GiG to Acquire 80% Stake in 888AFRICA for €16.4 Million

Gaming Innovation Group (GiG) Software has confirmed it will acquire an 80% stake in 888AFRICA from Virtual Emerging Entertainment Limited, an evoke subsidiary, valuing the transaction at €16.4 million. This move signals GiG's first major re-entry into B2C operations since its 2020 divestment to Betsson, and positions the supplier for growth across sub-Saharan Africa.

GiG 888AFRICA Acquisition Structure and Financials

Under the agreement, GiG will complete an initial payment of €6 million for the 80% shareholding, with the remaining €10.4 million constituting deferred consideration. The acquisition will be partly funded through a directed share issue and new loan agreements, raising €8.5 million. The vendor confirmed that the remaining 20% stake in 888AFRICA will stay with the founding management team, who remain active in daily operations. Both sides expect to finalise the transaction by the end of September.

Christopher Coyne, CEO of 888AFRICA, continues to lead the operation. Management projects that the newly combined entity will achieve full-year 2026 revenues between €44 million and €48 million, with adjusted EBITDA expected in the range of €5 million to €7 million.

888AFRICA’s Market Expansion and Performance

888AFRICA was established in 2022 as a joint venture between 888 Holdings (since rebranded as evoke) and five seasoned iGaming professionals led by Christopher Coyne, former head of The Stars Group. The company rapidly scaled its operations throughout sub-Saharan Africa, primarily through its 888bet consumer brand. In August 2023, 888AFRICA acquired regional competitor BetLion, amplifying market presence and reach.

Operating in six key jurisdictions—Mozambique, Kenya, Tanzania, Zambia, Malawi, and Angola—888AFRICA surpassed one million registered players across its platforms by the end of last summer. According to GiG, 888AFRICA currently maintains an annualised net gaming revenue run rate of about $50 million, with Q2 2026 revenues up 30%. For the three months ending 30 June, the business delivered over $1 million in net cash. Its strongest market to date has been Mozambique, where it maintains a leading B2C position.

"888AFRICA is a cash-generative, profitable, fast growing African B2C operator with a market leading position in Mozambique and operations in Angola and Tanzania," said Richard Carter, CEO of GiG.

African B2C Gambling Opportunity and Competitive Landscape

GiG's acquisition underscores growing investor confidence in Africa's online gambling sector, which Richard Carter characterises as offering "unparalleled long-term growth opportunity, driven by demographic, mobile and regulatory tailwinds." The region's potential has attracted limited direct competition from non-local firms; Super Group's Betway is among the few global brands with significant share, whereas most international groups have taken a cautious approach.

The move also reflects GiG's desire to leverage B2C expertise for partner development and customer product improvement. Carter expects that the addition of operational knowledge from 888AFRICA will "sharpen our focus, concentrating our resources on a defined portfolio of partners."

Context: GiG and Market Dynamics

This transaction comes at a time of significant realignment in the sector. GiG previously exited B2C by selling its Guts, Kaboo, Rizk, and Thrills brands to Betsson in 2020 for €22.3 million. Since that divestment, GiG has split its sportsbook supplier and affiliate marketing units into separate listed companies.

GiG's Q2 revenue dipped by 5% to €8.8 million, impacted mainly by Richmond Atlantic's insolvency, which ran the unsuccessful ITV-branded real money gaming project. Adjusted EBITDA declined from €1 million to €800,000, with operating losses widening from €3.7 million to €6.9 million for the period.

The deal is set against the backdrop of further industry consolidation, with Bally’s Intralot preparing to acquire evoke—the owner of William Hill, 888, and Mr Green—in an all-share deal worth £243 million. Evoke shareholders have approved the transaction, which is expected to close in Q1 2027, positioning Bally’s Intralot for greater UK and European market reach. Evoke has not yet commented on the 888AFRICA transaction.

Next Steps and Outlook for GiG’s B2C Operations

Pending formal closing at the end of September, GiG's acquisition will see it return to B2C gambling for the first time since 2020. The company will focus on optimising its African B2C operations via the existing 888AFRICA management team and integrating the business’s technology and market know-how.

The transaction has been viewed by GiG leadership as both a financial and strategic investment into one of the few high-growth regions still dominated by local expertise and flexible regulatory frameworks.

"We believe this combination will sharpen our focus, supported by deeper operator and product expertise from the 888AFRICA team, [and] allow us to deliver a higher quality, more responsive and more tailored service to our customers," said Carter.

B2B stakeholders watching casino and B2C expansion trends can expect further development from GiG in the African market as the integration matures.