GiG Software Makes €16.4m Move into African Gambling Market
GiG Software has struck a deal to acquire an 80% stake in 888Africa for €16.4 million (roughly $19.2 million), in what the company’s CEO Richard Carter described as a “transformational acquisition” — even as the B2B technology firm posted a notably weak set of second-quarter results.
According to reporting by Casino.org, GiG expects to wrap up the purchase from a subsidiary of current owner Evoke before the end of September 2026. That timeline puts it ahead of Evoke’s own planned acquisition by Bally’s Intralot, which is not expected to close until Q4 2026 at the earliest.
A Return to Consumer Gambling
The move marks a significant shift in direction for GiG, which has operated purely as a B2B software and services provider since selling its consumer gambling division to Betsson around six years ago. The Stockholm-listed firm subsequently also separated from its affiliate arm, Gentoo Media, in 2024.
888Africa operates across Mozambique, Angola and Tanzania. Carter highlighted Mozambique as a market where the operator holds a leading position. The business generates approximately $50 million in annualised net gaming revenue and grew revenue by 32% between Q4 2025 and Q2 2026 — figures that clearly caught GiG’s attention. The existing 888Africa management team will retain the remaining 20% stake, and GiG plans to fund the transaction through convertible debt and a share issue.
Carter indicated that GiG had been eyeing African expansion for some time, viewing an established acquisition as a faster route than building from scratch. He also suggested GiG could look to launch a B2B operation in Africa “probably within 12 months” of completing the deal, using 888Africa’s local market knowledge as a foundation.
Difficult Q2 Results Overshadow the Announcement
The acquisition news came alongside a disappointing earnings update. GiG’s Q2 2026 revenue fell 5% year-on-year to €8.8 million, while adjusted EBITDA dropped 25% to €0.8 million. Shares fell 30% on the results before recovering those losses later in the same session.
Carter acknowledged underperformance across several recent client launches but said the company had responded by closing loss-making partnerships, exiting the US and Philippines markets, shutting white-label operations, and cutting its workforce by more than a quarter since January — moves GiG says amount to €10 million in annualised cost savings.
With 888Africa folded in, GiG is guiding for combined 2026 revenue of €44 million to €48 million. Looking further ahead, Carter offered a “roughly conservative” target of €85 million to €90 million in revenue for 2027.
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