GiG Software has closed the acquisition of an 80% stake in 888Africa from Evoke for up to €16.4m, of which €10.4m is deferred. The deal marks a return to B2C after the company exited all retail and online operations in 2023 to focus entirely on platform supply.
CFO Phil Richards said the asset is profitable and cash-generative, with annual NGR around $50m and year-on-year growth of 30%. 888Africa holds regulated positions in Mozambique, where it leads the market, Angola and Tanzania. Evoke needed cash quickly — it accepted $6m upfront for a business generating that kind of revenue. GiG will fund the purchase with €2.5m in new equity and €6m in convertible debt.
Richards insists GiG remains a B2B platform business, but owning a local operator gives direct exposure to regulatory environments, payment rails and player behaviour. That should help sell the platform to other operators across the continent.
Pipeline trouble
Redeye analyst Hjalmar Ahlberg points to weakening B2B momentum. Several sweepstakes clients underperformed and a large Brazilian customer pulled out before launch. The 888Africa deal is partly a response to those setbacks.
Bally's, which acquired Evoke through Intralot, retains 20% and stays involved in management. Corfai Capital's Ben Robinson calls the price low — a comparable European asset would fetch multiples of this. Africa is growing but competition from Betway and local brands is intense. Regulatory and currency risk remain high.
GiG plans to migrate 888Africa onto its own platform but will not pursue aggressive B2C expansion. The company has not signalled further acquisitions, though Robinson suggests this could be the start of a shift: GiG's survival may depend on holding P&L in growing markets rather than relying solely on technology licensing.
