GiG searches for new CFO following Phil Richards’ departure
GiG Software has begun searching for a new chief financial officer following Phil Richards’ departure, effective November 2. The Malta-based iGaming technology company confirmed the change in a regulatory announcement, outlining transition arrangements to maintain its financial reporting and meet regulatory obligations while it recruits a successor.
The board said Richards would remain available to provide transitional support as required. No replacement or appointment timetable was disclosed. Chief Executive Officer Richard Carter thanked the outgoing executive for his contribution to financial reporting, investor relations and corporate development during his time with the company.
Richards separately announced that he will join design and visualization technology company Chaos as CFO on December 1. In a LinkedIn post, he described October as his final month at GiG, while the company’s formal notice specified November 2 as the effective departure date.
Reflecting on his tenure, Richards identified GiG’s initial public offering, changes to its platform business, stronger financial reporting and investor engagement, and the acquisition of a majority stake in 888AFRICA as significant developments. “It has been a period of real change for GiG and one of which I’m immensely proud of: Starting with the IPO, alongside our significantly sharpening both the focus and quality of our platform offering whilst strengthening financial reporting and investor engagement, culminating with completing the acquisition of a majority stake in 888Africa,” he wrote.
Finance transition follows quarterly results
Richards became GiG’s CFO in July 2024, bringing previous gambling-industry experience from almost six years at Kambi. His roles there included group financial controller and senior vice president of finance. His career also includes positions at Corero Network Security, Kambi, Shell and KPMG.
The leadership change follows GiG’s October 28 results announcement for the quarter ended September 30. Revenue fell to €8.5 million from €9.7 million a year earlier, while adjusted EBITDA declined to €0.8 million from €1.2 million. The operating loss widened to €4.3 million from €3.5 million.
GiG’s acquisition of an 80% stake in 888AFRICA adds a consumer-facing business alongside its technology operations. The company identifies Mozambique, Angola and Tanzania among the operator’s markets. Its quarterly disclosure reported cash and cash equivalents of €8.0 million at September 30, compared with €3.5 million at June 30, reflecting the acquisition.
The same update recorded three brand launches in Alberta with existing partners, one new partner signing and an extension to an existing commercial agreement. Management listed integration of 888AFRICA, cost discipline and delivery of its committed launch schedule among its near-term priorities.
GiG reiterated its 2026 guidance for combined revenue of €45–48 million and adjusted EBITDA of €5.5–7.0 million. Its 2027 outlook, incorporating a full year of 888AFRICA, projects revenue of €85–90 million and adjusted EBITDA of €17–19 million. These remain company forecasts.
