Document:

Exhibit 4.8

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

		Item 1.	Name
                                            and Address of Company

 

Bragg Gaming Group Inc. (the "Corporation")

100 King Street West, Suite 3400

Toronto, Ontario

M5X 1A4

 

		Item 2.	Date of Material Change

 

January 20, 2021

 

		Item 3.	News Release

 

A news release with respect to the material
change referred to in this report was issued by the Corporation on January 20, 2021 through Globe Newswire and filed on the system for
electronic document analysis and retrieval ("SEDAR") at www.sedar.com under the Corporation's profile.

 

		Item 4.	Summary of Material Change

 

On January 20, 2021, the Corporation announced
that it has satisfied its earn-out payment obligations owed to K.A.V.O. Holdings Limited, as vendor (the "KAVO"), further
to its news releases of September 30, 2020, November 7, 2020, and November 18, 2020 (the "Transaction").

 

Immediately prior to the completion of
the Transaction, Matevž Mazij had beneficial ownership of and exercised control or direction over 1.49 per cent of the issued and
outstanding Common Shares. Following the completion of the Transaction, Matevž Mazij became a "control person" of the Corporation,
and exercise control or direction over 27.02 per cent of the outstanding Common Shares on a non-diluted basis.

 

		Item 5.	Full Description
                                            of Material Change

 

		Item 5.1	Full Description of Material Change

 

The full description of the material change
was set out in material change reports of the Corporation dated November 11, 2020 and November 13, 2020. The common shares of the Corporation
issued to satisfy the second earn-out payment is subject to a statutory 4-month hold period.

 

On January 22, 2021, Matevž Mazij
filed an early warning report under the SEDAR profile of the Company at www.sedar.com.

 

     

     

    

 

		Item 5.2	Disclosure for Restructuring Transactions

 

N/A

 

		Item 6.	Reliance on Subsection 7.1(2) of National Instrument 51-102

 

N/A

 

		Item 7.	Omitted Information

 

N/A

 

		Item 8.	Executive Officer

 

For further information, please contact
Yaniv Spielberg, CSO, Bragg Gaming Group Inc., Phone: 1-647-800-2282, Email: info@bragg.games.

 

		Item 9.	Date of Report

 

January 25, 2021Exhibit 4.9

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

		Item 1.	Name and Address of Company

 

Bragg Gaming Group Inc. (the
 "Corporation")

100 King Street West, Suite 3400

 Toronto, Ontario

M5X 1A4

 

		Item 2.	Date of Material Change

 

March 24, 2021

 

		Item 3.	News Release

 

A
news release with respect to the material change referred to in this report was issued by the Corporation on March 24, 2021 through
Globe Newswire and filed on the system for electronic document analysis and retrieval ("SEDAR") at www.sedar.com
under the Corporation's profile.

 

		Item 4.	Summary of Material Change

 

The Corporation's board of directors ("Board")
appointed Richard Carter as the Corporation's new Chief Executive Officer, effective May 1, 2021.

 

		Item 5.	Full
Description of Material Change

 

		Item 5.1	Full Description of Material Change

 

The Board appointed Richard Carter as
the Corporation's new Chief Executive Officer, effective May 1, 2021. Mr. Carter will succeed Adam Arviv, the Corporation's
Interim Chief Executive Officer. Mr. Arviv will continue to serve as an adviser to the new Chief Executive Officer and the Board.

 

		Item 5.2	Disclosure for Restructuring Transactions

 

N/A

 

		Item 6.	Reliance on Subsection 7.1(2) of National Instrument 51-102

 

N/A

 

		Item 7.	Omitted Information

 

N/A

 

     

     

    

 

		Item 8.	Executive Officer

 

For
further information, please contact Yaniv Spielberg, CSO, Bragg Gaming Group Inc., Phone: 1-647-800-2282, Email: info@bragg.games.

 

		Item 9.	Date of Report

 

April 5, 2021Exhibit 4.10

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

	Item 1.	Name and Address of Company

 

Bragg Gaming Group Inc. (the "Corporation")

100 King Street West, Suite 3400

Toronto, Ontario

M5X 1A4

 

	Item 2.	Date of Material Change

 

April 29, 2021

 

	Item 3.	News Release

 

A news release with respect to the material
change referred to in this report was issued by the Corporation on April 30, 2021 through Globe Newswire and filed on the system for electronic
document analysis and retrieval ("SEDAR") at www.sedar.com under the Corporation's profile.

 

	Item 4.	Summary of Material Change

 

On April 29, 2021 the Corporation completed
its previously announced 1-for-10 consolidation (the "Consolidation") of its common shares (the "Common Shares").

 

	Item 5.	Full Description of Material Change

 

	Item 5.1	Full Description of Material Change

 

The Corporation consolidated its outstanding
Common Shares on the basis of one post-Consolidation Common Share for every ten pre-Consolidation Common Shares (1-for-10). The Common
Shares will begin trading on a post-consolidation basis on the TSX at the open of markets on May 5, 2021 under the same trading symbol.

 

Letters of transmittal will be mailed
to registered shareholders on May 3, 2021 providing instructions to surrender the certificates or DRS advices evidencing their Common
Shares to the Corporation's transfer agent, Computershare Investor Services Inc. ("Computershare"). Copies of the letters
of transmittal are available by request to Computershare at 1-800-564-6253 or corporateactions@computershare.com.

 

     

     

    

  

	Item 5.2	Disclosure for Restructuring Transactions

 

N/A

 

	Item 6.	Reliance on Subsection 7.1(2) of National Instrument 51-102

 

N/A

 

	Item 7.	Omitted Information

 

N/A

 

	Item 8.	Executive Officer

 

For further information, please contact
Yaniv Spielberg, CSO, Bragg Gaming Group Inc., Phone: 1-647-800-2282, Email: info@bragg.games.

 

	Item 9.	Date of Report

 

April 30, 2021Exhibit 4.11

 

FORM 51-102F3

 

MATERIAL CHANGE REPORT

 

		Item 1.	Name and Address of Company

 

Bragg Gaming Group Inc. (the “Corporation”)

100 King Street West, Suite 3400

Toronto, Ontario

M5X 1A4

 

		Item 2.	Date of Material Change

 

May 11, 2021

 

		Item 3.	News Release

 

A
news release with respect to the material change referred to in this report was issued by the Corporation on May 12, 2021 through
Globe Newswire and filed on the system for electronic document analysis and retrieval (SEDAR) at www.sedar.com under the Corporation’s
profile.

 

		Item 4.	Summary of Material Change

 

The Corporation entered into a definitive
membership interest purchase agreement dated May 11, 2021 (“MIPA”) with Spin Games LLC (“Spin”),
a Reno, Nevada based B2B gaming technology and content provider to purchase 100% of the membership interests of Spin (“Transaction”).
Under the terms of the MIPA, the Corporation has agreed to pay a purchase price consisting of: (i) US$10 million in cash; and (ii) US$20
million in common shares in the capital of the Corporation (“Common Shares”), of which US$5 million worth of Common
Shares will be payable on closing and US$5 million worth of Common Shares will be payable on each of the next three anniversaries of the
closing date of the Transaction (collectively, the “Purchase Price”). The Purchase Price is subject to closing and
post-closing adjustments. The Transaction is subject to customary closing conditions, including final approval of the Toronto Stock Exchange
and required regulatory approvals.

 

		Item 5.	Full
Description of Material Change

 

		Item 5.1	Full Description
                                            of Material Change

 

On May 12, 2021, the Corporation
announced that it had entered into the MIPA with Spin to purchase 100% of the membership interests of Spin.

 

Based in Reno, Nevada, with over 30
employees, Spin is a B2B gaming technology and content provider currently servicing the US market. Spin, will provide the
Corporation with immediate technical, product, regulatory and compliance know- how specific to the US market. Spin’s founder,
Kent Young, who brings over 30 years of gaming sector executive experience, will immediately join the Corporation as President
 – Americas and will play a key role in the Corporation’s US growth strategy.

 

     

     

    

 

The Transaction offers a compelling strategic
and financial rationale and is consistent with the Corporation’s previously announced strategy to diversify its revenue from European
markets and grow its US operations to capitalize on the growing US and Canadian online casino markets. The Transaction, upon completion,
serves to immediately establish the Corporation’s US operating footprint setting the foundation for the Corporation’s growth
strategy in the region.

 

As a result of the Transaction, the Corporation
expects to gain access to key strategic operator relationships in the US including BetMGM / Roar Digital, Caesars, FanDuel, Golden Nugget,
Hard Rock, DraftKings, TwinSpires, Penn National Gaming, Resorts, Parx, Rush Street Interactive, Unibet and WynnBet. The Corporation intends
to leverage these key operator relationships to cross-sell its existing casino content currently live in European markets while continuing
to develop its US-centric content creation. Spin’s remote gaming server and casino content are fully licensed and distributed in
New Jersey, Pennsylvania, Michigan, and is licensed, but with deployment pending, in British Columbia. In British Columbia, Spin has entered
into an online services agreement with the British Columbia Lottery Corporation, and is fully licensed, under the supplier registration,
by the British Columbia Gaming Policy and Enforcement Branch. Deployment in British Columbia is pending technical integration, which is
in the process of being implemented with Scientific Games Corporation, the platform provider

 

Upon completion of the Transaction, the
combined offering of Spin and the Corporation’s wholly owned subsidiary, ORYX Gaming (“Oryx”), will position
the Corporation to deliver an enhanced full turnkey iGaming, sports betting and player engagement platform into the rapidly growing US
market. The initial planning of technical integrations between Spin and Oryx is currently underway and the combined offering will deliver
the benefits of Oryx’s advanced turnkey Player Engagement Platform with Spin’s technology, local market know-how and US operator
relationships. Additionally, the Transaction will deepen the Corporation’s global development resources with Spin’s existing
development center located in Chennai, India.

 

The Transaction remains subject to
certain customary closing conditions, including the approval of state gaming regulators. The Transaction is expected to be completed
in late Q4 2021.

 

     

     

    

 

Forward-Looking Statements

 

Certain information contained in
this material change report may be forward- looking statements or “forward-looking information” within the meaning of
applicable securities laws (“forward looking-statements”). Forward-looking statements are often, but not always,
identified by the use of words such as “target”, “expect”, “anticipate”, “believe”,
 “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”,
 “intend”, “plan”, “seek”, “will”, “may”, “tracking”,
 “pacing” and “should” and similar expressions or words suggesting future outcomes. This material change
report includes forward-looking statements pertaining to, among other things, the Corporation’s future growth plans. Numerous
risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions
expressed or implied in the forward-looking statements, including, but not limited to, the following risks and uncertainties:
anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection
with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; the Transaction may not be able
to be completed on satisfactory terms or at all; and the Corporation may not be able to raise additional capital. Among other
things, the Corporation has assumed that its businesses will operate as anticipated, that it will be able to complete the
Transaction on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within
expected time frames. In particular, there can be no assurance that we will complete the Transaction or enter into agreements with
respect to other acquisitions. The forward-looking statements contained in this material change report are made as of the date
hereof and the Corporation has no obligation to publicly update such forward-looking statements to reflect new information,
subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these
forward-looking statements.

 

		Item 5.2	Disclosure for Restructuring Transactions

 

N/A

 

		Item 6.	Reliance on Subsection 7.1(2) of National Instrument
51-102

 

N/A

 

		Item 7.	Omitted Information

 

N/A

 

		Item 8.	Executive Officer

 

For
further information, please contact Yaniv Spielberg, CSO, Bragg Gaming Group Inc., Phone: 1-647-800-2282, Email: info@bragg.games.

 

		Item 9.	Date of Report

 

May 20, 2021

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