Farcas will succeed David O’Reilly as CEO, with the veteran C-level executive set to depart the company, along with Eva Karagianni-Goel.

Current CIO and CISO Alberto Zuin will be named CTO, with current Head of Product and one of the group’s original employees Laurence Jones to be promoted to CPO.

The changes will be effective from September 2022, with Colossus Bets noting that the new leadership team reflects its “expansion as a provider of pools, tote and cash out technology.”

Farcas commented: “I am delighted to assume the mantle to lead Colossus into the next stage. I feel really fortunate to have an excellent team in Alberto, Laurence and other long-term employees, who share both an intimate knowledge of our past and an unrelenting passion for our future.”

Colossus Bets Founder Bernard Marantelli commented: “Paula is a well-respected leader who, as CTO, built and controlled our entire technology stack. She combines a deep understanding of our world-leading technology with strong commercial acumen, which makes her the natural choice to lead Colossus into the future.

“Looking at the entire new C-level team, we are really fortunate to have mentored such strong talent internally, allowing us to confidently pass the baton to this next generation of leaders at an exciting time for the company. We could not have done better by looking externally on any level.

“I would like to thank Eva and David for their multiple contributions over the past years and for leading the company to the stage where it is today, serving tens of partners and thousands of users globally. We have built a solid foundation to continue to scale and capture the value of our significant IP and technology assets, including now in the US market.”