Bragg Gaming Group reveals plans for restructuring, boosting cash flow, and cutting its workforce by 19%.

Bragg Gaming Group is the latest company in the sector to streamline its workforce, aiming to enhance core operations, concentrate on key businesses, and improve its cash-on-hand balance.

Bragg Gaming Group announced it is implementing further organizational and operational changes to refine its strategic focus and quickly become a cash-generating business. This includes immediately reducing its global workforce by 19%, which is expected to save about €6 million annually once fully enacted. This marks the second time Bragg Gaming Group has reduced its headcount and streamlined operations, with the earlier restructuring projected to save €4.5 million per year. Together, these efforts could achieve savings of up to €10.5 million, according to the company. However, the restructuring will also bring short-term costs of €0.6 million. Despite this, the company believes these changes will result in a leaner and more focused organization.

Commenting on the situation, Matevž Mazij, CEO of Bragg Gaming Group, discussed the current developments and their necessity. We believe the actions we took at the beginning of the year were right for the business, and now we're taking things further. These measures are intended to enhance focus, discipline, execution, and cash generation. By developing a more streamlined organization and advancing our AI-First transformation, we're effectively managing costs while safeguarding the technology, content, and people that give us our competitive edge. Mazij reiterated that the latest restructuring is meant to build on the actions taken in January, moving the company closer to its goal of sustained cash generation.