Gaming Innovation Group (GiG) has begun a search for a new CEO for its sportsbook platform business after reaching an agreement with incumbent Richard Brown to depart at the end of this year.
Brown has agreed with the board of directors to leave GiG on December 31, 2023 following four years at the top of the company.
It comes off the back of GiG carrying out a strategic review of its future composition, proposing that it split its B2B sportsbook unit from GiG Media.
GiG updated investors on the review, noting: “The Board is pleased to share that the strategic review is making good progress. GiG Media will continue under its current senior leadership, and a search for a new CEO for Platform & Sportsbook has commenced.”
Brown first joined GiG’s executive ranks in 2017 when he joined GiG Media, a fast-growing entity that has spearheaded the company’s recent successes.
He was then promoted to group CEO in 2019, as he navigated GiG through the choppy waters of the pandemic and pushed its media division to grow to record heights.
However, it has been mutually agreed that Brown will depart the business at the end of the year after the strategic review, with the search for a new CEO to lead its platform and sportsbook unit into its next phase of growth.
Petter Nylander, Chairman of the Board of Directors, explained: “Richard has done a tremendous job with GiG over the years and the Company is in a very good position driving shareholder value going forward.
“We are pleased that Richard has agreed to stay until the end of the year to secure a smooth transition.”
Before the strategic review, GiG posted record results across both units as it bore the fruit of multiple M&A deals.
Across its media business, revenues were at an all-time high in Q4, at $17.8m, up 40% YoY, driven by the launch of five new media brands in two markets, as well as signing a lucrative deal with News Corp UK.
Growing across the Americas, GiG noted that revenues from the region increased 136% YoY, and their share of media revenues accounted for 23% of revenue in the quarter, up from 13% Q421. Meanwhile, web traffic amongst its US assets grew 76% YoY.
On the Platform and Sportsbook side of the business, GiG also reached all-time high revenues of $8.2m, up 54% YoY, driven by signing six new clients across both land-based and online operators.
GiG now has 62 live brands with its Platform and Sportsbook unit and has a further 14 brands to launch in the coming months.
Commenting on his departure, Brown said: “It has been a true honor and privilege to be part of Gaming Innovation Group’s development over the past eight years and the last four years as CEO, leading an incredible group of people towards, as I see it, the unparalleled strategic position across the B2B value chain that the group has created.
“I have no doubt that the teams throughout the organization and the management groups of the respective business units have the skills and passion to continue the growth of the business towards its financial and operational targets.”