GiG Software Confirms Immediate Departure of CFO Phil Richards
Malta.- 4 November 2026 | www.zonadeazar.com GiG Software, an international iGaming technology provider, has announced the departure of Phil Richards from his position as Chief Financial Officer (CFO), effective 2 November 2026.
The company confirmed that it has begun searching for a successor and established transitional arrangements to ensure continuity across its financial operations and regulatory obligations.
Richards leaves GiG after two and a half years, during which he contributed to the company’s stock market listing and the recent acquisition of a majority stake in 888Africa.
GiG Begins Search for New Chief Financial Officer
GiG’s Board of Directors confirmed that Richards’ departure takes immediate effect.
However, the company explained that the executive will remain available to provide transitional support when required.
The arrangements are designed to maintain continuity across:
- Financial management.
- Corporate reporting.
- Regulatory obligations.
- Investor relations.
GiG has not yet announced a permanent successor.
The company will provide further information as the appointment process progresses.
Phil Richards to Become CFO of Chaos
Following his departure from GiG, Richards will continue his professional career outside the gambling industry.
He confirmed that he will join Chaos as Chief Financial Officer in December 2026.
Chaos is an international developer of design and visualisation software used across architecture, engineering, product design and digital entertainment.
The appointment represents a new professional chapter for Richards after several years working with gambling technology suppliers.
Two and a Half Years at GiG Software
Richards joined GiG in July 2024, during a period of significant corporate transformation.
Throughout his tenure, he contributed to several strategic initiatives, including:
- GiG Software’s stock market listing.
- Strengthening financial reporting procedures.
- Improving investor relations.
- Restructuring the company’s technology operations.
- Acquiring a majority stake in 888Africa.
Before joining GiG, Richards spent approximately six years at Kambi, holding various senior finance positions.
His earlier career also included roles at Corero Network Security, Shell and KPMG.
888Africa Acquisition Marks a New Chapter
One of the final major developments during Richards’ tenure was GiG’s acquisition of an 80% stake in 888Africa, completed in late September 2026.
The transaction, valued at up to €16.4 million, represents an important strategic investment for the company.
The acquisition allows GiG to expand beyond its established B2B technology operations and re-enter the consumer-facing gambling market.
GiG expects 888Africa to support its growth ambitions across African markets.
Richard Carter Thanks the Departing CFO
Richard Carter, CEO of GiG Software, acknowledged Richards’ contribution during his time with the business.
“On behalf of management and the Board, I would like to thank Phil for his contribution to GiG,” Carter stated.
He highlighted Richards’ role in financial reporting, investor relations and corporate development.
Carter also wished the outgoing executive success in his future professional endeavours.
Phil Richards Reflects on GiG’s Transformation
The departing CFO expressed appreciation for the opportunity to contribute to the company’s development.
“It has been a privilege to serve as CFO of GiG. I would like to thank Richard, the Board and my colleagues for this opportunity, and I am very confident the business is well placed for its next phase,” Richards stated.
In a personal statement, he also reflected on the significant changes experienced by GiG during his tenure.
These included the company’s listing, improvements to its technology platform and the acquisition of 888Africa.
Departure Follows Third-Quarter Results
The announcement came just days after GiG published its financial results for the third quarter of 2026.
During the period, the company reported:
- Revenue: €8.5 million, compared with €9.7 million in 2025.
- EBITDA: €800,000, down 33% year-on-year.
- Operating loss: €4.3 million, compared with €3.5 million a year earlier.
The figures reflect lower revenue and increased operating losses during the quarter.
However, GiG has not publicly linked Richards’ departure to the company’s financial performance.
GiG Maintains 2026 and 2027 Guidance
Despite the executive change, the company has maintained its financial outlook.
For 2026, GiG forecasts:
- Combined revenue: between €45 million and €48 million.
- Adjusted EBITDA: between €5.5 million and €7 million.
For 2027, its projections include:
- Combined revenue: between €85 million and €90 million.
- Adjusted EBITDA: between €17 million and €19 million.
The forecasts incorporate expected growth associated with the integration of 888Africa.
Industry Impact and Next Steps
Phil Richards’ departure represents an important leadership change for GiG Software during a period of corporate transformation and international expansion.
The company must now appoint a new CFO while continuing the integration of 888Africa and developing its technology solutions for operators.
With Phil Richards departing and the search for a new Chief Financial Officer under way, GiG Software enters a leadership transition while maintaining its growth objectives for 2026 and 2027.
The next development will be the appointment of Richards’ successor and the continuation of the group’s financial operations.
Edited by: @fonta
