Africa is one of the best places to invest according to Harvard Business Review. The continent’s economies are expanding. And with growth comes new opportunities.
Take the online gambling industry as an example. There are not many major players on the continent, at least not compared to Europe or North America. Yet, South Africa’s iGaming sector alone is worth $2.2 billion.
Add Nigeria, Kenya, and Ghana to the mix and Africa’s mobile betting sector is worth nearly $3 billion. In this article, we’ll focus on South Africa and Ghana. We’ll break down why gambling is growing so rapidly in these two countries. Let’s dive right in.
Sports Betting
Sports betting contributes 45% of South Africa’s iGaming revenue. In Ghana, 41% of people who gamble online engage in sports betting. It’s worth noting that this is the trend in almost every African country.
Africans who gamble online focus on sports betting primarily. The explanation is straightforward. Football is the biggest sport on the continent. As such, it’s more appealing to people who want to make money through gambling. Additionally, betting requires a few skills.
You can win money regularly in sports betting if you know how to analyze and predict games. Football is the sport of choice for bettors in both South Africa and Ghana.
Football offers a ton load of ways to make money. You can pick match winners for popular European league games. Or, you can predict goal scorers, correct scores, totals, or future bets.
If you’re not a skilled bettor, there’s a solution. Find sports betting tips online. Where can one find the best betting tips written by experts? Betting-tips.africa provides tips created by a real person for the best leagues in the world. Tips are published two times a week & every tip includes numerous stats and the best odds. All tips are free of charge.
Progressive Gambling Laws
Africa is changing in a lot of ways. A decade ago, it was difficult to find a betting site for Ghanaians. Today, 30+ sportsbooks operate in Ghana, including global brands like Bet365 and Betway.
In South Africa, there are even more gambling sites. Being the second largest economy on the continent, South Africa is an attractive market for betting investors.
Betting companies wouldn’t be flocking to South Africa and Ghana, though, if these countries didn’t support the industry. South Africa legalized sports gambling in 2004. Ghana introduced an online betting law two years later.
The beauty of betting laws in both countries is that they’re pretty progressive. Anyone over 18 years can bet on sports online or through a land-based betting shop.
More importantly, betting taxes are minimal. Ghana taxes bettors 10% of their winnings. In South Africa, gambling winnings are tax-free unless you’re a full-time gambler. Locally licensed casinos and sportsbooks pay 6% of their revenues as tax.
The Growth of Online Casinos
Although African gamblers prioritize sports betting, they’re gradually embracing casino games like slots, blackjack, and poker. In conversations about emerging iGaming markets, South Africa is ranked in the same category as India, Australia, and Canada.
The online casino space in Ghana is relatively young. Still, the number of foreign casinos that accept Ghanaians is on the rise. You see, foreign gambling markets have discovered potential in the African market.
African economies are growing fast. Internet penetration is so widespread that the continent makes up 11% of all Internet users in the world. When it comes to Gross Domestic Product, South Africa ranks just behind Nigeria, with a total GDP of $400 billion. Nigeria leads the continent with a GDP of $506 billion.
Rising economies mean more and more Africans have access to basic needs. It also means the middle class is growing—an important demographic that helps fuel entertainment industries like casinos.
Mobile Payments
Mobile banking transformed Africa for good. A continent once neglected for a lack of exposure to major banking systems, is now home to millions of mobile bankers.
Ghanaians and South Africa primarily use mobile banking channels to pay for online shopping. But they also use apps like PayPal and Skrill to complete international payments.
In the online gambling space, more than 60% of online gamblers rely on mobile payment apps to fund their accounts. Only a small number of Ghanaians depend on credit/debit cards to deposit money to betting sites.
What are the most popular payment methods for online gambling? The short answer is it depends. In South Africa, Payfast, Yoco, Zapper, and PayPal are pretty popular. In Ghana, ExpressPay, Interpay, and GTPay are the most popular options.
Beyond payment options, another reason iGaming is spreading in Ghana and South Africa has a lot to do with betting prices. You can play slots or bet on football with a budget of $5 or less. This makes it affordable to a lot of people.
Online Gambling Bonuses
Everyone loves freebies. Online shoppers like discounts. Students love free stuff. Bettors love free bonuses and promotions. Most gambling companies know people like free bets, and they’re constantly giving out these rewards.
In both South Africa and Ghana, being a new customer is all you need to receive a free bet. Of course, you must create a free account to activate your free bet. But that’s just about it.
You can also earn a bonus to play slots before you deposit money. However, the best bonuses come after you complete your first deposit. You can get a 100% matched bonus or a plethora of free bets.
If you join a good gambling site, bonuses don’t end after you make your first deposit. You continue to qualify for freebies like cashback deals, reload bonuses, and loyalty points. These freebies are the reason betting sites thrive: because they encourage bettors to keep betting.
Conclusion
Africa’s online gambling sector is growing sporadically. South Africa leads the continent in terms of money spent on betting. Nigeria ranks second while Kenya is third. Ghana ranks at a distant fourth although it’s catching up fast.
As we’ve outlined, the iGaming industry in South Africa and Ghana are similar in many ways. Both countries love to bet on sports. Also, in both nations, gamblers use smartphones and mobile payments for betting.
