The online gambling market has seen immense growth in most parts of the world with both betting and online casino gambling becoming very popular. Online sports betting has become more popular in the last few years after a long break in the sports events scene. Online gambling in the form of casino games turned into an approachable entertainment form during the pandemic lockdown, and the tendencies in the market are only continuing, and Africa is no exception.
Africa is not the leading region for online gambling and only accounts for 1.1% of online gambling worldwide. However, the gambling market here is still booming, and more people are looking for new online casinos. This has made casino owners and foreign investors open their eyes, evaluating the continent as a possible marketplace. Gambling regulations differ across the 54 countries in Africa, and it is even prohibited in some of them.
The largest market
When looking at rules, regulations, and gambling habits across the continent, there is one that is standing out as the gambling place. That is South Africa. It has a gross gaming revenue that is predicted to be more than 2.3 billion by next year. Also, the country has the third-highest GDP on the continent, which is a notable factor.
Sports betting makes up 24% of the gaming gross revenue, and like many other places in the world, it is expected to grow here. It is expected to double in the next five years. Football, horse racing, cricket, rugby, and golf are among the most popular sports to bet on, and half of all adults in South America are betting regularly.
However, there is one thing that is setting a stop to online gambling, and that is the ban on online casino games. This happened after the National Gambling Act of 2004, however, there is a way around this. Many out-of-state online casinos are available for casino players in South Africa
Reasons for growth
The start and end of the pandemic were two factors that resulted in a growing gambling market. Also, many countries and states across the globe have legalized gambling or have plans to do so in the future. Big sportsbooks and online casinos are seeing huge potential in the market, and more money is being put into the marketing of the services, and bonuses for new players to keep up with the competition.