GiG Agrees to Acquire 80% of 888AFRICA for €16.4 Million

Gaming Innovation Group (GiG), a Stockholm-listed company, has reached an agreement to acquire 80% of 888AFRICA in a deal valued at €16.4 million. This move marks GiG's return to the B2C segment since its exit in 2020 and consolidates its focus on emerging markets in Africa. The transaction includes an initial payment of €6 million and a deferred payment of €10.4 million, while the remaining 20% of the company will be retained by the founders, who will remain involved in management.

Financial Details of the Agreement Between GiG and 888AFRICA

The agreement, officially confirmed on August 26, indicates that GiG will finance part of the operation through a directed share issuance and formal loan agreements, raising €8.5 million. The closing is expected by late September, pending regulatory procedures and final formalization between GiG and Virtual Emerging Entertainment Limited, a subsidiary of evoke that manages 888AFRICA.

Key terms include:

• Initial payment: €6 million
• Deferred payment: €10.4 million
• Financing: share issuance and loans to raise €8.5 million
• The remaining 20% will remain in the hands of the active founders of 888AFRICA

Executives expect the combined company to generate annual revenues of between €44 million and €48 million and adjusted EBITDA of between €5 million and €7 million for the fiscal year 2026.

888AFRICA's Expansion and Position in the African Market

888AFRICA was launched in 2022 as a joint venture between 888 Holdings—now called evoke—and five industry executives led by Christopher Coyne, a former executive of The Stars Group. Through the 888bet brand, the firm has rapidly grown in the Sub-Saharan Africa region and, in August 2023, strengthened its position by acquiring the local operator BetLion.

Its current operations are in Mozambique, Kenya, Tanzania, Zambia, Malawi, and Angola. By summer 2023, 888AFRICA surpassed the one million players mark on its platform, and according to GiG, maintains an annualized net revenue rate close to $50 million. Results for the second quarter of 2026 showed a year-on-year growth of 30% and generated over $1 million in net cash flow for the last reported quarter, as of June 30.

In the African context, Betway, owned by Super Group, has emerged as one of the continent's leaders, while other global companies have opted for a wait-and-see strategy given the regional regulatory and operational specifics.

GiG's Return to the B2C Segment and Strategic Background

This acquisition represents GiG's return to the B2C sector since the 2020 sale of its consumer-facing brands—Guts, Kaboo, Rizk, and Thrills—to Betsson for €22.3 million. Subsequently, GiG spun off its sports betting supplier and affiliate divisions into two separate listed entities, adjusting its portfolio around distinct B2B and B2C models.

However, the group has reported a 5% decline in revenue for Q2 2026, reaching €8.8 million, influenced by the insolvency of the operator Richmond Atlantic and the failure of ITV's cash gaming product. The adjusted EBITDA also declined to €800,000, and operational losses widened to €6.9 million during the period.

“888AFRICA is a profitable B2C African operator and cash generator, with a leading position in Mozambique and operations in Angola and Tanzania. The online gaming sector in Africa offers a long-term growth opportunity that few regions match in terms of demographics, mobile, and regulation,” stated Richard Carter, CEO of GiG.

Richard Carter also emphasized that the 888AFRICA team will provide greater expertise in operation and product, enabling GiG to offer a more tailored and agile service to its clients.

Implications for evoke, Bally’s Intralot, and Regulatory Perspectives

The transaction occurs alongside Bally’s Intralot's acquisition process of evoke, a group seeking a relevant position in the UK and to expand its footprint in Europe beyond the Spanish market. The transaction, valued at £243 million and largely supported by evoke's shareholders in August, is expected to complete in the first quarter of 2027. Evoke is the current parent company of brands such as William Hill, 888, and Mr Green.

Meanwhile, evoke has not yet issued public comments regarding the share transfer of 888AFRICA to the GiG group. The African regulatory landscape and growth opportunities intensify international interest in the region, as evidenced by the strategic diversification of operators and the shift towards combined B2B and B2C offering models.

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