The sports betting market in Africa has experienced tremendous growth, fueled by a dedicated user base willing to spend significant amounts on various platforms, both online and offline. The shift from traditional betting shops to online platforms has been facilitated by increased internet adoption across the continent.
GROWTH AND REVENUE
According to DataBridge Market Research, mobile devices accounted for approximately 70% of online betting revenue in 2020, underscoring the impact of internet-enabled gadgets on the betting industry. Africa’s population of over 1.3 billion positions the continent as an attractive investment destination for betting businesses. By the end of 2024, the online gambling market in Africa is projected to reach $1.85 billion, with an expected annual growth rate (CAGR) of 6.28% from 2024 to 2028, as per Statista.
LEADING MARKETS
South Africa and Nigeria currently dominate the African betting landscape, with Kenya also emerging as a key player. A survey conducted by GeoPoll in March 2024 across six African countries (Ghana, Nigeria, Kenya, South Africa, Tanzania, and Uganda) revealed the following statistics regarding betting participation:
| Rank | Country | % YES | % NO |
|---|---|---|---|
| 1 | Kenya | 82.81 | 17.19 |
| 2 | South Africa | 73.94 | 26.06 |
| 3 | Ghana | 73.03 | 26.97 |
| 4 | Uganda | 71.43 | 28.57 |
| 5 | Tanzania | 71.13 | 28.87 |
| 6 | Nigeria | 65.32 | 34.68 |
Kenya led the survey, indicating a higher percentage of respondents who participate in betting, followed closely by South Africa and Ghana. The survey also identified football as the most popular betting sport, with over 76.53% of respondents favoring it, while casino games accounted for 9.69% and other sports for 5.14%.
REGULATORY CONCERNS
Despite the industry’s significant contributions to African economies, concerns have arisen regarding its sustainability. Many governments worry about the impact of betting on the youth and individuals without stable incomes. To mitigate these risks, African countries are being urged to implement regulatory frameworks that require betting sites and shops to obtain licenses before operating. This move aims to prevent exploitation and protect users from illegal activities that could jeopardize their livelihoods.
CONCLUSION
The sports betting market in Africa is rapidly evolving, driven by technology and a large user base. However, for sustainable growth, it is crucial for governments to establish regulations that ensure a safe and fair betting environment for all participants.