Gambling is a fast-growing industry worldwide. However, the real destiny of this sector is different depending on the market. Africa is expected to be one of the most financially successful markets for the gambling business. Astute Analytica reports the predictions for the African gambling market, which is expected to grow to $5.6 billion by 2030. More news posts on the GBC Time website.
In 2021, the African gambling market was valued at $3 million. However, it seems the more time goes on, the more achievements will be reached on the market. Talking more specifically, the CAGR measure is predicted to be over 6.99% from 2022 to 2030.
Active African youth in gambling
According to the report, the main driver for the African market's financial success is the active youth in the gambling industry. Nearly 60% of the population aged 25 and below, demonstrates a high interest in gambling. Here are the highlights of the GeoPoll survey all over the African countries:
- Around 54% of Sub-Saharan African teenagers younger than 17 years have gambled on sports;
- Kenya records the highest ratio of youth (74%) engaged in sports betting.
Such a high interest in iGaming among the youth is probably caused by the innovation growth around the continent. More and more leading operators provide modern technologies to the countries of Africa. However, there is something that can hinder the further development of the market.
Expected challenges in the market
One of the dominant barriers for the African gambling industry to grow even faster is strict regulation. The authorities all over the continent make the legal framework for gambling so complex that operators may face losses in finances and customer base. For instance, South Africa is one of those African countries, where online gambling is prohibited since 2010.
Digitalization is the key to African gambling market growth
Currently, the offline segment is the leader in the gambling industry in Africa, counting for 90% of the share. However, the experts insist on the rapid development of the online segment. The constant implementation of technologies and innovations in all aspects of life makes it becomes obvious that business is becoming more digitalized. Online gambling CAGR is expected to be 8.5% from 2022 to 2030.
Source: Read Full Article
