While many industries were taking the blow due to the COVID-19 pandemic in 2020, the iGaming industry has been on the rise. According to www.playcasino, an evident rise in online traffic during the lockdown did wonders for the popularity of online betting sites.
What is more, the iGaming industry is expected to be worth over 127 billion U.S. dollars by 2027, and have a CAGR of 11.5% from 2020 to 2027.
As the second-largest continent with almost 60% of the population under the age of 25, Africa has a great potential for creating the largest iGaming market in the world.
With the number of smartphone users projected to reach 26 million in 2023 and the Internet infrastructure constantly being improved, Africa meets the most fundamental conditions for retaining its status of the hot iGaming market.
Currently, two African countries are taking the lead when it comes to online gambling, including South Africa and Egypt.
While the online gambling industry offers a wide ray of possibilities, the majority of African countries prefer good old sports betting. The most popular sports to bet on are horse racing, football, cricket, and rugby. Among the most favorite sports and leagues to bet on, European football leagues are taking the lead.
The sole fact that around 24% of the industry revenue in South Africa comes from betting on sports is enough to support these claims. However, this choice of gaming could be described as involuntary due to a ban on online casino gaming.
When it comes to laws and legislation related to the iGaming industry in South Africa, players do have to choose their games wisely.
Players are allowed to indulge in online sports betting in South Africa, but only if they bet on websites that have been officially licensed by some of the nine provincial gambling and racing boards in the country.
So, is gambling legal in Africa? Not really.
Still, online gambling is not entirely illegal. There are a lot of offshore gambling operators that are open to South African gamblers, allowing them to play while in the country.
With a great number of online casinos available to players, it’s possible to play any respective casino game for real money.
Land-based casinos are completely legal, but they operate within some of the most rigid and restrictive regulations today.
The time is yet to show what does the future hold for the iGaming industry in South Africa. The continent continues to develop, both in terms of Internet penetration and the number of smartphone users.
With some experts claiming that the number of Africans involved in gambling will double in the next decade, it’s safe to say that the future of online gambling in South Africa is rather bright.