GiG Plans €16.4 Million Deal for 80% of 888Africa

GiG Software plans to buy 80% of 888Africa from Evoke for up to €16.4 million, adding a consumer betting business to a group that has operated as a pure B2B technology provider since its 2023 separation.

The transaction comes as GiG cuts costs and works toward positive cash flow. It also gives the company direct exposure to African online betting through an established operator rather than relying only on platform customers.

Good to Know

• GiG plans to pay about €6 million upfront, with roughly €10.4 million in deferred consideration.
• The company intends to raise €8.5 million through new shares and convertible loans to help fund the purchase.
• Evoke will retain 20% of 888Africa while its own takeover by Bally Intralot remains in progress.

GiG Adds B2C Business Through 888Africa

The proposed acquisition changes the shape of GiG. Management currently describes the company as a B2B iGaming technology business, but 888Africa would add a profitable consumer operation with activity in Mozambique, Angola and Tanzania. GiG said the transaction remains subject to final approvals and completion of a share purchase agreement.

Funding will come partly from a directed share issue rather than a rights issue. GiG plans to raise €8.5 million from selected investors alongside convertible loan agreements. Around €6 million would fund the initial payment, while remaining proceeds would support general corporate needs.

The board chose that route because it expects a faster process, lower costs and less risk of disruption to the GiG share price.

Financial expectations also explain the attraction. GiG forecasts 2026 combined revenue of €44 million to €48 million and adjusted EBITDA of €5 million to €7 million if 888Africa contributes for the full fourth quarter. Management also expects the combined business to become cash flow positive on a quarterly basis after integration.

GiG reported only €3.5 million in cash and cash equivalents at June 30, making external funding an important part of the transaction. The company has already completed €4.5 million in annual cost savings and now targets another €6 million, mainly through closure of its white label operation and exits from the US and Philippines.

Evoke Keeps 20% as Bally Intralot Deal Advances

888Africa started in 2022 as an Africa focused joint venture using the 888 brand. A year later, the business bought BetLion, which had licensed operations in Kenya and Zambia and brought additional technology and local expertise.

The business later reduced its geographic scope and now gives GiG exposure to a smaller group of African markets with an established operating base.

Evoke will keep a 20% interest after the GiG transaction. At the same time, Evoke shareholders have approved the wider Bally Intralot acquisition, with 99.63% of votes cast at the August 18 general meeting supporting the deal. Completion remains subject to remaining conditions and regulatory approvals, with closing previously expected in Q4 2026 or Q1 2027.

The 888Africa sale therefore gives Evoke some immediate cash while preserving minority exposure to the African business during a much larger change in group ownership.

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