The African economy have been growing steadily for a quarter century, interrupted only by the effects of Covid-19. Africa is expected to expand at a faster rate than other continents in 2021, with an average GDP growth rate of above 3%.
Africa is one of the most exciting regions for iGaming investments due to the rising disposable income of the emerging middle classes in Sub-Saharan Africa and the fast growth of connectivity infrastructure. In terms of fresh hires and gaming possibilities, Betway sports betting leads the way.
The growing availability and decreasing prices of broadband mobile internet connectivity are important factors in this surge. Africans now account for 11.5% of global internet users.
The number of users served by 3G and 4G networks has tripled in the last five years, while the cost of data and handsets has decreased. While sports betting companies have dominated online gambling in Africa to far, low-cost internet has now opened the door for local players to access modern casino games.
Sports betting outnumbers all other forms of gambling in Africa. The youth prefer European football, although horse racing, rugby, and cricket are still popular in Betway and other top organizations.
The continent’s legal system is currently a mess.
While some African countries, like Tanzania, have pioneered gaming laws, others lag behind. Online gambling is seldom controlled. In nations like Nigeria, where regional administrations strive to enact and implement laws that are not recognized at the federal level, this has produced ambiguity.
Except in the far north, few African nations have cultural or religious restrictions against gambling, allowing room for eventual complete legalization and regulation.
South Africa has the continent’s biggest gambling business, with total gaming revenue expected to top $2.3 billion by 2023. Despite having a lesser population than some of its neighbours, South Africa has Africa’s third highest GDP. The high GDP per capita translates to considerable purchasing power, giving investors with a steady customer base. It accounts for nearly half of the continent’s GGR.
Nigeria has Africa’s largest population and gross domestic product, little over 200 million and $443 billion, respectively, according to 2020 figures. It’s no surprise that the country has the biggest gambling market in Sub-Saharan Africa, accounting for 7% of the continent’s total. Some of the most respected betting businesses, like Betway, have set up shop in Nigeria, progressively sweeping over the continent.