Bragg Gaming Group has announced a second major round of layoffs in 2026, reducing its global workforce by a further 19% to drive cost efficiencies.
The latest cuts are expected to deliver approximately €6 million in annualised cost savings for the struggling iGaming technology company.
This follows an earlier round of redundancies in January, which targeted a 12% reduction in the company’s global headcount.
Combined, the two restructuring efforts are estimated to generate annualised savings of €10.5 million, though Bragg has acknowledged related costs of around €0.6 million are now expected.
CEO Matevž Mazij commented: “We believe that the steps we took at the start of the year were the right ones for the business, and today we are going further.”
The January restructuring was accompanied by a strategic pivot toward artificial intelligence, with Bragg declaring its ambition to become an “AI-First” company by 2027.
That directive now appears to have been a signal that further organisational changes were on the horizon, as the transformation agenda accelerates.
First quarter results showed only a marginal revenue increase, rising from €25.5 million to €25.7 million, suggesting the business still faces meaningful financial challenges.
Net loss was reduced to €0.3 million in Q1 2026, a notable improvement on the €1.7 million loss recorded in Q1 2025, though the company has not yet returned to profitability.
Mazij framed the latest round of cuts as a direct continuation of the firm’s broader AI-driven transformation strategy heading into the second half of the year.
He added: “The measures announced today build directly on the restructuring we announced in January and move us decisively toward sustained cash generation – leaving Bragg leaner, sharper and well positioned for growth and the market consolidation opportunities we see ahead as the industry further regulates.”
January’s restructuring did produce a short-term boost for Bragg’s share price, with the stock climbing nearly 30% at its highest point following that announcement.
However, that recovery proved short-lived, with shares now sitting at C$2.63, approximately 32% below that post-restructuring peak.
Bragg will be hoping these additional cuts deliver a more sustained and durable improvement in market confidence than the January measures ultimately managed.
Adding complexity to the latest announcement is Mazij’s own leadership position, which has become increasingly uncertain in recent months.
At the company’s AGM on 18 June, shareholders voted not to re-elect him to his board role, with 55.67% voting against his return.
Tensions with shareholders reportedly began building after the company announced in August 2025 that it would miss its financial guidance targets.
Mazij also drew criticism after reducing his personal stake in the business from 17.7% to 13.55%, citing what were described as “urgent personal financial circumstances.”
Despite these significant headwinds, he remains prominently positioned as the public face of Bragg’s restructuring, stating: “By combining a more focused organisation with the acceleration of our AI-First transformation, we are structurally improving our costs while continuing to protect the technology, content and people that drive our competitive advantage.”
