Casino market expected to reach 12% of Africa’s annual income

The African gaming industry doesn’t exist solely on FIFA and mobile: the casino and online casino market is in great expansion throughout the continent, specifically in countries such as Nigeria and South Africa.

The gambling market is experiencing rapid growth, fueled by various factors such as the usage of mobile phones, the rise of the middle class, and expanded internet access. A study by RandM projects a compound annual growth rate of 12% for the African gambling sector from 2020 to 2025, when the market is anticipated to surpass $40 billion.

“Nigeria has the second-largest gambling market in Africa, trailing only behind South Africa in terms of revenue, with an annual worth of $2 billion compared to South Africa’s $2.1 billion”

–  as stated in this article about casino maturity in Africapublished on The Guardian.

Although there are a great deal of free mobile gaming options, the possibility of winning money while having fun appeals to everyone. In Nigeria, gambling has been regulated by the National Lottery Regulatory Commission since 2005 under the National Lottery Act. The law allows games of skill but prohibits games of chance like roulette and dice games. Legal forms of gambling include the lottery, land-based casinos, and sports betting. Online gambling is not specifically addressed by the law. The minimum legal age for gambling is 18 years.

The fact that Africa is the only region in the world where the youth population (20-24 years old) is increasing greatly enhances the possibilities for new tendencies and online habits. A report by a Nigerian online sports platform mentioned in this LinkedIn article states that around 60 million Nigerians participate in sports betting.

While the African gambling market holds the potential to surpass the European market in size, it often receives less attention. This is primarily because the African market is not as mature and is still in its early developmental stages compared to its European counterpart.

But it doesn’t stop Africans from looking for information directly from the fount: recent TGM survey shows Nigerians’betting habits: while 9% of them bet every day, 33% bet a few times a week, 11% once a week and 20% a few times a month. It’s notable that it has become a weekly habit for many Nigerians.

Online casinos offer several advantages over traditional establishments in places like Nigeria. They offer convenience, allowing players to access their favourite games from the comfort of their own homes or mobile devices. This eliminates the need to travel to great casinos normally based in Lagos, saving both time and money. Additionally, online casinos often boast a wider selection of games, featuring everything from classic table games to innovative slots and virtual sports betting.

What makes people so likely to bet although the results are so uncertain?

There are many important factors, such as the feeling of gambling, competition, the increase of interest in watching a game, and most importantly, the possibility to gain extra money.

And don’t think they fall blindly into that! Most gamblers study the game they bet on, and even research the best types of payments and odds. In fact, a study by KTO shows that the motivations are not so different when referring to the casinoactivity in Brazil.

Regarding Brazilians’ gaming habits, we noticed that the majority of 48% play because they have extra money to spend, while 40% are thrilled by the exciting nature of iGaming. Furthermore, 31% of gamblers are attracted by the quality of online games on offer, for operators and game developers, a clear sign of the importance of user interface, game design, and user experience. The other 25% of this research follows recommendations from friends or peers, with social circles revealing a widely expected influence on gambling behaviour.

Betting evokes a mix of emotions, from excitement and anticipation to the thrill of hoping for a positive outcome as events unfold. Despite the possibility of both wins and losses, the engagement and friendly atmosphere are what make people engaged and happy until the end. That’s what brings great expectations of growth in the gambling industry for a continentof 1.3 billion people.

Implementing robust measures for responsible gambling and player verification to ensure a safe environment is a must to promote a healthy environment. As the industry continues to expand, promoting responsible gambling practices becomes increasingly important.

Source:  tribuneonline.com

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