As we grow into 2024, South Africa is finding itself in an upward surge and boom in the igaming business space, with a spontaneous growth in players, developers, and investors flooding the country’s market.
South Africa is currently the largest gambling market in Africa, accounting for more than 40–50% of the gambling revenue generated in the region. According to the National Gambling Board of South Africa, the country’s gambling industry is worth around ZAR 30 billion ($2.1 billion) annually.) This automatically sets the pace for the current scramble of operators, investors, and new players rushing to get a slice of the South African market.
A notable example is the current entry into the South African market by the globally acknowledged SoftSwiff which acquired a majority stake in Turfsport, a leading South African provider of wagering software. In March alone, South Africa will see massive igaming expos such as SIGMA Africa and the Big Africa Summit in the country.
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What makes South Africa Suitable for iGaming expansions?
Digital Infrastructures.
The popularity of online casinos and sports betting apps in South Africa has significantly increased, as more users are engaging in betting, playing casino games, and attending live events from the convenience of their homes or during their leisure time. Why? well, the country is well set in terms of internet, smartphone penetration, and tech know-how among the residents.
Stable economy.
South Africa is not a poor country, it’s not a third-world country and this makes it one of the richest and most perfect sites for iGaming investors. It has a massive population of middle-class population who tend to participate more in gambling. The growth of online betting has broadened the market as we head into 2024, opening up new opportunities for economic expansion. The increasing utilization of digital platforms is driving economic growth through advancements in technology, creating jobs in the tech sector, and boosting revenue for the government through taxation. This mutually beneficial relationship between the economy and the betting industry emphasizes its importance as a key player in South Africa’s economic landscape.
Regulations
South Africa’s regulatory framework governing gambling has adapted to the evolving betting landscape in the country. The National Responsible Gambling Program (NRGP) and individual provincial gambling boards are essential in promoting responsible betting practices by safeguarding consumers and addressing concerns related to potential gambling addiction. Regulations are in place in South Africa to prevent underage gambling, ensure fair play, and incorporate responsible advertising practices. These underscore the commitment to creating a betting environment that is secure and ethical.
