Africa Gambling Market to Surpass US$5,637.37 million by 2030

CHICAGO, UNITED STATES, November 8, 2022 /EINPresswire.com/ -- Africa gambling market size was US$ 3,048.05 million in 2021. Africa gambling market is expected to grow to US$ 5,637.37 million by 2030 by registering a compound annual growth rate (CAGR) of 6.99% during the forecast period, i.e., 2022-2030. The massive popularity of gambling apps in Africa and the steadily growing adoption of smart devices and online gambling will further present attractive prospects for market growth. Nearly 60 million population of Nigeria, aged between 18 and 40, are engaged in some sort of sports betting. Factors Influencing the MarketDriversAfrica has the highest number of youths, accounting for nearly 60% of the population aged 25 or below, and the region witnesses a key interest of youth in gambling. According to the information gathered from the 2019 GeoPoll survey, around 54% of Sub-Saharan African teenagers under the age group of 17 to 35 years have gambled on sports. Kenya, a country in Africa, records the highest ratio of youth engaged in sports betting, accounting for 74%. Apart from that, smartphone adoption is also steadily growing in the region due to the growing interest of people in online betting. Over the projected period, Africa is expected to witness high interest in gamblers in online casinos/gambling. Challenges AheadStrict regulations have been imposed by the government of Africa, which may obstruct market growth. Strict limitations imposed on gambling operations by government agencies may make market expansion more challenging. The laws governing gambling vary between nations. For instance, South Africa has prohibited online gambling through servers since 2010. In some locations, including Las Vegas, the Professional and Amateur Sports Protection Act (PASPA) forbids American citizens from placing bets. Therefore, the fluctuation in the laws may complicate the growth of the Africa gambling market. Segmentation AnalysisBased on Channel, Digital Segment leads with the highest CAGR On the basis of channel, the offline segment is leading the Africa gambling market with the highest share of 90% However, the digital segment is expected to exhibit the highest CAGR of 8.5%, owing to the steadily rising adoption of smartphones and profitable effect of Covid-19, which fuelled the trend of gambling at home. Based on Type, Casino leads with the highest market shareOn the basis of type, Casino leads with the highest share of 64.7% in 2021. The Casino type segment was valued at US$ 1,972.23 Mn in 2021, which is expected to grow to US$ 3,431.58 million by 2030 because of the fact that various states in Africa have allowed commercial casino gambling and it is considered to be a significant tool for economic development, improved employment, etc. By End-User, Gambling Enthusiasts held lion's share of 73.96% in 2021On the basis of end-user, gambling enthusiast leads the Africa gambling market with the highest revenue share of 73.9% and will also exhibit the highest growth rate of 8%. This is because gambling enthusiasts are more inclined towards gambling than dabblers and other end users. South Africa holds the leading share of the Africa Gambling MarketSouth Africa is maintaining dominance in the Africa gambling market, accounting for nearly 80% in 2021. The South Africa gambling market was valued at US$ 2,420.08 million in 2021 and is expected to grow to US$ 4,504.82 million by 2030 because of the high participation of end-users. Moreover, South Africa and Kenya are the first countries to launch 5G internet services in the region, driving high scope for internet gambling in the coming years. Competitive LandscapeSun International Ltd. is engaged in the entertainment and leisure sectors. The firm is dealing in the gambling, hospitality, and entertainment sectors, holding nearly 42.5% of the casino business in South Africa. Phumelela Gaming and Leisure Limited are maintaining a strong foothold in seven of South Africa's nine provinces. The business also oversees horse racing and tote betting throughout the Western Cape.The Northern Cape Gambling Board (NCGB) is dedicated to legal gambling in Africa, majorly throughout the Northern Cape.Peermont Global Pty. Ltd. engages in the hotels and resorts business and also offers casinos, convention centers, bars retail outlets, restaurants, and other facilities like sports and entertainment to the users. The firm has gained significant popularity in the hospitality and entertainment sector and is maintaining a strong geographical approach through its 12 properties established in Botswana and South Africa. Tsogo Sun is a widely known hotel, gaming, and entertainment group based in South Africa. Tsogo Sun Gaming sustains the National Responsible Gambling Program, allowing people falling under the age category of 18 years and older. Moreover, all the casinos of Tsogo Sun casinos are licensed.Segmentation Overview The Africa Gambling market is segmented based on Type, Channel Type, and End User. By type the market is segmented into:SportsFixed Odds Sports BettingPari-Mutuel Betting (Horse and Dog racing)In-Play/Live BettingExchange BettingSpread BettingOthersCasinoLackjackBaccaratTeen PattiThree Card PokerFour card pokerRed DogOthersLottery GamesScratch-offsBingoKenooElectronic Gaming Machines oOthersBy Channel Type the market is segmented into:OfflineCasinosBetting shops/hallsArcadesBookmakersOnlineVirtual GameBy End User segment the market is segmented into:Gambling Enthusiast Dabblers OthersBy region the market is segmented into:MozambiqueMalawiGhanaKenyaGabonGuineaEquitorialAngolaMadagascarMaliCote dIvoireSouth AfricaNigerRest of AfricaAbout Astute AnalyticaAstute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. 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