Bragg Gaming Group confirmed another round of layoffs, saying that it will slash roughly a fifth of its current workforce. The move aligns with the company’s AI-First transformation and is expected to save it millions of euros in costs.
The Layoffs Will Affect Roughly 1 in 5 Workers
Bragg Gaming Group is set to part ways with a significant chunk of its team. In a statement released Thursday, the company said that it will let 19% of its global workforce go. This follows an earlier round of layoffs that was announced in January and saw the company reduce its workforce by 12%.
Both layoffs align with Bragg’s increasing reliance on AI and its cost-cutting initiatives. Company officials argued that the latest reduction will streamline Bragg’s business and allow it to become a sustainable, cash-generative business faster.
Company experts estimate that the latest round of layoffs will save Bragg some EUR 6 million a year. This comes on top of the projected EUR 4.5 million in savings associated with January’s layoffs.
The latest layoffs will happen in the second half of the year and are expected to incur roughly EUR 600,000 in termination costs.
Bragg Seeks to Accelerate Its AI-First Transformation
Matevž Mazij, Bragg Gaming’s chief executive officer, commented on the continued transformation of Bragg, saying that the latest set of layoffs continues what the company started earlier this year. He explained:
These measures are designed to deliver focus, discipline, execution and cash generation. By combining a more focused organization with the acceleration of our AI-First transformation, we are structurally improving our costs while continuing to protect the technology, content and people that drive our competitive advantage.
Matevž Mazij, CEO, Bragg Gaming Group
The CEO added that the latest workforce reduction will create a leaner and sharper Bragg that is positioned for further growth.
Mazij thanked everyone affected for their dedication and contribution.
Mazij Stepped Down as Director
In other news, Mazij recently stepped down as a company director amid shareholder backlash. His removal from the board was voted on at Bragg’s latest Annual General Meeting when 55.67% of shareholders agreed not to re-elect him.
Per the announcement, Mazij will continue to serve as a director until his resignation letter is accepted, 90 days from its submission have elapsed, or a new director is appointed.