GiG Software plc, a gaming platform provider based in Stockholm, has announced its plan to acquire an 80% stake in 888Africa, a subsidiary of Evoke, for a deal valued at up to €16.4 million. This announcement was made on Wednesday, highlighting GiG's focus on a business-to-business model since its spinoff in 2023.
To finance this acquisition, GiG intends to raise €8.5 million ($9.92 million) through a directed share issue, offering shares specifically to chosen investors rather than to all existing shareholders. This fundraising approach, which also includes convertible loan agreements, was selected over a rights issue to ensure quicker execution and lower transaction costs, as well as to minimize any adverse effects on GiG's share price.
The funds raised will cover approximately €6 million for an upfront payment related to the acquisition, with the remaining amount allocated for general corporate purposes. The overall purchase agreement incorporates an estimated deferred consideration of €10.4 million.
GiG has characterized 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa,” forecasting that the combined entity could generate revenues between €44 million and €48 million by 2026, with an adjusted EBITDA projected at between €5 million to €7 million. These financial forecasts assume that 888Africa will begin to fully contribute to revenues starting the fourth quarter of 2026.
Evoke will retain a 20% stake in 888Africa and will continue to be involved in its management, even as it is set to be acquired by Bally's Intralot in a £243.1 million all-share transaction, which will integrate Evoke into Bally’s operations. Robeson Reeves, CEO of Bally's Intralot, has indicated interest in various Evoke brands and markets, including Italy, Romania, and Evoke’s recently downsized UK retail assets, stating that there is no intention to divest any additional assets unless presented with an exceptionally high offer.
The 888Africa brand was launched in 2022 when Evoke licensed the 888 brand to expand into African markets. In August 2023, the company acquired BetLion, a licensed gaming operator in Kenya and Zambia, as part of its growth strategy. However, in 2025, it pulled out of ten African markets, divesting its operations as part of a larger corporate restructuring plan. Residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, the Republic of Congo, the Democratic Republic of Congo, and Somalia were no longer able to place bets through William Hill starting December 2, 2025.
