Gaming Innovation Group, through its subsidiary GiG Software Plc, has completed the acquisition of an 80% stake in 888AFRICA, a prominent betting and gaming company based in Africa. This transaction was finalized following the fulfillment of the conditions stated in the share purchase agreement dated September 28.
888AFRICA, which holds licenses to operate in Angola and Tanzania, is recognized as a leader in Mozambique's betting and gaming sector. This acquisition is a strategic move for GiG, as it allows the company to tap into an established consumer-focused gambling operation within the African market. Notably, GiG does not own the remaining 20% of 888AFRICA.
The total cost of the acquisition amounted to €16.4 million, with an initial payment of €6.1 million made upon closing the deal. The remaining balance of €10.3 million will be paid in installments over the next ten months.
In terms of financial performance, 888AFRICA reported a 17% increase in revenue compared to the previous quarter, and a 30% year-on-year growth for the second quarter of 2026. The adjusted EBITDA margin stood at 13%, contributing to a net cash income of over €892,500, equivalent to approximately US$1 million. The company anticipates an annualized net gaming revenue of €44.62 million, or US$50 million.
Christopher Coyne, CEO and co-founder of 888AFRICA, expressed enthusiasm for the future in a LinkedIn post, remarking, "It is a brand new dawn for 888AFRICA, and we have the clearest growth plan forward in African markets where we currently operate, as well as in new African markets we aim to enter. Our new partners and investors have the highest ambitions for 888AFRICA, and the launch of our plan is happening right now. I extend my heartfelt gratitude for the immense support from Vaughan Lewis and Daniel Burns, who have been instrumental in this journey."
Richard Carter, CEO of GiG, stated that this acquisition not only increases the company's scale but also creates more opportunities for GiG to enter regulated markets in Africa. This move adds a consumer-facing operator to GiG's portfolio, which has been primarily recognized as a technology and service provider in the online gaming industry. Headquartered in Malta, GiG is publicly traded on the Nasdaq First North Premier Growth Market in Stockholm.
