Bragg Gaming Group brings in Richard Carter as CEO24th March 2021 1:51 pm GMT
Bragg Gaming Group founder Adam Arviv is handing over leadership of the Toronto-listed gaming supplier to former SBTech chief executive Richard Carter.
Arviv remains one of the company’s largest shareholders and was appointed interim CEO by the board of directors last year to address the “underperformance” of the company’s share price.
He subsequently brought in Richard Carter as chairman of the board and led the negotiations and settlement of the ORYX earn-out, and also guided the team in the raise of CAD$58m, including forcing the conversion of all warrants.
With the business now cashflow positive and debt free with a share price of $2.35 per share at yesterday’s close, up from $0.30 at the time of his appointment, Arviv is handing over the CEO role to Carter.
“We’ve made significant progress in our strategic goals over the past months, and Richard is the ideal person to advance our plans - expanding our current market overseas and aggressively moving into the U.S. market,” said Arviv.
“Richard is a recognized authority in the online sports and casino betting industry, with a proven record helping launch SBTech in the U.S. market, before the successful sale of the company to DraftKings. We’re working together to make the necessary adjustments as we transform Bragg into a major player.”
Commenting on his new role, Carter said: “I’m excited to lead Bragg on our mission to become a significant force in the B2B gaming space. “2020 has been a very successful year for the Company and we are well positioned to maintain this momentum into 2021 and beyond. We will continue to grow and broaden the business in our core European markets, while at the same time starting to accelerate our investment and focus on the fast-growing North American iGaming market.
“Now is the right time to break into this market, and we look forward to building our cutting-edge technology, data insights and exclusive casino gaming content to the market.”
Bragg board member Paul Godfrey added: “On behalf of Richard and the other members of the Board of Directors, I would like to thank Adam for his continued commitment to Bragg. As the founder and largest strategic investor in the Company, Adam stepped into the CEO role and led the transformation of Bragg to date. He’s now handing over a company perfectly positioned to win under Richard Carter’s leadership. Adam will continue on in his capacity as chief advisor to the board and CEO.”
Shares in Bragg Gaming Group Inc. (TSE:BRAG) were trading 6.81 per cent higher at CAD$2.51 per share in Toronto Wednesday morning.