Gaming Innovation Group (GiG), via GiG Software Plc, has finalized the purchase of 80% of 888AFRICA, a betting and gaming company operating in Africa. The transaction closed once the preconditions stated in the share purchase deal of September 28 were fulfilled.
888AFRICA holds licenses in Angola and Tanzania and is among the leaders in Mozambique’s betting and gaming market, making the acquisition a good move for GiG as it gains access to an existing consumer-focused gambling operation in the African region. GiG does not own 20% of equity for 888AFRICA.
The acquisition cost €16.4 million in total, of which €6.1 million was paid upfront at the moment the deal was finalized, while the remaining balance of €10.3 million will be settled through various installments in the following 10-month period.
The revenue of 888AFRICA increased by 17% as compared to the previous quarter and by 30% year-on-year in the second quarter of 2026. Adjusted EBITDA margin was 13%, while net cash income was over €892,500 (or US$1 million). Annualized net gaming revenue is expected to be €44.62 million (or US$50 million).
888AFRICA CEO and co-founder Christopher Coyne said in a LinkedIn post:
It is a brand new dawn for 888AFRICA and we have the clearest growth plan forward on African markets where we are live today, and new African markets we will move into. The new partners and investors have the highest ambition for 888AFRICA working with us and the blast off on the plan is right now. Personally, I will always give major thanks for their giant works in support of me, the team, the vision and the dream to both Vaughan Lewis and Daniel Burns.
According to GiG’s CEO, Richard Carter, the acquisition enhances its scale and provides it with more opportunities to enter into regulated African markets.
The acquisition adds a business-to-consumer operator to the group of companies that has been compared with a technology and service provider in online gaming sector. GiG is located in Malta and is listed on the Nasdaq First North Premier Growth Market in Stockholm.
