GiG appoints Brown as permanent CEO

GiG appoints Brown as permanent CEO

Gaming Innovation Group (GiG) has confirmed the appointment of Richard Brown as its new, permanent chief executive.

Published 7th November 2019

Brown took on the role on an interim basis in September after Robin Reed opted to step down.

Brown joined GiG in February 2016 as managing director of its GiG Media arm, going on to serve as chief digital officer before moving to his most recent role as chief operating in November of last year.

Prior to his time with GiG, Brown served in various senior roles with Highlight Media Group and also had spells with THG Sports and Web Guide Partner.

“While industry headwinds may have dampened progress in 2019, I am extremely excited about the future potential of the group and this new phase of the company’s life cycle,” Brown said.

“My focus will be on delivery, execution and optimisation, putting us on a path for great focus and renewed growth.”

Meanwhile, GiG has reported a 23.5% year-on-year decline in revenue to €30.2m (£26.0m/$33.5m) in the third quarter, as it continues to feel the impact of new Swedish regulations.

B2C revenue from GiG’s in-house operators fell 20.8% from €24.4m to €20.2m, while B2B revenue was also down 29.4% year-on-year to €11.9m.

GiG noted that marketing expenses were 33.0% to €7.1m, supported by seasonal, lower marketing levels, as well as a change in channels to reduce above the line marketing and use more efficient channels.

However, lower revenue pushed net loss at GiG to €8.4m for Q3, compared to a loss of €2.6m last year.

Chairman Petter Nylander said: “I’m confident that we are making the necessary strategic adjustments to ensure the full potential of Gaming Innovation Group and shareholder value creation.

“With increased regulation and taxation putting pressure on margins, it is time to adapt to the new reality in order to steer out of the epicentre. Because it is important to remember that a storm will end, and with the exciting trends in Germany, Latin America, New Zealand and other jurisdictions which are looking to regulate in the upcoming years, we believe this will present growth and business opportunities for Gaming Innovation Group.

“Short term it might seem a bit cloudy, however the global potential in our industry is still substantial, and GiG is well positioned for the future.”