Bragg Gaming Group has closed its acquisition of Drayton International, stepping up the company’s presence in the US sports betting and horse racing markets.
News of Bragg’s interest in Drayton emerged in May, and now the Toronto-based company has confirmed that it has purchased the company for a consideration of $9m through the issuance of 4.5 million shares.
Through the deal, Bragg said that it will expand its presence in US sports betting markets and gain access to Drayton’s Advance Deposit Wagering (ADW) technology – marking the company’s entry into online horse racing betting.
Matevz Mazij, Chief Executive Officer of Bragg, commented: “Drayton gives Bragg a direct, credible entry into the US Advance Deposit Wagering market, a diversified portfolio of studio equity interests and proprietary distribution infrastructure that materially expands our content scale.”
As a result of the acquisition, Bragg also confirmed that 751,445 subscription receipts purchased at $1.73 each have now been converted into common shares. Meanwhile, the same number of warrants have also been issued, allowing an additional share to be purchased for $2.16 per share.
Board shake-up
Alongside completing the acquisition of Drayton, Bragg has announced that Matt Davey, Founder of the gaming advisory service Tekkorp Capital, will replace Holly Gagnon as the Non-Executive Chair of the company’s Board of Directors.
Meanwhile, Mazij has resigned from the board after failing to receive a majority vote for his re-election at Bragg’s annual general meeting. He will remain as CEO, however.
Davey currently holds a 10% share in the company through Tekkorp, according to Bragg, which described the appointment as coming at a pivotal moment alongside the Drayton acquisition.
“Matt is highly respected throughout our industry and brings deep strategic, operational and governance experience,” said Gagnon, who will continue as a Director of Bragg.
“As we enter this next phase following the transaction, we’re glad to have that experience and perspective on the board as we focus on execution and long-term value for shareholders.”
Reacting to his appointment, Davey emphasised the need for ‘disciplined execution’ to drive balance sheet strength and grow operating cash flow.
At the beginning of the year, Bragg announced a strategic restructuring leading to a 12% reduction in its global workforce, as well as a commitment to take an AI-first approach.
The company said that the restructuring had been put in place to “realign the organisation and thereby improve its overall cost structure, drive its EBITDA growth, and shorten the time required for it to achieve sustained net profitability”.
Bragg reported a net loss of $1.4m in the first quarter of 2026, a 55% improvement compared to the $2.6m net loss recorded during the same period last year. This was despite revenues remaining flat at $29.7m.
