GiG Software plc, a gaming platform provider based in Stockholm, has announced its intention to acquire an 80% stake in 888Africa, owned by Evoke, for a total that could reach €16.4 million. This acquisition plan was revealed on Wednesday and follows GiG's focus on a business-to-business model since its spinoff in 2023. To facilitate this purchase, GiG aims to raise €8.5 million ($9.92 million) through a directed share issue.
The funding strategy involves offering shares specifically to selected investors rather than to all current shareholders, supplemented by convertible loan agreements. The board opted for this directed share issue approach over a rights issue primarily for its quicker execution, lower transaction costs, and diminished risks concerning the trading price of GiG’s securities.
The initial payment for the acquisition is estimated at about €6 million, while the remaining funds will be allocated for general corporate purposes. The total purchase price incorporates a deferred payment approximately valued at €10.4 million.
GiG has characterized 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa.” The expanded entity is projected to produce combined revenues of between €44 million and €48 million in 2026, with adjusted EBITDA forecasted to range from €5 million to €7 million, assuming that 888Africa’s full operational contribution takes effect in the fourth quarter of that year.
Evoke will retain a 20% stake in 888Africa and will continue to participate actively in the management of the brand. Concurrently, Evoke is in the process of being acquired by Bally's Intralot in an all-share transaction valued at £243.1 million, leading to its integration into the Bally's Intralot operations. Bally's Intralot CEO Robeson Reeves has shown interest in several of Evoke's brands and markets, including Italy, Romania, and its recently downsized retail operations in the UK. Reeves has also affirmed that there is no current intent to sell off additional Evoke assets unless an exceptionally high offer is presented.
The 888 brand expansion into Africa began in 2022 when Evoke licensed its brand to create 888Africa, targeting growth in the region. In August 2023, 888Africa acquired BetLion, a regulated gaming operator in Kenya and Zambia, to enhance its presence in Africa. However, in 2025, the brand exited ten African markets, part of a larger business restructuring ahead of Evoke's strategic review in preparation for potential divestment of the group’s assets. As a result, from December 2, 2025, residents in several African countries, including Angola, Bolivia, Burkina Faso, and others, found themselves unable to place bets via William Hill.
