Publication date: 11 Nov 2022
The African gambling market was worth $3,048.05 million in 2021. Experts predict that by 2030, the gambling segment will grow to $5,637.37 million, recording a Cumulative Annual Growth Rate (CAGR) of 6.99%. This data is contained in a report by analytics consultancy Astute Analytica.
- Interested in the predictions? Read the experts’ opinions in the report “Global Online Gambling Market Size and Growth, 2030”.
Africa is the world’s second largest continent and one of the key players in the development of the gambling industry. The most active countries in gambling and betting are South Africa, Nigeria, Kenya, Tanzania, Rwanda and Ghana.
Casinos have the highest market share (65%), estimated to be worth $72.23 million in 2021. This segment is expected to grow to 3,431.58 million by 2030. The African betting segment accounts for 20% of the market, with poker and lotteries accounting for the rest.
South Africa is the largest country in the African gambling market. South Africa represents 79.4% of the total gambling and betting market in Africa. Find out more from the 3SNET review, how to promote online betting and gambling in South Africa?
Causes and trends of the growth of the African gambling and betting market
- The phenomenal growth of the gambling market in Africa is due to the continent’s young population. At the same time, the level of this population continues to rise: the number of young people under the age of 24 will increase by around 80% by 2050. Kenya has the highest percentage of young people involved in sports betting at 74%. Meanwhile, in Nigeria, for example, almost 60 million people between the ages of 18 and 40 do some form of sports betting.
- In 2021, the offline gambling segment had the highest market share of up to 90%. However, the COVID-19 outbreak has caused significant damage to land-based gambling. In many countries, governments imposed restrictions that led to the closure of casinos, lotteries and other gambling facilities. Nonetheless, the pandemic has encouraged casino and betting customers to spend more time and money on various games, which has led to the expansion of the online segment. The digital segment is now projected to grow at the fastest rate and is expected to increase by 8.59% by 2030 (from $295.4 million in 2021 to $625.18 million by the end of 2030).
- Likewise, it is the use of smartphones and the rapid spread of mobile communications across the African continent that accounts for CAGR growth in the online segment. South Africa and Kenya are the first countries to launch 5G internet services in the region. In the coming years, this will lead to an even wider spread of internet gambling.
- Uganda will show significant growth in the casino and betting sector: around 6.1% (from 2022 to 2033).
- The main players in the African gambling market are both Sun Intenational Ltd, an investment holding group, Peermont Global Pty. Ltd, a management company, The Northern Cape Gambling Board (NCGB), Tsogo Sun Group of Companies.
In the coming years, the enormous popularity of gambling apps in Africa, the steadily growing young active population, the spread of the internet and the availability of mobile devices will make the gambling and betting market even more attractive!
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