Richard Brown has resigned from his position as CEO of GiG, effective immediately as of September 18th. He will transition to a board advisory role at GiG until December 31st, before assuming the role of CEO at Glitnor Group starting in January 2024.
Brown’s departure was originally announced in May, with GiG stating that he would step down from the CEO role by the end of 2023. Prior to becoming CEO in November 2019, Brown served as the chief operating officer and chief digital officer at GiG, as well as the managing director of GiG Media. He has a previous work history at Highlight Media Group, Web Guide Partner, and THG Sports.
GiG recently launched a strategic review aimed at splitting its business. This split would separate the GiG Media affiliate arm and Platform and Sportsbook divisions into distinct entities. Richard Carter, formerly of Bragg and SBTech, has been appointed to lead the Platform and Sportsbook division, while Jonas Warrer will continue as the head of the GiG Media arm.
Chairman Petter Nylander is currently serving as the executive chairman until the proposed split is completed. As part of his exit agreement, Brown will support the handover to Carter and assist the GiG board until the end of the year, allowing the new CEOs to lead their respective business units going forward. GiG aims to complete the proposed split by the first half of 2024.
Brown expressed confidence in GiG’s strategic and operational position, stating that it is a good time for him to transition to a supportive role. Nylander also praised Brown’s contribution to GiG and thanked him for his valuable contributions over the years.
In Q2, GiG achieved record-breaking revenue of €34.9 million. Revenue in both the GiG Media and Platform and Sportsbook segments increased, with GiG Media performing particularly well due to high publishing revenue. Revenue from GiG Media reached €21.7 million, a 46.6% increase and a new record. Platform and Sportsbook revenue in Q2 was €9.3 million, a 27.4% increase. Net profit for the quarter was €7.1 million, a 317.7% increase compared to the previous year, and adjusted EBITDA grew by 68.7% to reach €14.0 million.
For the first half of the year, GiG reported a 36.7% increase in revenue to €64.8 million. Net profit reached €11.5 million, a 283.3% increase compared to H1 of 2023, and adjusted EBITDA rose by 71.3% to €25.7 million.
