iGaming Growth at 11.6% CAGR, Associated With Worldwide Tech Boom

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Kenya and Nigeria attracted the most money last year with millions in venture capital funds for various startups, but other countries are catching up.

The casino and iGaming markets are ripe for new investors. These businesses show no signs of slowing down in a world where technology and gaming are consistently becoming easier to access.

Investing in the gaming market is not as much of a risk as it used to be, as a new study from Acumen Research and Consulting shows that the iGaming industry is expanding rapidly due to a worldwide tech boom, with online gambling growing at a CAGR of 11.6%, totaling $172 billion annually by 2030.

Developing technology is a booster for most industries worldwide. From the U.S. to Western Africa, tech companies and startups are leading the boom. The rise in global online gambling is partially due to legalization and the availability of technology in areas where online casinos are legal. Specifically, mobile casinos and apps are seeing the most significant customer increases.

Kenya, Nigeria, and other parts of Western Africa are becoming known as growing tech hubs, with five African companies winning awards from the World Economic Forum in 2022. Kenya and Nigeria attracted the most money last year with millions in venture capital funds for various startups, but other countries are catching up.

Nairobi’s tech industry is beginning to bloom, while Egypt and South Africa have been on the technological map for a while. Many of these countries contain a young population and plenty of foreign tourism and investment that drive their population’s access to technology.

More access to cell phones and the internet has led to increased mobile online gambling, which is great news for countries with regulations and collecting millions in tax revenue. Some nations legalized online gambling and encouraged this industry to grow, taking full advantage of the economic benefits – like Kenya, Nigeria, and South Africa.

However, even in countries where the government has not yet created provisions for online gambling, citizens can still access foreign casinos on their mobiles and computers. With the United States and India having similar issues with losing potential revenue to the black market, many of their state governments have had to act to create legislation that would benefit businesses and gamers. Every year, more states choose to legalize online gambling, claim legal gambling experts from JustGamblers.com.

The demand for quality gaming sites is also intrinsically linked to a growth in game development companies, with companies like Microgaming, NetEnt, BetSoft, and others leading the way. Several years ago, India began encouraging local tech companies to enter the market successfully, now drawing in more individuals as developers, programmers, and other tech-related jobs. In a similar move, Kenya’s government said they’re shifting their focus on developing local companies while still trying to attract more foreign investment. South Africa has seen similar success.

Casinos and gambling are popular worldwide, drawing tourism for hundreds of years. Now that the technology is available, it’s clear that individuals are just as interested in this pastime. With plenty of governments around the world adapting and modernizing their laws to keep up with the rise of digital and mobile gaming, we’ll continue to see these two industries fuel each other for the next several decades.

Source: sokodirectory.com