After years of focusing exclusively on B2B, GiG is returning to B2C with its planned acquisition of 888Africa. The €16.4m ($19.1m)deal offers exposure to fast-growing African markets, but also brings GiG back into a more volatile region of the iGaming industry. The acquisition would give GiG an established B2C operation across several African markets, including Mozambique, Kenya, Tanzania, Zambia, Malawi and Angola, which are currently listed as 888Africa’s markets on its LinkedIn profile.
The B2B pivot and its aftermath
GiG officially identifies 2012 as its founding year, although it's corporate roots date back even further. In its early years, the business operated across both B2C and B2B, with the B2C segment playing an important role in its initial growth. The operator/supplier developed several major B2C brands before making its first major strategic shift. In 2020, GiG completed the sale of its B2C vertical to Betsson Group, with the deal including brands such as Rizk, Guts, Kaboo and Thrills.
Its business went through several distinct phases between 2019 and 2024. In 2019, GiG's bottom line was weakening, mainly due to the poor performance of the Platform Services Segment, although the overall business remained solid. In 2020, GiG’s divestment of its B2C business was intended to allow it to focus solely on B2B, though EBITDA for the year remained in the red. GiG argued that its platform business and media business still operated in a large and sustainable addressable market as the iGaming industry became increasingly regulated and underwent rapid digital transformation.
In 2021, the overall business returned to profitability (including the affiliate/media arm, which was later split off). Growth accelerated in 2022, supported by the acquisition of Sportnco. This momentum continued into 2023, which represented a materially profitable year.
Following its separation from the affiliate business in 2024, now known as Gentoo Media, GiG Software has faced persistent financial pressure as a standalone platform provider, recording an after-tax loss each quarter since the split.
The acquisition could give GiG exposure to fast-growing markets and provide access to a profitable B2C operation. However, it also re-exposes the company to player acquisition costs, localised compliance requirements and volatile tax regimes
Back to B2C: Why Africa?
After years of pursuing a pure B2B model and separating its software business from the better-performing affiliate arm, GiG Software has now been dragged back into the B2C game by ongoing struggles.
GiG Software has announced plans to acquire an 80% stake in 888Africa from an Evoke plc subsidiary for €16.4m.
GiG has described 888Africa as a profitable, cash-generative and rapidly expanding B2C operator with strong traction across regulated African markets. The acquisition therefore appears to be aimed, at least in part, at strengthening GiG Software’s financial position and balance sheet. 888Africa has reportedly performed particularly well in Mozambique, while its other current markets include Kenya, Tanzania, Zambia, Malawi and Angola.
Africa offers significant long-term potential for online gaming. Improving broadband infrastructure, favourable demographics and increasing digital adoption are creating new opportunities across the continent. Acquiring an established operator with an existing presence across several African markets could therefore provide GiG with a relatively direct route into a region with good growth potential.
Growth opportunity or regulatory gamble?
But there are also reasons for caution. In 2025, Evoke's William Hill exited 10 African markets as part of wider restructuring. This raises questions about the sustainability of some African markets and whether the challenges that led to these exits could also affect GiG.
Regulatory uncertainty is another key concern. Many African markets still need to mature their gambling frameworks, while governments across the continent face increasing fiscal pressure. Gambling taxation can be an attractive source of additional government revenue, creating a risk of tax increases.
Kenya, one of 888Africa’s largest markets, is undergoing a major regulatory overhaul, with tighter requirements that could increase compliance costs and affect the economics of operating in the market.
Nevertheless, the acquisition could give GiG exposure to promising markets, while providing access to a currently profitable B2C operation. Still, it re-exposes the company to player acquisition costs, localised compliance requirements and volatile tax regimes.
GiG plans an initial payment of approximately €6m for the acquisition, followed by €10.4m in deferred consideration
