GiG CFO Phil Richards departs after 888Africa acquisition completion

Phil Richards left Gaming Innovation Group (GiG) on 2 November 2026 after two and a half years as chief financial officer and will become CFO of software developer Chaos in December. His departure follows GiG’s completion of the €16.4 million acquisition of an 80% stake in 888Africa and comes shortly after the company reported lower Q3 2026 revenue.

Departure timed with 888Africa deal

GiG completed the purchase of an 80% stake in 888Africa from Evoke for €16.4 million, a transaction described internally as a return to consumer-facing operations after years focussed on B2B gaming technology. The acquisition gives GiG direct access to African markets including Mozambique, Angola and Tanzania. Richards had previously called 888Africa a “strategic bridgehead” and said in September that “that dual value is really the point of the deal.”

Financial context and outlook

GiG reported revenue of €8.5 million in Q3 2026, down from €9.7 million a year earlier, while operating losses widened to €4.3 million from €3.5 million. The company expects the integration of 888Africa to support growth in 2027, forecasting combined revenue of €85 million to €90 million.

Richards’ tenure and next role

Richards joined GiG in July 2024 after nearly six years in senior finance positions at Kambi. His earlier roles included CFO responsibilities at Corero Network Security and positions at Shell and KPMG. During his time at GiG he helped oversee the company IPO, improvements to financial reporting, investor relations and the 888Africa transaction. In a LinkedIn post he confirmed October was his final month at GiG and that he would assume the CFO role at Chaos in December.

Board response and transition arrangements

GiG CEO Richard Carter thanked Richards for his contribution.

"On behalf of management and the board, I would like to thank Phil for his contribution to GiG," Carter said. "He has played an important role in the company’s financial reporting, investor relations and corporate development activity, and we wish him well for the future."

The company has started a search for a successor and put in place procedures to maintain financial reporting and regulatory oversight during the transition. Richards will remain available to assist with the handover, but GiG has not given a timeline for appointing a new CFO.

Strategic positioning

GiG’s move back into consumer markets via 888Africa complements its existing platform business and B2B operations. The acquisition is expected to deliver local regulatory insight and practical visibility of payment infrastructure and player behaviour in targeted African jurisdictions. For readers tracking business strategy, the purchase marks a clear shift from GiG’s recent focus on supplying platform and technology services; it also realigns the group’s revenue mix ahead of the 2027 forecast. For coverage of GiG’s channels and product mix, see the company’s updates in our news and b2b sections.