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NEWS 5 September 2019

GiG CEO leaves with immediate effect after tough Q2

By Owain Flanders

Gaming Innovation Group (GiG) has announced previous COO Richard Brown has become the supplier's Acting CEO, as Robin Reed vacates the position with immediate effect.

Petter Nylander, GiG Chairman of the Board, said: “Robin has played a crucial part in building a unique one-stop global technology provider and we all owe him our sincere gratitude for this.

“However, the company now enters into the next phase of its development with different challenges and opportunities and the board has reached the conclusion that GiG therefore also needs a different leadership.”

The move comes after a difficult Q2 for GiG, which saw the supplier’s revenue fall 16% year-on-year to €31m ($34.6m), with a net loss of €9m, up 152%.

GiG blamed this drop on a “tougher Swedish market."

Revenue for GiG’s main source of income, B2C, fell to €19.6m for the period, a 19% decrease.

The supplier announced the sale of its B2C brand Highroller to Ellmount Gaming shortly afterwards, in a €7m deal, hoping this would increase brand equity for online casino Rizk.

Nylander says GiG’s strategy remains unchanged despite the leadership change, with a focus on securing contracts within B2B and driving B2C gaming operators for growth in new markets.

GiG’s share price has tumbled since March (NOK 19.96, $2.22) and currently sits at NOK 8.50.

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