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Nasdaq-Listed B2B Supplier Explores B2C Re-Entry Through Strategic African Joint Venture Purchase
B2B platform supplier Gaming Innovation Group (GiG) is reportedly close to finalizing an agreement to acquire evoke’s majority share in the B2C sports betting brand 888Africa.
The potential transaction emerges as evoke, the William Hill owner currently navigating an ongoing acquisition by Bally’s, seeks to monetize its assets. Evoke has previously flagged “material uncertainties” regarding its status as a going concern should the Bally’s transaction falter, creating an urgent drive to realize value from the African joint venture led by CEO Christopher Coyne.
Transaction Structure and Market Context
Under the terms currently being discussed, the Nasdaq-listed supplier is positioned to acquire evoke’s 80% shareholding in 888Africa. The deal is structured as a 20% direct ownership stake alongside the remainder issued as a convertible loan. Evoke is reportedly seeking a valuation in the range of €20 million to €30 million for its stake.
The remaining 20% of the B2C operator is held by its senior management team, who are keen to close the transaction prior to the finalization of the evoke-Bally’s deal, which would otherwise render their share options nearly worthless. The brand’s potential sale comes just over four years after 888 launched the African venture in 2022 with ambitions to secure leading positions across regulated markets in the region. Both evoke and GiG declined to comment when contacted.
Strategic Rationale and Financial backing for GiG
Since separating from its affiliate business, now operating as Gentoo Media, GiG has faced financial headwinds as a standalone platform provider, reporting consecutive quarterly after-tax losses, including a €5.2 million loss in its most recent Q1 report. These pressures have led to multiple rounds of redundancies affecting 170 staff in 2026 alone, alongside the discontinuation of in-house design, CRM, and operational managed services functions.
Given these financial constraints, sources indicate that GiG will not self-fund the acquisition. Instead, the necessary financial backing is expected to come from the Juroszek family, former owners of STS Holdings and major GiG shareholders holding approximately a 24.69% stake.
For GiG, integrating an EBITDA-positive business like 888Africa serves to strengthen its balance sheet, onboard a major B2B customer, and secure a strategic foothold in Africa’s fast-developing iGaming market. The move aligns with previous statements by GiG CEO Richard Carter highlighting emerging market growth opportunities. Furthermore, market sources suggest the acquisition could serve as a precursor to taking GiG private, leveraging a market capitalization of just under €30 million to bypass the regulatory and operational restrictions of being a public company.
Key Takeaways
- Acquisition Talks: Gaming Innovation Group (GiG) is nearing a deal to acquire evoke’s 80% stake in the B2C betting brand 888Africa.
- Financial Structure: The transaction is valued between €20m and €30m, structured as a 20% direct ownership stake and a convertible loan.
- Funding Backing: Due to GiG’s ongoing financial restructuring and quarterly losses, funding is expected to be driven by major shareholders the Juroszek family.
- Strategic Re-Entry: The deal marks GiG’s potential return to the B2C sector while providing immediate entry into the expanding African regulated market.
