GiG expects to complete its acquisition of an 80% stake in 888Africa by the end of September, adding a profitable B2C operator while creating a potential route into further African B2B business.
The transaction with Evoke is valued at up to €16.4 million ($19.1 million). GiG plans to raise €8.5 million through a direct share issue to fund the purchase, which represents a return to B2C after the group became a pure-play B2B platform business in 2023.
B2C asset with B2B potential
Group CFO Phil Richards said 888Africa would provide “a profitable, cash-generative B2C operator” with exposure to some of Africa’s fastest-growing regulated markets. He also described the business as a “strategic bridgehead” for GiG’s B2B operations.
“Buying a leading local operator gives us direct, ground-level insight into regulatory developments, player behaviour and payment infrastructure across several African markets,” Richards said. He added that the knowledge and local presence could help GiG engage with operators seeking to enter or expand across the continent.
Richards said the decision reflected three factors: GiG’s greater focus on profitability and cash generation, the limited availability of an asset of 888Africa’s quality, and improving regulatory, mobile and demographic conditions in Africa.
The acquisition follows Evoke’s strategic evolution. In its ongoing takeover of Evoke, Bally’s Intralot will retain the remaining 20% of 888Africa and remain involved in management.
Opportunistic acquisition
Redeye analyst Hjalmar Ahlberg said GiG’s B2B business had faced setbacks, including uncertainty around sweepstakes operators and the withdrawal of a tier-one customer from a planned early-2026 launch in Brazil. He nevertheless described the 888Africa deal as opportunistic.
Corfai Capital Managing Partner and Founder Ben Robinson said the disclosed price appeared low. The €16.4 million consideration for 80% implies an enterprise value of €20.5 million against approximately $50 million in run-rate NGR, 30% year-on-year growth and positive cash generation. Around €10.4 million of the consideration is deferred, reducing GiG’s immediate cash requirement.
Richards said Africa had been under consideration for some time and that GiG received the information memorandum in Q2 2026. The company announced the principal commercial terms at its results at the end of August.
888Africa is led by industry veteran Christopher Coyne and has a market-leading position in Mozambique, along with a growing presence in Angola and Tanzania. Richards said its established market share and management continuity would reduce execution risk.
Integration before expansion
GiG’s first priority will be to align 888Africa’s financial reporting, compliance and operational processes with its own standards. It will also assess where its platform and technology can support the business.
Richards said GiG would not pursue aggressive expansion initially, instead consolidating its existing positions before considering new markets. He also rejected the idea that the deal signalled a wider B2C expansion plan, calling Africa a distinct case.
Ahlberg does not expect further B2C acquisitions in the short term, while Robinson believes the transaction could signal a broader strategic shift. He noted that GiG previously operated Rizk, Guts, Kaboo and Thrills before selling them to Betsson in 2020.
Ahlberg said the balance between GiG’s B2B and B2C operations would depend on their respective growth, describing the deal as potentially “a 50-50 story” for now.
