888AFRICA targets Africa’s top three after GiG deal
The €16.4m transaction gives GiG an 80 per cent stake and supports 888AFRICA’s plans to enter new markets and pursue M&A beyond Mozambique, Angola and Tanzania.
Key takeaways:
- GiG Software completed its €16.4m (US$18.3m) acquisition of an 80 per cent stake in 888AFRICA on October 1.
- 888AFRICA aims to become one of Africa’s three largest igaming operators by revenue and profit within five years.
- The operator currently operates in Mozambique, Angola and Tanzania, with an annualised NGR run rate of about US$50m.
- 888AFRICA reported 30 per cent year-on-year revenue growth and 17 per cent quarter-on-quarter growth in the second quarter of 2026.
- Its expansion plan includes additional market entries and potential mergers and acquisitions, supported by GiG’s technology and resources.
Mozambique.- 888AFRICA is targeting a place among Africa’s three largest igaming operators by revenue and profit within five years after GiG Software completed its €16.4m acquisition of an 80 per cent stake in the business. The deal gives GiG direct exposure to B2C operations and provides 888AFRICA with additional technology and resources to expand beyond Mozambique, Angola and Tanzania. The operator enters the next phase with an annualised NGR run rate of about US$50m.
888AFRICA has set a five-year target of becoming one of Africa’s three largest igaming operators by revenue and profit following the completion of GiG Software’s acquisition of an 80 per cent stake in the business. The companies completed the €16.4m (US$18.3m) transaction on October 1, giving GiG a majority interest in 888AFRICA and expanding its presence in regulated African B2C markets.
888AFRICA said the partnership will focus on growing its existing operations, entering additional markets and pursuing potential mergers and acquisitions as it works towards its top-three target. The operator currently holds a market-leading position in Mozambique and has licensed operations in Angola and Tanzania. It has also reached an annualised net gaming revenue (NGR) run rate of about US$50m.
Its recent financial performance provides a base for the expansion plan. 888AFRICA reported 30 per cent year-on-year revenue growth and 17 per cent quarter-on-quarter growth in the second quarter of 2026. Its adjusted EBITDA margin reached 13 per cent, while the business generated more than US$1m in net cash during the quarter.
GiG paid €6.1m (US$6.8m) when the transaction closed, with the remaining €10.3m due in instalments over the following 10 months. The acquisition gives the B2B technology provider direct exposure to B2C operations, while 888AFRICA gains access to GiG’s technology and wider resources.
The transaction also marks a shift in GiG’s business model. The company had been restructuring its operations before pursuing the African acquisition, completing €4.5m (US$5m) in annualised cost savings and launching a further €6m (US$6.7m) savings programme in the second quarter.
GiG CEO Richard Carter said the acquisition would give the group greater scale and exposure to regulated African markets, while 888AFRICA CEO Christopher Coyne said GiG’s technology and reach would support expansion in existing markets and into new territories.
The deal sets the stage for 888AFRICA to expand beyond its three existing African markets, with new market entries and mergers & acquisitions identified as key parts of its five-year growth plan.
Frequently asked questions (FAQs)
- What did GiG acquire from 888AFRICA? GiG Software acquired an 80 per cent stake in 888AFRICA in a transaction valued at €16.4m (US$18.3m). The deal completed on October 1, with 888AFRICA’s existing management continuing to lead the operating business.
- What is 888AFRICA’s growth target? 888AFRICA aims to become one of Africa’s three largest igaming operators by revenue and profit within five years. It plans to pursue this through growth in existing markets, entry into new territories and potential M&A.
- Which African markets does 888AFRICA operate in? 888AFRICA currently has a market-leading position in Mozambique and licensed operations in Angola and Tanzania. The company plans to expand beyond these three markets.
- How much does 888AFRICA generate in annualised NGR? The operator has an annualised net gaming revenue run rate of about US$50m. In the second quarter of 2026, it reported 30 per cent year-on-year revenue growth, a 13 per cent adjusted EBITDA margin and more than US$1m in net cash generation.
