Postmedia Chairman Paul Godfrey appointed Interim CEO of Bragg Gaming

Richard Carter stepped down as CEO, effective immediately

Content of the article

Paul Godfrey, President of Postmedia Network and former Managing Director of Sun Media, the Toronto Blue Jays and the Ontario Lottery and Gaming Corporation, has been appointed Interim Managing Director of the Bragg Gaming Group.

Content of the article

In a statement on Monday, Toronto-based Bragg said its board of directors, of which Godfrey is chairman, determined that a search for a new CEO is necessary because the company’s “strong growth” in the in recent quarters has not been reflected in the public. Marlet.

Richard Carter has stepped down as CEO, effective immediately, and founder and former interim CEO Adam Arviv will assume the role of special advisor to the CEO, the company said.

“The board of directors of Bragg Gaming has made the decision to embark on a strategic review of the entire company, including the immediate restructuring of the role of CEO,” the statement said.

Bragg, founded in 2018, offers gaming technology and content, including online, social, and land-based casino games. It has operations in Europe, North America and Latin America, and Godfrey said the opportunity to play in North America is a “game changer” for an industry that is already growing exponentially.

Content of the article

Law was passed in Ontario in August that will allow single-event sports betting in the province. In anticipation of the passage of the Safe and Regulated Sports Betting Act, the Canadian Gaming Association has estimated that Canadians spend approximately $ 4 billion per year on foreign betting. It is estimated that more than double this amount will go to black market betting. By comparison, licensed Canadian sports lottery games like OLG’s Pro-Line are estimated to fetch around $ 500 million per year, according to the gaming association.

“Bragg’s technology and content are well positioned to take advantage of the potential of this new (North American) market,” Godfrey said in a statement, adding that Bragg’s operations have continued to outperform in recent quarters, even though the capital markets strategy has not translated into shareholder value.

“Developing this alignment will be our top priority and absolutely requires a strategic review,” he said.

Previous If your satellite radio stations sound a little different, we've got your number - San Bernardino Sun
Next Kyle Rittenhouse has not lost his right to self-defense