When it comes to emerging markets in the gambling industry, many casino companies are always on the lookout for which market promises the best return. They observe the various trends that indicate that a region may very well open up to allow the gambling industry various operations. Africa’s market happens to be one of the focuses of the gambling industry in 2021. Emerging technologies in Africa and many other factors have assisted in the growth of gaming in the continent, and its market has become very ripe and ready to be tapped.
Factors that brings Africa to the Global Map
In recent years, much discussion has been going on about the potential of Africa’s gambling market resulting in big international brands turning their focus towards the African market. Naturally, this hasn’t always been the case. A couple of years ago, many of these operators wouldn’t even consider risking taking Africa as a potential market, but the status quo has changed. This happened due to many factors that would be considered subsequently in this piece.
Licensing & Global Interests
One thing that usually limits the market of many regions’ gambling industry is the laws and regulations that govern the region. In many areas across the world, gambling is rightly considered illegal and therefore banned. In such places, local casino operators can’t operate but players can use the services of online casinos operated and licensed from within a country where gambling is legal. Gambling in Africa has for long been a grey area, but recently, many countries in Africa are following the trend of many other countries and are changing their laws to allow gambling operations. Some African countries already give out licenses to enable local operators to offer gambling services to residents, while many others only allow foreign brands to provide services to their citizens and residents.
This new acceptance in Africa’s regulatory laws is one of the reasons why the African continent is believed to have the greatest potential to develop. The expansion by PayNplaycasinos.com, one of the latest foreign casinos to open up to African players as a strategic move due to Africa quickly moving to the top of the online gaming industry in the world.
Increasing Internet Access
When it comes to technological development advancement, Africa has always been one of the regions that lag. However, in recent years, rapid technological development has taken place in many areas of the continent, and an increasing number of people are now having access to the internet. For example, in Nigeria, one of the countries in Africa, many reports have suggested that around 50% of the country’s total population are internet users. Nearly the same thing is happening in various countries in the continent, making the whole continent ready for the iGaming industry. Furthermore, the latest Fifth Generation (5G) network is already available in two countries, with plans to expand to 20 other countries on the continent.
Widespread Mobile Gaming
On top of the increasing internet access, another thing that has been on rapid growth in Africa’s market is mobile penetration. Before the advent of mobile gaming, players’ only way to play their favorite game is on a desktop device. However, mobile gaming has made gaming very convenient, and you will usually find many players choosing to play their favorite games on their mobile devices. The number of mobile users has rapidly increased in Africa and keeps growing every day, showing the market’s potential for iGaming.
Another thing that has brought Africa’s gambling industry onto the global map is that payment methods are becoming much easier to use. Since the industry requires funds to play games, it is vital to have the fastest possible means of making payments and withdrawal. With many available payment options available to African players, African players can now easily make payments at their favorite gambling sites with ease. The recent acquisition of Paystack by Stripe, a foreign counterpart, also shows more signs of advancement in the continent. The acquisition is more of a partnership that will leave Paystack to operate independently while assisting them to accelerate online and offline commerce across Africa.
Demography of the Continent
The Africa continent is one of the world’s regions where the youth population keeps increasing every day. Reports suggest that by 2050, young people in Africa, i.e., those between the ages of 0 and 24, will increase to about 50%. Africa is expected to have the highest number of young people, and Africa’s youth is vital to the continent’s future when it comes to gaming and mobile penetration.
Therefore, with the increasing youthful urban population in Africa, investment opportunities in the continent’s emerging market have been attracting giant casino companies. And as the audiences grow, many more businesses are expected to invest.