GiG Agrees €16.4M 888Africa Deal in ‘Transformational’ B2C Return

GiG Software has agreed to acquire an 80% stake in 888Africa for €16.4 million ($19.2 million), in what CEO Richard Carter called a “transformational acquisition”, as the company reported a disappointing set of Q2 results. GiG has agreed a deal to acquire 80% of 888Africa. (Image: GiG) GiG expects to complete its acquisition from a subsidiary of current owner Evoke by the end of September. This is ahead of Evoke’s own planned takeover by Bally’s Intralot, which is expected to close in Q4 2026 or Q1 2027. The deal would mark GiG’s return to operating a consumer gambling brand, six years after it sold its B2C business to Betsson and two years after it split from its affiliate division, Gentoo Media. 888Africa’s existing management team will retain the remaining 20%, while GiG will fund the transaction through convertible debt and an issue of shares. “This fundamentally changes the growth profile of GiG,” Carter told investors during Wednesday’s (August 26) Q2 2026 earnings presentation. “It is obviously highly profitable, highly cash generative, so it ticks all the boxes.” 888Africa operates in Mozambique, Angola, and Tanzania, with Carter describing it as the market leader in Mozambique. Its annualized NGR runs at around $50 million. Revenue increased 32% from Q4 2025 to Q2 2026. Carter said GiG had been considering entering Africa for some time but viewed acquiring an established operator as a quicker route. Anyone that is in the online gaming industry has always had an eye on Africa, given the growth rates. But it is not an easy continent to get into. GiG Software CEO Richard Carter He added that GiG could use 888Africa’s local expertise before launching a B2B operation in Africa “probably within 12 months.” Deal Distracts from Disappointing Q2 Results The deal comes as GiG reported underwhelming Q2 2026 results. Revenue fell 5% year-on-year to €8.8 million ($10.3 million), while adjusted EBITDA dropped 25% to €0.8 million ($0.9 million). Shares in Stockholm-listed GiG fell 30% upon the results, but recovered those losses over the following hours. Carter acknowledged that GiG was “disappointed” in the performance of several recent client launches. However, he stressed that the company had “reacted decisively” to mitigate the impact via the closure of loss-making partners and markets. This includes exits from the US and Philippines, as well as closing its white-label operations. Its workforce has also been reduced by more than a quarter since January. In total, the company said this amounts to €10 million ($11.7 million) in annualized cost savings. Carter said the standalone business remains on track to become cash generative by year-end despite its Q2 revenue decline. Following the 888Africa deal, GiG expects combined 2026 revenue of €44 million to €48 million ($51.3 million to $56.0 million). Adjusted EBITDA is forecast at €5 million to €7 million ($5.8 million to $8.2 million). Carter also offered an early indication of the enlarged group’s potential for 2027. On a “roughly conservative” basis, he said GiG and 888Africa could generate around €85 million ($99.1 million) to €90 million ($105 million) in revenue and €18 million ($21 million) to €20 million ($23.3 million) of EBITDA. The post GiG Agrees €16.4M 888Africa Deal in ‘Transformational’ B2C Return appeared first on Casino.org.