Business
GiG Software plans €8.5m raise to buy 80% of 888Africa
Stockholm-listed GiG Software has announced a deal worth up to €16.4 million to acquire an 80% stake in Evoke's 888Africa, funded through a directed share issue.
What happened
Stockholm-listed gaming platform provider GiG Software plc has announced plans to acquire an 80% stake in Evoke's 888Africa, in a deal worth up to €16.4 million. The announcement was made on Wednesday, according to the source.
To fund the acquisition, GiG intends to raise €8.5 million ($9.92 million) through a directed share issue. Under this structure, shares will be offered to specific investors rather than all existing shareholders, combined with convertible loan agreements.
The board opted for a directed share issue over a rights issue because of its faster execution, lower transaction costs, and reduced risk of adverse impact on the trading price of GiG's securities, the source reports.
Confirmed details
The proceeds from the raise will cover the upfront payment for the acquisition, estimated at around €6 million, with the remainder earmarked for general corporate purposes. The purchase price also includes a deferred consideration of about €10.4 million.
GiG has described 888Africa as a cash-generative, profitable, fast-growing B2C operator in Africa. The company expects the expanded group to generate combined revenue of between €44 million and €48 million in 2026, alongside adjusted EBITDA ranging from €5 million to €7 million. These projections assume 888Africa's full contribution will commence in the fourth quarter of 2026.
As part of the deal, Evoke will retain the remaining 20% stake and remain actively involved in management. Evoke is currently in the process of being acquired by Bally's Intralot in a £243.1 million all-share deal.
Why it matters to the iGaming market
The acquisition marks GiG's first entry back into B2C gambling in the last few years, after the company pivoted to B2B in 2023. Since its spinoff, GiG has operated as a pure B2B platform play, making this move a notable strategic shift.
The deal also intersects with broader consolidation activity in the sector. Bally's Intralot CEO Robeson Reeves has expressed interest in a number of Evoke's brands and markets, including Italy, Romania and its UK retail assets. However, when announcing the acquisition in June, Reeves said there was no intention to sell off Evoke's additional assets, and that only an exceptionally high offer would alter that equation.
888Africa's own trajectory has been volatile. The brand was initiated in 2022 when Evoke licensed its 888 brand to the Africa-facing joint venture 888Africa. In August 2023, it acquired BetLion, a regulated and licensed gaming operator in Kenya and Zambia since 2019. But in 2025, Evoke retreated from 10 African markets, divesting its African operations as part of a broader business restructuring. From 2 December 2025, residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, Republic of Congo, Democratic Republic of Congo and Somalia were no longer able to place bets via William Hill.
What to watch next
The success of the acquisition hinges on GiG's ability to raise sufficient funds through the directed share issue. The board's preference for this route signals a focus on speed and lower cost, but it also means existing shareholders will not have the same pre-emptive participation rights they would under a rights issue.
The future of 888Africa is also linked to Evoke's imminent acquisition by Bally's Intralot. While Reeves' initial statement indicated no intended disposal of Evoke's assets, the deal's completion may still be subject to further developments in that broader transaction.