The global gambling industry is now estimated to be worth over $500 billion and is growing thanks to technological developments. Online operations have boosted land-based betting operator revenue significantly, with the U.S. and U.K. leading the way.
The online betting market has been especially beneficial in the U.S. where many states still prohibit casino betting markets. Savvy consumers have discovered a selection of US online casinos for 2024 that allow them to enjoy their favorite betting markets, from overseas.
But how does this compare to the scene across Africa?
The proliferation of mobile devices has seen the African betting industry emerge as one of the fastest-growing online gambling industries, with experts predicting a compound annual growth rate of 5.81% until 2029.
Mobile device use and improving connectivity have been crucial to Africa's online gambling industry, and many consumers can now enjoy access to international betting sites.
Some African countries are enjoying faster growth than others, and this has led to some of the world's leading gambling operators exploring avenues that will allow them to enjoy significant revenue streams.
1. South Africa
South Africa currently boasts the largest gambling market in Africa and accounts for more than half of the continent's gross revenue. The country's 39 land-based casino operations provide a great selection of in-person betting opportunities for South African gamblers.
Approximately 90% of those over 18 (the legal betting age in the country) engage in some form of gambling. The country's gambling market is covered by the 2004 National Gambling Act which prohibits online casino gambling but allows licensed online sports and horse racing.
Offshore betting operators provide a way for South African consumers to enjoy casino gambling sites, while some foreign operators can also apply for licenses that see the country benefit from additional revenue.
South Africa's sports betting market is the most popular in the country, with consumers backing their favorite soccer, rugby, and cricket stars.
The country is also home to a selection of horse racing tracks, with races beamed around the world. Tracks like Greyvville, Turffontein, and Kenilworth are just some of the top tracks that welcome the world's top racers.
2. Nigeria
The second largest gambling industry in Africa belongs to Nigeria. The National Lottery Regulatory Commission regulates gambling operations in the country, and the country's love for sports has seen sportsbook popularity skyrocket.
It won't come as a big surprise to see Nigeria as the second-largest gambling force in the continent due to its population. With more than 230 million people, Nigeria is the most populated country in Africa by some distance. It has approximately 100 million more people than Ethiopia in second place, and almost 170 million more than South Africa.
Despite having regulations in place, the country still sees many illegal operations being used by citizens. However, consumers have no legal recourse should an issue arise.
Online operations in the country remain popular due to a high mobile device penetration rate and impressive connectivity figures. This allows consumers to access a variety of gambling operators who follow the same regulations as land-based operators.
3. Kenya
Despite Kenya being the seventh most populace country in Africa with over 56 million inhabitants, it comes in as the third largest gambling industry in the continent.
Online betting is the major driving force behind this performance, with online sportsbooks proving popular again. More than 7 million Kenyans have sportsbook accounts with football being the most popular sport to bet on.
Despite a new tax bill that has seen an increase in the amount consumers must pay on winnings from 7.5% to 12.5%, the industry is still in good shape. Further tax demands on advertisements created by social media influencers could also have an effect on figures moving forward.
Some companies have decided to close their operations and move to other areas where taxation is not as high, but experts still believe that Kenya's gambling industry has a lot of potential, especially with technological developments in online betting sites and mobile devices.
4. Ghana
Like Kenya, Ghana's placing as one of the top gambling markets in Africa comes despite having a relatively small population compared to other countries. With almost 34.5 million people, Ghana is the 14th most populated country in the continent, but its well-structured gambling industry has been key to its growth.
Ghana's reputation as having the most regulated gambling industry in Africa is a result of gambling laws that have been in place since the 1960s.
Ghanaian gamblers enjoy a variety of different betting markets, with the National Lottery and slot machines among the most popular. Sports betting markets are also popular, especially European soccer where many of the country's top stars play.
Ghana is also home to a thriving horse racing industry and has seven land-based casinos. The country's capital, Accra, is home to five of the seven casinos, with the other two located in Kumasi and Tema respectively.
The Future of Gambling in Africa
Africa is recognized as having some of the most potential when it comes to betting industries. Many countries still have rudimentary regulatory frameworks, with many betting markets still in their infancy compared with well-established European, Asian, and American betting markets. This has seen many companies set up shop in an attempt to capitalize on an industry that is growing faster than the world average.
Online gaming is playing a huge part in this growth, and continued development, connectivity, and mobile device proliferation will see figures continue to grow. The introduction of crypto-based online casino operations is also making it easier for African consumers to enjoy international gambling opportunities without additional currency exchange fees.
Africa has long been overlooked in the global gambling industry, but it looks like it's time to shine is finally here.
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