Online casino bring potential for economic growth in Zimbabwe

Casino online games have experienced a global growth in popularity in the past decade. South African countries, including Zimbabwe are not an exception in these statistics.

They have adapted and embraced the opportunities that this industry is able to offer. By that we mean the possibility for economic growth, better living standards and new jobs.

Casino gaming is legalised in Zimbabwe and bets can be placed at land-based casinos, sports betting shops as well as on the popular state-run lottery. However, the subject of online gaming still remains unregulated and with this in mind, it’s not defined as legal or illegal activity. Players are able to access and play on international online gaming sites. They can choose between different types of games who are offered by various game providers. Among the most popular are the online poker and slots games. The growing list of new online slots at SlotsWise proves that these games are trending in the online gaming industry because of their design and versatility.

Gaming Regulatory Body

Gambling and tourism are significant contributors to the economy of Zimbabwe. Also, Zimbabwe is the city in which most casinos on the African continent are concentrated. The winnings are taxable at 10% for horse racing and pool betting, and 15% for casino gambling. The global online casino market is expected to be worth around $60 billion by the end of 2020. This shows a huge potential for growing the GDP percent of the country.

All general gaming activity in the country is regulated and monitored by the Lotteries and Gambling Board. This regulatory body acts in accordance with the laws that came in force under the Lotteries and Gambling Act of 2000.

Opportunity for market growth and job openings

The regulatory bodies are focused on the benefits that this industry can offer to the community. It provides a great potential to attract investments, open new job opportunities and support or fund public services. In other South African countries, the regulatory bodies estimate the opportunity in much the same way. To obtain and retain any gambling licence, casino operators must prove that they are protecting their players and can:

• Identify and verify all customers including their funding sources to comply with anti-money laundering laws and regulations.
• Encourage responsible and safe gaming
• Uphold multiple technical standards to ensure quality, reliability and security.

The legislation of online casino games might change their current status. Future established acts may make the business more attractive for local operators to launch their own sites. This idea is gathering momentum, as more businesses recognise the potential for tax revenue and general profit. As internet access becomes more reliable and available, implementing a local gaming sector would be quite a possible and profitable prospect.

For players and bettors, a more regulated industry would mean that their privacy and rights are properly protected. As betting and gaming becomes more popular, these factors are more important than ever before.

It’s the government’s turn to update and reconsider the current legislation acts. Clear and comprehensive guidelines will take time to be implemented. However, there are countries that adopted very functional and clear practices in terms of this business industry.

As shown in the UK, strict regulation will not suppress the market and will allow online gaming to grow in a controlled and responsible way. In the short-term, this would reduce the number of offshore providers operating the market, whilst encouraging the growth of home-based companies. A good first step would be to impose high tax rates on foreign companies operating in Zimbabwe and lower the potential ones for domestic providers. Once the effects are visible, the Government can consider a long-term plan of sustainability and growth for the country’s online gaming sector.

Source: newsday.co.zw

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