GiG Software plc, a gaming platform provider listed in Stockholm, has revealed plans to purchase an 80% stake in Evoke's 888Africa for a total consideration of up to €16.4 million. The announcement, made on Wednesday, highlights GiG’s aim to raise €8.5 million ($9.92 million) to finance the acquisition through a directed share issue.
This method involves offering shares to selected investors rather than all existing shareholders, alongside convertible loan agreements. The board favored this approach for its quicker execution, lower transaction costs, and the reduced risk of negatively affecting the trading price of GiG’s securities.
The funds raised will cover the initial payment for the acquisition, estimated at about €6 million, with the remaining amount designated for general corporate needs. Additionally, the purchase includes deferred consideration totaling roughly €10.4 million.
GiG has characterized 888Africa as a "cash-generative, profitable, fast-growing B2C operator in Africa." The company anticipates that the combined operations will generate revenues between €44 million and €48 million by 2026, with adjusted EBITDA projected to range from €5 million to €7 million, assuming 888Africa begins contributing fully in the fourth quarter of that year.
Evoke will maintain its 20% share and remain engaged in management after the acquisition, although it is currently in the process of being acquired by Bally's Intralot in a £243.1 million all-share transaction that will incorporate Evoke into Bally’s Intralot operations. Robeson Reeves, CEO of Bally’s Intralot, has expressed interest in several of Evoke’s brands and markets, including Italy, Romania, and Evoke's downsized UK retail assets. Reeves remarked that there is no intention to divest Evoke’s other assets unless an exceptionally high offer arises.
Evoke launched the brand 888Africa in 2022 by licensing its 888 brand to a joint venture aimed at tapping into Africa’s growing market. In August 2023, it acquired BetLion, a regulated gaming operator in Kenya and Zambia since 2019, as part of its expansion plans in the region. However, in 2025, it exited ten African markets as part of a broader restructuring strategy, shortly before Evoke announced a significant strategic review in preparation for a group sale. From December 2, 2025, residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, Republic of Congo, Democratic Republic of Congo, and Somalia could no longer place bets using William Hill.
