A booming industry for Africa

Africa’s gaming industry is totally having a moment and is set to generate a record-breaking $1.62 billion by 2024. Despite a global slowdown in gambling, the Sub-Saharan African market shines bright, defying all odds and is set to reach this landmark figure by next year.

What’s causing this unprecedented surge you might be wondering? Why of course, it’s mobile gaming.

Nevertheless, despite its success, regulatory practices vary widely from one country to the other across the continent. If one takes a look at South Africa as a typical example, this country is at a favorable position since it has an airtight regulatory framework, owing to its National Gambling Act of 2004. Therefore, for players looking into registering with a South African no deposit casino, chances are they’re not only regulated, but also reputable.

Of course, every provider advertises itself as licensed and compliant – even the shady ones. This is why it’s essential to read up on thorough, unbiased reviews, like this Spin247 Casino Review, where all the necessary details are outlined, so that anyone reading it is able to make an informed decision – whether they choose to sign up or not.

On the other hand, when we look at countries like Kenya and Nigeria, these are currently still working on their regulatory bodies, resulting in an increase of unregulated gambling platforms across these regions. And while these may seem like a good idea sometimes, their unpredictable nature when it comes to safety, security, and fairness should be a huge red flag.

A Growing Market in a Shrinking Economy

According to data provided by Newzoo, a leading gaming data provider, in a study carried out together with Carry1st, a prominent games and digital content creator, the gambling industry in Africa stands strong, fueled by the huge increase of real money mobile gaming.

This estimated growth of around 11% over the following year, the Sub-Saharan African gaming market is set to surpass the $1 billion mark in the coming months, overtaking all revenues generated by PC and mobile gaming.

When it comes to African gaming preferences, sports betting takes the clear lead representing the largest segment in the market. Apart from that, gaming in Africa includes a number of land-based casinos, online casinos and sportsbooks.

A Culture of Gambling

It is a known fact that gambling forms an intrinsic part of African culture, but with that being said this also brings about its own set of challenges. Some may argue that gambling is a form of entertainment that could generate new streams of income, while others would highlight that the rise in online gambling and its high accessibility could lead to an increase in problem gambling for example. The reality here is that a large portion of African countries have still not fully enforced the concept of responsible gaming, which results in fewer remedial interventions.

There’s also the issue of vulnerability, with youths and the economically challenged being statistically at higher risk. Aggressive marketing strategies combined with adult content often introduce gambling to minors, while it’s also known for players in financial distress to resort to gambling as a form of escapism.

Nevertheless, larger revenues from licensing fees and levies are causing the industry’s voice to grow stronger, making it harder for the Government to avoid. As the industry continues to grow, the importance of ethical gaming and stricter monitoring is gaining momentum.

Looking Ahead

The future looks bright and beautiful for the African gambling industry, with numbers consistently on the rise especially when it comes to mobile gaming, and its estimated that 87% of the population will own a smartphone by 2030. The country’s general upgraded internet infrastructure definitely contributed to this success, while sports betting has always been and will continue to be the country’s favorite form of gambling. Having said so, we cannot help but look forward to find out what the future holds on topics such as additional player protection, strict regulation, and increased awareness when it comes to responsible gaming and its associated risks.

Source: africa.businessinsider.com

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