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Bragg Gaming names Richard Carter as new chairman

5th October 2020 7:20 am GMT

Toronto-listed casino games provider Bragg Gaming Group has appointed former SBTech chief executive Richard Carter as non-executive chairman.

Carter will advise and provide support to Bragg interim CEO Adam Arviv on developing a global strategy focused on partnerships with best-in-class brands, continued growth of its organic business, and M&A opportunities.

“Richard is a recognized authority in the online sport betting industry who was heavily involved in the merger between DraftKings and SBTech,” said Arviv. “This appointment fits my mission as interim CEO - to build a championship team that will execute on our plans to expand our current market overseas and to aggressively move into the US market. We continue to be focused on recruiting additional top talent.”

Carter replaces Paul Pathak as chairman, who remains on the board as vice chair and lead director.

“I’m excited to join Adam’s mission to make Bragg a major player in the gaming space,” said Carter. “2020 has been an unbelievably successful year and we are eager to grow the business in the world’s largest gaming market, the US. Now is the right time to break into this market, and my priority is to make those connections that will lead to success.”

Bragg also confirmed that it has amended its agreement with KAVO Holdings, the seller of Oryx Gaming, with the first earn-out payment on the transaction now due on 31 January 2021. The second and final earn-out payment, estimated at €22m, will be converted into common shares by the same date, with the price of conversion set in the range of $0.68 - $0.71 per share for between 45.5m and 47m shares. This remains subject to certain conditions, including the approval of the TSX Venture Exchange.

Pursuant to an investor rights agreement, KAVO will receive nomination rights to appoint up to two additional directors to the Bragg board. In addition, Oryx Gaming managing director Matevž Mazij has been named an observer to the board with immediate effect.

“I am thrilled to remain committed to the company’s people and operations,” said Mazij. “With Adam’s leadership and Richard’s expertise and vitality, I’m enthusiastic about the company’s long-term growth and the continued creation of shareholder value.”

Shares in Bragg Gaming Group Inc (TSX:BRAG) closed at CAD$0.49 per share in Toronto Friday.

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