GiG Acquires 80% Stake in 888AFRICA, Evolution Rejects Dart's Bid, Brazil Considers Betting Limits

GiG Software is set to acquire an 80% stake in 888AFRICA for €16.4m, bolstering its operations in the African market. The deal, subject to customary approvals, includes an initial consideration of €6m and a deferred consideration of €10.4m. This acquisition follows careful analysis and benefits prediction by GiG, aiming to strengthen its presence and operational capabilities.

In other significant developments, Evolution's Board of Directors voted against Kenneth Dart's takeover offer, deeming it insufficient in value. The Board suggested that Dart was fulfilling his legal obligation under Swedish law, with the bid being below Evolution's current market value. Dart, who increased his ownership stake in Evolution to over 30% in July, submitted an offer of roughly $13.84bn, triggering a mandatory clause under Swedish laws.

Meanwhile, in Brazil, Senator Camilo Santana proposed a monthly betting limit of R$80 ($16) for all bettors. The legislative proposal ties the deposit limit to roughly 5% of the minimum monthly wage in the country and seeks to grant an exception for bettors who can prove higher income. Similar legislation is already applied in certain European countries, aiming to protect bettors from overspending and gambling-related debt.