at a time of potentially significant change for Bragg,

Last month, the provider announced it is considering several strategic alternatives, including a full or partial sale of the business. Other possible routes for Bragg include a merger, new financing and further acquisitions. 

Bragg has formed a special committee to review these alternatives for the business, with no timetable set to complete the strategic review.

Alongside this, Bragg also published its full-year results for the year to 31 December 2023. There was somewhat mixed news for the business during the year, with the main highlight being a 9.8% rise in revenue to €43.6m (£37.4m/$47.2m).

Bragg hailed the impact of new content deals with several major operators such as Betsson, 888/William Hill and PokerStars. The group also entered new markets through partnerships, including Mexico with Caliente and Italy with Microgame.

Alongside this, Bragg said it continued to grow its presence in existing markets, highlighting the US, UK, Spain and Switzerland.

However, turning to expenses, spending was higher almost across the board. Ultimately, this offset revenue growth, pushing the business to an increased net loss of €5.0m. 

There was, however, some good news in terms of adjusted EBITDA, with this increasing by 25.6% to €15.2m.

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