GiG Near Agreement to Acquire 888Africa from evoke for up to €30m

A major shift is occurring in the international gaming landscape as Gaming Innovation Group (GiG) nears a definitive agreement to acquire evoke’s majority stake in 888Africa. This strategic pivot marks GiG's reentry into the B2C sports betting sector, six years after the company offloaded its consumer-facing brands to Betsson Group. The move suggests a fundamental change in GiG’s corporate strategy, transitioning from a pure-play B2B provider back to an integrated operator to capture more value from emerging markets.

For evoke, the owner of William Hill, the disposal of 888Africa is a matter of financial necessity. The group has been under intense pressure to raise cash, having recently warned of "material uncertainties" regarding its ability to continue as a going concern if a pending acquisition by Ballys Intralot fails. Selling its stake in the African joint venture provides a much-needed liquidity injection of up to €30 million. The urgency is shared by the minority shareholders—888Africa’s management team—who are eager to finalize the sale before the Ballys transaction potentially dilutes or invalidates their existing share options.

Numbers and facts

The proposed deal concerns evoke’s 80% shareholding in 888Africa. Sources indicate that evoke is seeking a price between €20 million and €30 million. The acquisition is expected to be structured with GiG taking an initial 20% direct ownership stake, with the remaining balance treated as a convertible loan. This structure is likely designed to accommodate GiG’s current cash flow position, following a reported after-tax loss of €5.2 million in the first quarter of 2026.

GiG’s ability to pursue this acquisition despite its financial struggles is largely attributed to the support of the Juroszek family. The Polish investors, who previously owned STS Holdings, currently hold approximately 24.69% of GiG’s total shares. Their financial backing is seen as the catalyst for this expansion. This support comes after a year where GiG implemented significant cost-cutting measures, including 170 redundancies and the elimination of several internal service departments.

Background

Launched in 2022, 888Africa was designed to capitalize on the rapid regulation of online gaming across the African continent. Under the leadership of CEO Christopher Coyne, the venture has established a strong presence in Mozambique and Angola. For GiG, acquiring a business that has recently reached EBITDA profitability offers a shortcut to improving its own financial standing. GiG CEO Richard Carter has previously signaled this direction, noting the strategic importance of emerging markets.

"We see increasing potential not just in the APAC region but in the broader emerging markets, including Latam, Eastern Europe and Africa, where iGaming regulation is evolving and creating substantial expansion opportunities for GiG." - Richard Carter, CEO of Gaming Innovation Group

Industry analysts also point to the possibility of GiG being taken private following this deal. With a current market capitalization of less than €30 million, the company is viewed by some investors as undervalued. Moving to a private ownership structure could alleviate the administrative and regulatory burdens associated with being a Nasdaq-listed entity, allowing the management to focus on growth in high-yield markets like Africa.

Why it matters for German players

While 888Africa does not operate within the German jurisdiction, the stability of its parent companies is vital for the broader European market. German players are protected by the Interstate Treaty on Gambling 2021 (GlüStV 2021), which mandates strict player protection measures. These include a €1,000 monthly deposit limit across all licensed providers, managed through the LUGAS central database, and a €1 per spin stake limit on virtual slots.

It is essential for German consumers to use only operators found on the GGL whitelist. These companies are vetted for financial reliability and compliance with social responsibility standards. Even if GiG acts as a background technology provider, its financial health ensures the continuity of service for the licensed operators that use its platform. The consolidation seen in this deal reflects the broader trend of companies seeking profitability through scale to manage the high costs of compliance in strictly regulated markets like Germany.

What it means for GGL-licensed casinos

For GGL-licensed casinos, the potential acquisition of 888Africa by GiG signals a strengthening of a major B2B platform partner. A more diversified and profitable GiG can invest more in the technical innovations required to meet Germany’s sophisticated regulatory reporting requirements. However, the financial turbulence at evoke serves as a reminder of the volatility in the global iGaming market. The GGL maintains rigorous oversight to ensure that any international corporate restructuring does not compromise the integrity of the German market or the safety of player funds. The strict licensing process ensures that only entities with proven operational stability can offer services to German citizens.