GiG Software Reports €8.5m Q3 2026 Revenue and Completes 80% Acquisition of African B2C Operator 888AFRICA

GiG Software PLC has reported revenue of €8.5m for the third quarter of 2026, down 12% from €9.7m a year earlier, in a quarter dominated by the completion of its acquisition of an 80% stake in African B2C operator 888AFRICA. Adjusted EBITDA came in at €0.8m, a 9% margin against 12% in the same period last year, and the group recorded an operating loss of €4.3m.

The results, published on 28 October 2026, show a company in transition. The core B2B platform business is still shrinking, yet group cash more than doubled to €8.0m over the quarter as the 888AFRICA deal closed. The report frames the acquisition as the central event of GiG’s year and the foundation of its growth plan for 2027 and beyond.

Inside GiG Software’s Q3 2026 gaming revenue decline

Revenue of €8.5m represents a 12% fall year on year. GiG attributes the drop primarily to client exits, including the insolvency of a customer named in the report as Richmond Atlantic, alongside lower set-up fees, which the company puts at a €0.3m impact for the quarter. Recurring revenue was more stable, holding at €7.1m against €7.0m a year earlier. Across the nine months to 30 September, revenue fell 6% to €26.3m.

Operating expenses excluding exceptional items and share-based payments came down 12% to €7.0m as two cost reduction programmes took effect, with personnel costs falling to €4.6m from €5.6m. GiG says it has delivered €10m of annualised savings this year and plans to close its Alira Spain platform during 2027 for further savings.

What the 888AFRICA acquisition brings to GiG’s B2B gaming model

The defining move of the quarter was the completion of the 80% stake in 888AFRICA, bought from Evoke plc for a $19.2m consideration and funded through a combination of convertible debt and a directed equity issue with existing shareholders. 888AFRICA’s management team retains the remaining 20%.

888AFRICA is a B2C online gaming operator with a market-leading position in Mozambique and operations in Angola and Tanzania. It reports in US dollars, and its results will be consolidated into the group from the fourth quarter of 2026. On the figures GiG presents, 888AFRICA grew net gaming revenue by 23% to $47.5 million in 2025 and is forecast to reach between $52.0 million and $54.0 million in Net Gaming Revenue (NGR) in 2026. Mozambique is expected to account for 88% of that revenue, with casino products making up 96%.

The B2C gaming bet behind GiG’s growth story

The strategic read here is straightforward. GiG is a B2B platform supplier whose own revenue is contracting, and it has chosen to buy its next phase of growth rather than wait for the core to recover. The report describes the combination as pairing a leaner, more focused B2B platform with a profitable, fast-growing B2C operator, and points to demographic, mobile and regulatory tailwinds in African online gambling.

That is a real strategic logic, but it also introduces a different kind of business and a different kind of risk. A platform vendor that sells software to operators now owns and runs a consumer-facing gambling brand, with the operational and regulatory demands that come with it, concentrated heavily in a single market.

What GiG’s 2027 guidance signals for the enlarged gaming operator

GiG has narrowed and reiterated its 2026 guidance of combined revenue of €45m to €48m and adjusted EBITDA of €5.5m to €7.0m.  For 2027, the first full year of 888AFRICA ownership, it is guiding to combined revenue of €85m to €90m and adjusted EBITDA of €17m to €19m, close to a doubling of top-line scale.

On the commercial side, the quarter was quieter. GiG signed one new partner, extended an existing commercial agreement and delivered three brand launches, all in the newly regulated Alberta market and all with existing partners. The company cites H2 Data putting Alberta’s annual gross gaming revenue potential at between €440m and €625m.

What does the 888AFRICA deal mean for B2B iGaming operators?

For the wider B2B supplier market, GiG’s move is a signal worth watching. A platform business absorbing a B2C operator to secure growth reflects how hard pure B2B revenue has become to grow in a market of client exits and cost pressure, and it blurs the line between supplier and operator that the sector has long treated as fixed. The group’s own numbers make the stakes clear, since the 2027 case depends on a clean integration and on Mozambique continuing to perform. Whether buying an operator proves a smarter path to growth than defending a platform business is a question the next few quarters, not this one, will answer.

Source: Gaming Innovation Group