Date: 05.06.2024

by Adam Dworak

Phil Richards Appointed CFO of GiG’s Platform and Sportsbook Division

Phil Richards has been appointed as Chief Financial Officer for the Platform and Sportsbook division of Gaming Innovation Group (GiG).

GiG Triumphs in Q3 2023 with Record Revenues and Strategic Growth

This appointment is part of GiG’s ongoing strategy to bolster its senior executive team. Richards will report directly to Richard Carter, CEO of the Platform and Sportsbook division.

Bringing Expansive Expertise to GiG

Richards brings a wealth of financial expertise and experience within the online sports betting industry to his new role. His previous executive positions at companies such as Kambi, Shell, KPMG, and most recently, Corero Network Security, have equipped him with the skills and knowledge necessary for this pivotal role at GiG.

As CFO, Richards will oversee the evolution of the division’s finance department and contribute to broader strategic development. This will encompass mergers and acquisitions, investor relations, and market development.

Richards’ Vision for GiG

Expressing his enthusiasm for his new role, Richards stated, “I am delighted to be joining GiG at such a pivotal moment in the company’s growth story. The strength of the product and market reach will enable the company to rapidly expand and gain market share. Working alongside such an experienced executive team will allow me to further support the continued evolution of GiG’s platform.”

Richard Carter, CEO of GiG’s Platform and Sportsbook division, added, “Phil’s appointment is another significant step towards helping us reach the high bar we have set. We are completing a process of bringing together the strongest leadership in sports betting and iGaming. I am confident that his arrival will help further fuel our strategic plans, establishing us as a leader across iGaming.”

Strategic Changes at GiG

This appointment is the latest in a series of senior changes at GiG as the company prepares to split its business into two separate entities: GiG Media and Platform and Sportsbook. This strategic move, first announced early last year, aims to streamline operations and enhance focus within each division.

GiG’s chairman, Petter Nylander, provided an update on this progress when GiG published its Q1 results last month. He reiterated that the split is due to complete by Q3. For Q1, GiG reported a 27.5% increase in revenue, reaching a record €36.2 million (£30.8 million/$39.4 million). Of this, €28.0 million came from GiG Media and €8.3 million from Platform and Sportsbook.

In addition to the executive changes, GiG announced the strategic acquisition of the online casino forum and review platform Casinomeister. This €3.0 million deal underscores GiG’s commitment to expanding its market presence and enhancing its service offerings.