Africa Is the Next Big Betting Market
While the continent has experienced its ups and downs in the last decades, the overall economy of African countries is steadily growing.
There are, of course, major differences between certain countries. But Sub-Saharan countries see a constant growth of their GDP, a rise in their middle class, and most importantly, the constant improvement of their communication infrastructure. This, as you might expect, creates a perfect environment for the iGaming industry to thrive in.
For quite some time, Africa is considered one of the fastest-growing markets, especially for betting companies, no matter if they are local operators or international brands like Betway. The interest in betting is on the rise, with an ever-increasing number of people searching for Betway football betting or football bets in Mozambique, depending on the country in question.
What does the betting market look like in Africa and what can we expect for the future?Growing internet usage
The number of Africans connected to the internet is constantly growing. In the first half of 2020, Africans made up more than 11% of the world's entire online population, and the numbers are growing fast.
Both 3G and 4G networks are extending fast in Africa, and the price of the subscriptions, not to mention the smart phones, has decreased considerably in the last five years, so it shouldn't be a surprise that the number of internet users, especially on mobile connections, is also growing fast. Cheap broadband, in turn, is ideal for betting companies that tend to have less data-hungry mobile services.
From high street to mobile
The most popular form of gambling in the majority of African countries is betting. In most territories, real-life betting shops are still leading when it comes to the preferences of bettors, but with the number of connected smart phones growing fast, an ever-increasing number of them are migrating toward mobile platforms, especially the younger generations.
And when it comes to the sports they like to bet on, European football is leading, with cricket, rugby, and horse racing also among their preferences.
The biggest betting markets in Africa
The biggest betting market in Africa is currently South Africa, with an estimated total value that will reach $2.3 billion by next year. It is followed by Nigeria, one of the continent's betting strongholds, with an estimated 30% of the population betting with regularity, Kenya, that's home to one of the biggest local betting brands, Tanzania, where the recent changes in regulation have helped kickstart the industry's growth, followed by smaller markets like Mozambique and Uganda also coming strong.
The combination of several factors - the growth of wealth, the development of broadband, and the explosion of internet usage numbers - makes Africa the fastest-growing betting market in the world today.