The Rise of iGaming Market in Africa

The Rise of iGaming Market in Africa

Undoubtedly, Africa is known for its love for sports. Whether they be basketball, boxing, cricket, soccer or car racing – the African population really enjoys a range of games. 

However, this craze for sports is now no more limited to watching and playing sports, but Africans are appreciably enjoying the new fad in the continent – online sports betting. 

Due to the easy availability of the internet, Africans are now winning huge by placing bets on their favorite sports and sportsmen.

What is driving the Sports Betting Market in Africa?

Probably, one of the striking observations related to the rise of the sports betting market in the continent is poverty. On average, around 40% of the African population lives below the poverty line. This means that around half of the population of this continent strives hard to earn $1.90 per day!

In spite of all this, you will find it surprising to know that the other half of the population is well-off and crazy about sports so much so that they don’t think twice before betting. 

Here are a few stats about the position of sports betting in Africa:

• Out of 190 million young people in Africa, almost 32% of them are active punters. If a report from 2014 is to be believed, the Nigerians end up spending 1.8 billion Naira on sports betting daily which is equivalent to 5 million US dollars!

• Although the sports betting market in Africa is highly regulated, 50% of its population loves to bet on their favorite sports.

• Sports betting in South Africa is expected to reach $32 billion in 2019 and will exceed $35 billion by 2021.

All these figures are enough to gauge how popular sports betting is in Africa.  So what is responsible for the sudden growth in the iGaming industry in the continent? Let’s find out. 

• Love for sports

Africans love sports, particularly soccer. Popular European leagues like Premier League, La Liga, and the likes have a large number of dedicated fans residing in Africa. It is important to mention here that they Africans not only love soccer, but their love extends to other sports like basketball, cricket as well.

• Mild regulation

It is important to mention here that the laws related to the betting industry are not strict in Africa. Keeping South Africa aside which was able to regulate its betting market properly, the rest of the continent enjoys relaxed laws which has promoted sports betting. 

• Young unemployed population

Another important reason for the ever-rising popularity of sports betting is a high number of young unemployed population. Almost 60% of the African population is under 24 which is why it is also considered as the youngest continent in the world. 

Add to this, countries like Congo, Senegal, Botswana, and various North African countries have a high unemployment rate, as much as 25%. This provides the perfect condition for the sports betting industry to flourish. 

• Easy access to the internet

As development is accompanying the continent, there is an improvement in the cellular and reception services. Amenities like faster internet speed, reliable digital payment systems have led to the rise of a new era where people are willing to place bets on sports to win big. 

The Wrap Up

The poorest continent of the world with a large population being young and unemployed, sports betting proves to be an ideal way to win money in the comfort of homes. 

This is the reason why the industry is highly flourishing in the continent and is allowing unemployed youth to make some money. 

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