TLDR
- GiG Software has agreed to acquire an 80% stake in 888Africa for around €16.4 million.
- The deal is with Evoke subsidiary VEEL, which will keep the remaining 20% stake.
- GiG plans to raise €8.5 million through a mix of share issuance and convertible loans.
- The move marks GiG’s return to the consumer betting market after years focused on B2B services.
- GiG expects the combined group to generate €44 to 48 million in revenue during 2026.
GiG Software has agreed to buy an 80% stake in 888Africa. The deal was announced on August 26, 2026, and is valued at about €16.4 million.
The seller is VEEL, a subsidiary of Evoke. VEEL will hold onto the remaining 20% stake and stay involved in managing the business.
The founders of 888Africa will also keep a share of the company. They will continue running daily operations after the deal closes.
888Africa is described as a profitable business with cash flow already in place. It has grown quickly across several African markets since launching.
To pay for the deal, GiG plans to raise €8.5 million. The funding will come from a mix of equity and convertible loans.
The company plans to split the fundraising roughly 70/30. Most will come from a directed share issue, with the rest from loan agreements.
Proceeds will go toward the first payment for 888Africa. The rest will support general costs at GiG.
The board said the price for new shares will be set through an accelerated process. This is meant to reflect current market conditions.
GiG Returns to B2C Market
This deal marks a shift back to consumer betting for GiG. The company had focused only on B2B services after spinning off its affiliate business in late 2024.
That business became Gentoo Media. Since the split, GiG has reported losses every quarter.
In the first quarter of 2026, GiG lost €5.2 million. The company cut more than 170 jobs and closed several departments, including design, CRM, and managed operations.
The 888Africa purchase gives GiG a path back into consumer facing betting. It offers an established brand with existing customers and revenue.
Financial Outlook After the Deal
GiG expects the combined company to bring in €44 to 48 million in revenue during 2026. Adjusted earnings are projected at €5 to 7 million.
These figures assume 888Africa contributes fully starting in the final quarter of 2026. GiG has pointed to broader growth potential across emerging markets.
GiG Software CEO Richard Carter said the company sees expansion opportunities beyond Asia Pacific. He named Latin America, Eastern Europe, and Africa as regions where betting rules are changing and creating openings.
The 888Africa brand launched in 2022. It was created when Evoke licensed the 888 name for a joint venture focused on African markets.
Evoke itself is currently being absorbed into Bally’s Intralot. That deal is valued at £243.1 million and is structured as an all-share transaction.
