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GiG exited the B2C space in 2023 when, after a strategic review, the company split its media and platform divisions, the former of which was rebranded as Gentoo Media.

The 888Africa acquisition announcement raises questions about why GiG have opted to return to the B2C sphere. Richards warns against over-analysing the deal as a wholesale return to B2C, insisting that GiG remains a B2B platform and tech business at its core.

Asked why GiG had returned to B2C, Richards explains the decision was threefold.

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Entering iGaming from the outside was nerve-racking, but it has actually turned out to be my biggest advantage. I have no preconceived ideas about how things should be done, and I’m not playing anybody else’s rulebook.

I believe that the industry needs more outside voices. People who come in and look at problems from a different perspective, and who are not constantly worrying about past mistakes.

Technology, especially AI, is impacting all industries, and the more we can learn from one another, the better.

What is Roulette Wheel?

The move came shortly after the Senate declined to advance the Digital Asset Market CLARITY Act. The procedural vote on September 15 rejected it with 49-50, not meeting the 60 votes required to move forward. 

The CFTC’s move gives the agency a chance to pursue parts of a crypto market framework under its existing authority, rather than waiting for Congress to resolve the broader legislative debate. 

CFTC Chairman Michael Selig signaled that possibility back in August. The agency was considering how its existing powers could be used to create a dedicated market structure for digital assets that are standard, he said.