Africa | 29 October 2026
Gaming Innovation Group (GiG) is placing African gaming markets at the centre of its future growth strategy following the completion of its acquisition of an 80% stake in 888AFRICA.
The international iGaming technology provider reported declining revenue and widening operating losses in its third-quarter financial results, released on 28 October 2026.
However, the company believes its investment in 888AFRICA, an established betting operator with operations in Mozambique, Angola and Tanzania, could significantly strengthen its financial performance and geographical presence from 2027.
The development highlights the growing strategic importance of African gaming markets to international operators and technology providers.
GiG Reports Declining Revenue in Third Quarter
According to its latest financial results, GiG generated €8.5 million in revenue during the three months ended 30 September 2026, compared with €9.7 million in the corresponding period of 2025.
This represents a year-on-year decline of approximately 12%.
The company also reported an operating loss of €4.3 million, compared with €3.5 million a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to €800,000, from €1.2 million in the previous year.
The adjusted EBITDA margin consequently decreased from 12% to 9%.
For the first nine months of 2026, GiG recorded revenue of €26.3 million and an operating loss of €16.2 million.
Despite these challenges, the company maintained its financial guidance and expressed confidence that the acquisition of 888AFRICA would support its next phase of growth.
GiG Completes €16.4 Million Acquisition of 888AFRICA
One of the most significant developments during the reporting period was GiG’s acquisition of an 80% ownership stake in 888AFRICA.
The transaction, valued at €16.4 million, was completed on 30 September 2026 and formally announced on 1 October.
Under the agreement, GiG paid an initial €6.1 million, with the remaining €10.3 million payable in installments over the following ten months.
The acquisition gives GiG a controlling interest in an established African business-to-consumer betting operator.
888AFRICA has developed a strong position in Mozambique and maintains licensed operations in Angola and Tanzania.
The company launched in late 2022 and has since expanded its presence in several regulated African markets.
According to GiG’s earlier acquisition announcement, 888AFRICA had reached approximately US$50 million in annualized net gaming revenue run rate.
This is an annualized performance indicator rather than a confirmed full-year revenue figure.
Why Africa Is Central to GiG’s Growth Strategy
GiG has traditionally operated as a business-to-business technology provider, supplying platforms, sportsbook technology and other digital gaming infrastructure to operators internationally.
Through 888AFRICA, the company is adding a consumer-facing gaming business with an existing player base, operating licences and established local market knowledge.
This provides an opportunity to diversify revenue sources while increasing exposure to African gaming markets.
Mozambique is particularly important to the acquisition, with 888AFRICA already holding a leading position there, according to GiG.
Angola and Tanzania provide additional opportunities for operational development and potential expansion.
The transaction also illustrates the importance of localization in Africa’s gaming industry, where payment methods, regulatory frameworks, player behaviour and commercial conditions vary significantly between countries.
For international businesses, acquiring an established local operator can provide a different market-entry route from launching a completely new platform.
GiG Targets €85–90 Million in Revenue for 2027
Following the acquisition, GiG has outlined ambitious financial expectations for the coming year.
The company is targeting combined revenue of €85 million to €90 million in 2027, alongside adjusted EBITDA of €17 million to €19 million.
These forecasts reflect the expected contribution of 888AFRICA over a full financial year.
For 2026, GiG maintained its guidance for combined revenue of €45 million to €48 million and adjusted EBITDA of €5.5 million to €7 million.
The company also reported cash and cash equivalents of €8 million at the end of September, compared with €3.5 million at the end of June.
GiG attributed the improvement partly to the consolidation of 888AFRICA.
However, the 2027 figures remain management projections and are not guaranteed financial outcomes.
Their achievement will depend on integration, operational execution, market performance and the company’s ability to manage costs.
CEO Richard Carter Highlights African Opportunity
GiG Chief Executive Officer Richard Carter described the acquisition as an important step in strengthening the group’s long-term position.
He highlighted the addition of a profitable, growing African operator and the improvement in the company’s cash position.
Carter also emphasized the importance of combining GiG’s existing technology capabilities with 888AFRICA’s operational presence.
The company intends to maintain cost discipline, integrate the acquired business and continue delivering its existing commercial commitments.
GiG expects the combined business to enter 2027 with a more diversified revenue base and stronger growth potential.
Implications for Africa’s iGaming Industry
The acquisition is another example of international gaming businesses identifying commercial opportunities across Africa.
For established African operators, the transaction demonstrates the potential investment value of local licences, customer relationships, payment infrastructure and market knowledge.
For technology providers, it reinforces the importance of scalable platforms capable of supporting different regulatory and operational requirements.
For payment service providers, growth in regulated gaming markets may create demand for reliable local collections, withdrawals, fraud prevention and settlement infrastructure.
However, such opportunities will depend on the specific payment regulations, operator requirements and commercial arrangements applicable in each country.
The transaction may also encourage further interest in mergers, acquisitions and strategic partnerships involving African gaming businesses.
What Comes Next?
GiG’s immediate priorities include integrating 888AFRICA, maintaining operating cost discipline and executing its existing commercial commitments.
Industry observers will be watching whether the African business can deliver the expected revenue contribution and help improve GiG’s profitability.
The performance of its operations in Mozambique, Angola and Tanzania will be particularly important in assessing the success of the acquisition.
Additional market expansion remains a potential future opportunity, but GiG’s latest financial announcement does not confirm specific new African country launches.
Conclusion
GiG’s acquisition of 888AFRICA represents a significant investment in Africa’s regulated gaming industry at a time when the company’s existing operations are facing financial pressure.
Although third-quarter revenue declined and operating losses widened, management believes its African investment can help transform the group’s financial outlook.
The coming year will provide an important test of whether established African gaming operations can deliver the growth, diversification and profitability GiG expects.
iBetAfrica will continue monitoring the company’s performance and the wider implications of international investment in Africa’s gaming ecosystem.
