Blockchain and Cryptocurrencies Adoption in Africa Gambling Industry

Africa has seen rampant use and groundbreaking exponential growth concerning blockchain technology, and cryptocurrencies surge is evident in recent times amid the Covid-19 pandemic crisis.

Even though there are still unclear laws and regulations on it, countries like Nigeria are striving to regulate the sector due to its increasing numbers of Nigerian youths trading the cryptocurrencies (Bitcoin). The surge was evident in most parts of Africa due to the lockdown and reliance on tourism, and aid affected several economies in Africa but Nigeria, mainly due to its falling currency against the dollar caused by its dwindling economic situation marred by the uncertainty surrounding global crude oil price by coronavirus outbreak.

However, many iGaming companies are still naïve in adopting the breakthrough technology Blockchain. There is still uncertainty surrounding Blockchain and its offers and information on how it works in the gaming industry. Nevertheless, we cannot ignore how Blockchain’s potentials are revolutionizing how transactions are conducted due to its incorruptible nature.

Therefore, most iGaming companies that allow crypto wallet usage for customers to deposit and withdraw in crypto are entirely on the high spectrum in other continents. However, as mentioned above, that is not the case in Africa, which is still minimal despite the increasing trading volume usage of the currency in Africa, seeing the continents dominating the top six countries in the world. According to the Bitcoin (BTC) report, peer-to-peer trading volumes record new highs in India, South Africa, Ghana, Kenya, Argentina, Chile, and Nigeria, data compiled from Localbitcoin Paxful at UsefulTulips. However, crucial sportsbooks and casino operators in Africa must come out of the business silo and imperative to educate people and adopt crypto enable customers.

It is still clear that most of the Africa population that understands Blockchain technology and the virtual currency (cryptocurrency) in Africa is still low. Even with the right developed strategy and education, we can bridge that gap. Neither can we say about operators in Africa; sportsbook and casino operators are not the only ones to share the blame here for many businesses such as gaming operators not accepting crypto usage for the customers to place a bet. Still, the government and stakeholders must find an urgent, pressing solution by regulating Blockchain technology in economic and cryptocurrency usage.

Further, the government must promote and encourage businesses and people to embrace crypto usage as it could help many countries in Africa promote their cashless policy agenda. Even though, as mentioned earlier, the crypto surge in Africa, particularly in Nigeria, South Africa, and Kenya, has been evident through the popular trading platform and it is projected that the wave to continue into next year given the all-time high of Bitcoin price towards the end of this year; however, it is paramount that many operators in the Africa gaming industry adopt crypto wallet and also encourage new and existing customers to deposit/receive via crypto either through incentives or loyalty programs for bettors. Cryptocurrency usage will continue to rise in Africa coming into next year. It is more than urgent that operators in Africa take a drastic step to adopt this breakthrough virtual currency enables on their website.

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