Evoke sells 888AFRICA stake to GiG

• GiG has agreed to acquire 80% of 888AFRICA from evoke subsidiary Virtual Emerging Entertainment Limited in a deal worth €16.4m.
• The Stockholm-listed supplier will pay an initial €6m plus €10.4m in deferred consideration, funded partly through a directed share issue and new loan agreements.
• The acquisition marks GiG’s first return to consumer-facing betting since it sold its B2C brands to Betsson in 2020.

GiG has confirmed a deal to acquire 80% of 888AFRICA, the sub-Saharan African sports betting operator, in a transaction worth €16.4m.

The Stockholm-listed platform supplier agreed terms with Virtual Emerging Entertainment Limited, an evoke subsidiary, with the deal expected to close at the end of September.

The move marks GiG’s return to the business-to-consumer market for the first time since 2020, when it sold its Guts, Kaboo, Rizk and Thrills brands to Betsson for an initial €22.3m.

Funding the buyout

GiG will pay an initial €6m for its stake, with a further €10.4m in deferred consideration built into the agreement. The company plans to raise €8.5m through a directed share issue combined with new loan agreements to help fund the purchase.

The remaining 20% of 888AFRICA will stay with the founders who continue to actively manage the business. Management expects the transaction to close by the end of September.

After the acquisition, GiG anticipates combined FY2026 revenue of €44m to €48m and adjusted EBITDA of €5m to €7m, assuming a full contribution from 888AFRICA in the fourth quarter.

888AFRICA launched in 2022 as a joint venture between 888 Holdings, now known as evoke, and five industry veterans led by former Stars Group executive Christopher Coyne. Operating under the 888bet consumer brand, the venture expanded quickly across sub-Saharan Africa.

In August 2023, 888AFRICA strengthened its regional position by acquiring local operator BetLion. By that summer, the business had surpassed one million players across its platform. It now runs operations in Mozambique, Kenya, Tanzania, Zambia, Malawi and Angola.

Betting on Africa

According to GiG, 888AFRICA carries an annualised NGR run rate of approximately $50m, with second-quarter 2026 revenue up 30%. The business generated more than $1m in net cash during the three months to 30 June.

Richard Carter, GiG CEO, said:

“888AFRICA is a cash-generative, profitable, fast growing African B2C operator with a market leading position in Mozambique and operations in Angola and Tanzania.

“Africa’s online gambling sector offers and unparalleled long-term growth opportunity, driven by demographic, mobile and regulatory tailwinds that few other regions can match.

“We believe this combination will sharpen our focus, concentrating our resources on a defined portfolio of partners and supported by deeper operator and product expertise from the 888AFRICA team, allow us to deliver a higher quality, more responsive and more tailored service to our customers.”

Since splitting its sports betting and affiliate arms into separate listed businesses, GiG has operated purely as a B2B platform supplier.

The 888AFRICA deal shows a major shift in strategy, with the company betting that direct exposure to one of Africa’s most established regulated operators offers a faster route to growth than the platform-only model has delivered in recent quarters.

Evoke has not yet commented on the transaction.

Betway, the Super Group-owned brand, has established itself as a leader across the African continent. Most other global operators and suppliers have kept their distance from the region.

The Bally’s backdrop

The transaction lands against the backdrop of Bally’s Intralot’s pending £243m takeover of evoke, the owner of William Hill, 888 and Mr Green. Evoke shareholders backed the deal earlier this month, with completion expected in the fourth quarter of 2026 or the first quarter of 2027.

Bally’s Intralot views the evoke deal as a significant step in building out its UK presence. It also expands the group’s European footprint beyond its current base in Spain.

For GiG, the 888AFRICA purchase came alongside a mixed second-quarter update. Revenue dipped 5% to €8.8m, largely due to the insolvency of Richmond Atlantic, the venture behind the failed ITV real-money gaming offering.

Adjusted EBITDA fell from €1m to €800,000, and operating losses widened from €3.7m to €6.9m – a rockier patch than GiG’s savings plan had been designed to fix.