Africa is frequently referred to as the world’s youngest continent, with almost 60 percent of the population under the age of 25, making it a potentially enormous market for online gaming companies. But, what is the present state of affairs when it comes to online gambling in Africa, and which nations are setting the bar for the rest of the continent? Continue reading to find out more information.
The current state of affairs in the worldwide online gaming industry.
The word “iGaming” refers to any kind of online gambling that takes place over the internet. This includes anything from online casinos to poker rooms to sports betting to fantasy sports to binary trading and cryptocurrencies.
While many businesses have suffered as a result of the COVID-19 epidemic in 2020, the online gaming industry has seen unprecedented growth. Due to the fact that individuals have been confined to their houses for the last year, the popularity of these games has risen dramatically. Furthermore, by 2027, this industry is projected to be valued more than 127 billion dollars, with a compound annual growth rate (CAGR) of 11.5 percent from 2020 to 2027.
The growth of smartphones, which make accessing online gaming platforms simple, as well as increased internet usage, makes it only natural that the iGaming business should be on the rise as well. Signing up for some of the finest online casinos that are now accessible is all that players need to do in order to have fun and take part in this trend. Finding the perfect game is not difficult at all when there is such a large selection of renowned brands to choose from.
Gambling in Africa is now in a state of flux.
When it comes to the online gambling business, the second-largest continent does not fall short of the competition. African countries have simple access to online gaming platforms since the number of smartphone users is projected to reach 26 million by 2023 and the internet infrastructure is continuously being upgraded.
Despite the fact that the game is easily accessible, there are certain difficulties that players may encounter. For example, many African countries lack well defined gambling regulations, which makes it difficult for internet gambling to thrive throughout the continent. Furthermore, some regulations are simply out of date and do not apply to online gaming at all. Finally, in many nations, individuals and businesses simply do not adhere to the rules that have been put in place to protect them.
Despite this, the majority of African nations tolerate gambling, with the exception of a handful that are opposed to the activity owing to cultural or religious convictions. South Africa, Kenya, and Nigeria, as well as Ghana and Tanzania, are without a doubt the most successful marketplaces in the world. This is hardly unexpected when you consider the fact that almost half of the adult population regularly wagers on sporting events. Gambling is legal in Kenya, although online casinos are still difficult to access owing to the country’s poor internet infrastructure. Nigeria’s gaming industry is expected to be big given the fact that it is the most populated nation in Africa. Gambling was officially legalized in 2004 when the government removed its prohibition. The public embraced the activity enthusiastically. Researchers believe that Nigerians place bets worth about two billion dollars annually.
What is in store for us in the future?
Africa, in addition to the nations mentioned above, has tremendous potential for online gaming suppliers. Because of the absence of restrictions in the sector, international operators are able to provide their services in the majority of cases. This, however, may all change if some nations decide to pass legislation that would further restrict who is permitted to run and play in an online casino.
What are the most popular games to play?
Despite the fact that the internet gambling business is brimming with possibilities, it seems that the majority of nations favor sports betting. In Nigeria, where online gambling is legal and regulated, online sports betting generates the vast bulk of the country’s gross gaming revenue. And when it comes to the most popular sports and leagues to bet on, European football leagues are among the most well-liked and followed. Then there’s sports betting, which generates about 24 percent of the industry’s income in South Africa. But this is owing to a prohibition on internet casino gambling, which has been hotly contested in recent years. Horse racing, football, cricket, and rugby are some of the most popular sports to bet on, with football being the most popular.