GiG Software chief financial officer Phil Richards has resigned with immediate effect, leaving on November 2, only five days after the gambling technology supplier put out its third quarter results. The company has started looking for a replacement but hasn’t named an interim CFO or said when it expects to make an appointment. Richards held the job for around two and a half years, running finance through GiG’s stock market listing and its recent move into African gambling markets.
While the search goes on, the board has put transitional arrangements in place to keep financial reporting and regulatory obligations on track. Richards will stay available to help with the handover when needed, though GiG didn’t say who will run the finance department in the meantime. CEO Richard Carter thanked him for his work on financial reporting, investor relations, and corporate development, and the announcement gave no reason for the departure.
Richards filled in some of the gaps himself in a LinkedIn post on November 2, saying October had been his last month at GiG and confirming he’ll join Chaos, a developer of design and visualisation software, as CFO on December 1. He credited colleagues for helping GiG get through its listing, tighten up financial reporting, and close the acquisition of 888AFRICA, and said he was confident in the company’s future leadership. The new role takes him out of the gambling industry altogether.
He joined GiG in 2024 as CFO of its Platform & Sportsbook division ahead of its separation and standalone stock market listing, managing the finance department and supporting acquisitions and investor relations. Before that, Richards was CFO at cybersecurity company Corero Network Security and spent nearly six years at sportsbook technology provider Kambi, where he held several senior finance roles. Earlier stints included Shell and KPMG.
The resignation came hot on the heels of a weaker third quarter, with revenue falling to €8.5 million from €9.7 million a year earlier and adjusted EBITDA dropping from €1.2 million to €800,000. The operating loss widened to €4.3 million from €3.5 million in the third quarter of 2025, and across the first nine months of 2026 GiG posted €26.3 million in revenue and an operating loss of €16.2 million. Richards was still listed alongside Carter for the October 28 investor presentation, and GiG hasn’t tied his departure to its financial performance.
GiG also recently closed its €16.4 million deal for an 80% stake in 888AFRICA, paying €6.1 million upfront with the remaining €10.3 million due in instalments over ten months. Since the acquisition completed at the end of September, the operator’s earnings will start showing up in GiG’s reported results from the fourth quarter. 888AFRICA runs in Mozambique, Angola, and Tanzania, giving GiG a betting business that deals directly with players on top of its established technology operations.
GiG kept its 2026 guidance unchanged despite the softer quarter, still expecting €45 million to €48 million in combined revenue and €5.5 million to €7 million in adjusted EBITDA. Its 2027 projections jump to €85 million to €90 million in revenue and €17 million to €19 million in adjusted EBITDA, reflecting a full year of 888AFRICA contributions. Integrating the acquisition, keeping costs under control, and delivering scheduled partner launches are the company’s immediate priorities, and its next CFO will be stepping in while all of that is underway.