Africa: A promising market for the iGaming industry

The CEO of the Isle of Man-based consulting firm GBGC regards Africa as one of the most up-and-coming markets for the gambling and sports betting industry, according to a recent interview with the igamingtimes. Back in 2013, Warwick Bartlett had spoken at KPMG's eGaming summit at the Isle of Man, not having much to report on regarding developments in Europe and North America. However, that was not the case for Africa and Asia.

Mr Bartlett stated that Africa shows a noteworthy growth pace with regards to iGaming, although it started from a significantly lower point. There is considerable wealth in the region, and people possessing it are looking for sites to gamble. He also mentioned that there is great potential in the long run. There are a couple of betting companies that are either African-based or are actively targeting the African market.

Can iGaming Proove Beneficial to Africa?

SportPesa is headquartered in Kenya and holds a license from the Isle of Man and the UK, boasting collaborations with a variety of Premier League teams. The firm has shown notable growth recently. Additionally, Premierbet seems to have put great focus on the African continent, providing gambling products in many regions such as Ghana, Nigeria, Tanzania and Rwanda. The CEO of GBGC also pointed out how much Nigeria's industry has evolved over the course of time. In 2010, regulation for the lottery market in Nigeria was put into effect, with plans for sports betting being developed as well. The betting landscape in Lagos today consists of 25,000 pool betting shops, proving the amount of growth the region has undergone.

Although factors such as high crime rate and corruption are a serious letdown in the local economy, it seems that well-educated and wealthy Africans who have lived abroad for some time are returning home with the intention of making things better. Last but not least, the most promising part of the population is a growing middle class with a considerable amount of wealth that plays a great role in the economy.