By Sekaggya Seka Moses
The sports betting market in Africa is experiencing unprecedented growth, driven by increased internet penetration and a burgeoning youth population.
According to DataBridge Market Research, the industry is projected to reach $1.85 billion by 2024, with a compound annual growth rate (CAGR) of 6.28% from 2024 to 2028.
Market Leaders
South Africa and Nigeria currently dominate the betting market share in Africa.
However, a recent survey by GeoPoll reveals Kenya has the highest percentage of sports gamblers.
GeoPoll Survey Findings
Conducted in March 2024, the survey polled users across Ghana, Nigeria, Kenya, South Africa, Tanzania, and Uganda.
The results show:
- Kenya: 82.81% of respondents engage in sports betting
- South Africa: 73.94%
- Ghana: 73.03%
- Uganda: 71.43%
- Tanzania: 71.13%
- Nigeria: 65.32%
Most Popular Betting Sports
Football tops the list, with 76.53% of respondents favoring the sport. Casino games follow, with 9.69%, and other sports, 5.14%.
Regulatory Concerns
Governments are growing concerned about the industry’s impact on vulnerable populations, particularly youths and low-income earners.
To mitigate risks, countries are urged to establish regulations requiring betting sites and shops to obtain licenses.
Regulatory Goals
The primary goal of regulation is to prevent exploitation by ensuring that betting operators conduct their business fairly and transparently.
This includes protecting users from fraudulent activities, misleading advertising, and unethical practices.
Regulation also aims to protect users’ lives and income by promoting responsible betting practices.
This involves implementing measures to prevent problem gambling, such as setting betting limits, providing counseling services, and restricting access to vulnerable individuals.
Furthermore, regulation seeks to ensure that betting operators contribute to the national economy through taxation and job creation.
By requiring licenses, governments can monitor the industry’s financial transactions and enforce tax compliance.
Source: GeoPoll Survey, March 2024
