GiG names Richards as CFO of Platform and Sportsbook

Phil Richards has been appointed as chief financial officer for the Platform and Sportsbook division of Gaming Innovation Group (GiG).

GiG said this is the latest appointment in the strategic strengthening of its senior executive team for the business. Richards will report directly to Platform and Sportsbook CEO Richard Carter.

The group added Richards will bring expansive financial expertise and experience within online sports betting to the role. Richards has previously held executive positions at the likes of Kambi, Shell, KPMG, and most recently Corero Network Security.

As CFO, Richards will be responsible for the evolution of the division’s finance department and wider strategic development. This includes mergers and acquisitions, investor relations, and market development. 

“I am delighted to be joining GiG at such a pivotal moment in the company’s growth story,” Richards said. “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.”

Carter 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.”

Seeking separation success

The appointment is the latest senior change at GiG as it prepares to split its business. As set out early last year, GiG Media and Platform and Sportsbook will become separate businesses.

GiG chairman Petter Nylander updated the market on progress when GiG published its Q1 results last month. Nylander reiterated that the split is due to complete by Q3.

As for performance in Q1, revenue increased 27.5% to a record €36.2m (£30.8m/$39.4m). Of this, €28.0m came from GiG Media and €8.3m from Platform and Sportsbook.

Also this week, GiG announced the strategic acquisition of online casino forum and review platform Casinomeister. The deal is valued at €3.0m.