The online betting industry in Africa has grown in leaps and bounds in the last few years, with the continent now boasting some of the most attractive markets in the world.
Africa is still a long way away from attaining the levels of global gambling superpowers like the United Kingdom and Italy, but things have definitely taken a very sharp upward turn in recent times.
Indeed, Africa accounts for only 1.1% of annual gambling revenue worldwide, but that number is always on the rise.
With Africa’s large population, increasing liberality, and ongoing continent-wide technological advancements, that percentage is set to get much higher in the coming years.
South Africa is the biggest contributor to the gambling revenue in Africa, with the Gross Gaming Revenue in the country estimated at $2.5 million at the end of 2021.
They are responsible for almost half of the gambling money generated on the continent.
This is very understandable, considering the strength of the country’s economy and relatively stronger currency. The gambling public in South Africa is also more mature than their counterparts from the rest of the continent.
Coming in behind South Africa on the gambling revenue table is Nigeria, the most populous nation on the continent.
Given that Nigeria has over 200 million inhabitants, far above any other country in Africa, the west African nation was always going to be in and around the top positions.
Joining South Africa and Nigeria in the top three is Kenya, whose gambling sector was said to be worth $40 million as of 2020.
Now this is nowhere near the numbers coming out of South Africa, but the rapid growth rate of the Kenyan market suggests that the gap will keep closing in the coming years.
A 2021 report revealed that Kenyans spent an eye-watering Ksh. 83 billion on M-Pesa payments on sports betting between April and September of that year.
This sharp growth rate is a consequence of several factors, most notably the significant advancements in technology in Kenya. Africa in general is experiencing some sort of technological revolution, with Kenya playing a leading role.
Known as the Silicon Savanna due to its flourishing tech industry, Kenya has become a go-to location for many companies around the world, including the betting industry.
There are now so many betting companies in Kenya, with more set to join the train in the coming months and years.
The number of mobile phone owners is increasing by the day while more people are having access to really good internet.
Also, the role of mobile money in online gambling in Kenya cannot be overlooked. Kenya is one of the premier mobile money nations in the world, with M-Pesa being arguably the biggest mobile money service anywhere on the globe. This has made payments in and out of betting sites seamless and accessible to Kenyans.
The Kenyan government has tried its best to curb the growth of online gambling in Kenya, introducing tough tax laws; and while that temporarily slowed things down a bit, the industry is picking up again and charging towards the top of the table on the African continent.
When all the factors are put together, it is fair to conclude that Kenya definitely has one of the most attractive betting industry markets in Africa.
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