GiG Software to purchase 80% stake in 888Africa for €16.4 million ($19.2 million), a transformative acquisition according to CEO Richard Carter amidst disappointing Q2 results.

GiG aiming to finalize the acquisition from a subsidiary of Evoke by September’s end. This move precedes Evoke’s acquisition by Bally’s Intralot, anticipated to conclude in Q4 2026 or Q1 2027.

This agreement marks GiG’s reentry into managing a consumer gambling brand after selling its B2C business to Betsson six years ago and parting ways from Gentoo Media two years back.

888Africa’s existing management will retain 20% ownership, with GiG financing the deal through convertible debt and share issuance.

“This greatly alters GiG’s growth trajectory,” stated Carter during the Q2 2026 earnings presentation, emphasizing the profitability and cash generation potential of 888Africa.

Operating in Mozambique, Angola, and Tanzania, 888Africa, dubbed the leader in Mozambique, boasts an annualized NGR of approximately $50 million, with revenue up by 32% from Q4 2025 to Q2 2026.

Considering Africa for some time, GiG opted for acquiring an established operator for a quicker entry into the market.

Anyone that is in the online gaming industry has always had an eye on Africa, given the growth rates. But it is not an easy continent to get into.

GiG Software CEO Richard Carter

Utilizing 888Africa’s local expertise, GiG plans a B2B launch in Africa within approximately 12 months.

Deal Distracts from Disappointing Q2 Results

As GiG shared lackluster Q2 2026 results with a 5% revenue decline to €8.8 million ($10.3 million) and a 25% drop in adjusted EBITDA to €0.8 million ($0.9 million), its Stockholm-listed shares fell 30% initially but recovered thereafter.

Carter admitted disappointment over recent client launch performances but highlighted proactive measures taken to counter the effects by discontinuing unprofitable partnerships and markets, including exits from the US and Philippines, and the closure of white-label operations, resulting in €10 million ($11.7 million) annualized cost savings.

Despite the revenue dip in Q2, GiG remains on course to achieve cash generation by year-end.

With the 888Africa deal in place, GiG projects combined 2026 revenue of €44 million to €48 million ($51.3 million to $56.0 million) and an adjusted EBITDA forecast of €5 million to €7 million ($5.8 million to $8.2 million).

Hinting at 2027’s prospects, Carter presented a preliminary estimation of a combined revenue of €85 million ($99.1 million) to €90 million ($105 million) and an EBITDA of €18 million ($21 million) to €20 million ($23.3 million) for GiG and 888Africa.