Bragg Chief Executive Officer Departs Following Strategic Review

Bragg Gaming Group, the Canadian business-to-business iGaming technology and content supplier, has announced that Richard Carter, the group’s Chief Executive Officer, is leaving the business with immediate effect.

The important announcement comes after the Canadian company’s board announced a strategic review of the business. That review which included an immediate restructuring of the chief executive officer role.

Richard Carter took charge of the Chief Executive Officer position in May 2021. Before this, he was the Chief Executive Officer of SBTech, a sports betting solutions and services provider, until that company merged with DraftKings in April 2020.

The board of directors explained the decision by pointing out that although Bragg Gaming Group recorded “exceptional” revenue over the past year and a half, the improvement was not reflected in its public markets performance. Nevertheless, during this period the company finalized the acquisition of Oryx Gaming Group and Spin Games, boosting its presence on the United States market.

Bragg Gaming’s board also pointed out that other companies are trading at “significantly higher” values, and that was the main reason behind their decision to look for a new chief executive officer.

The Canadian company decided to appoint Paul Godfrey as Chief Executive Officer with immediate effect, until a permanent replacement is appointed. Godfrey was added to the company’s board in January, with the task of elaborating a strategy for the group’s efforts on the Canadian market.

Paul Godfrey is a well-known business leader and politician in Canada. He previously founded media conglomerate Postmedia Network and served as its president and Chief Executive Officer.

He also held the roles of publisher and Chief Executive Officer of Sun Media, president and Chief Executive Officer of the Toronto Blue Jays and chief executive of the Ontario Lottery and Gaming Corporation between 2009 and 2013.

Adam Arviv, the founder of Bragg Gaming Group, will serve as special adviser to the chair and Chief Executive Officer. The new interim CEO said that the company’s technology and content puts it in a great place to take advantage of the North American market potential, but the company will also have to employ the right capital markets strategy in order to translate its improving financial performance into shareholder value.

Source: . iGaming Business. November 16, 2021.