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The study undertaken by Astute Analytica foresees a tremendous growth in revenue from US$ 3,048.05 Mn in 2021 to US$ 5,637.37 Mn by 2030. The Africa gambling market is expected to grow at a CAGR of 6.99% during the forecast period 2022-2030. The growth in market size is attributed to the growing young population in the continent. Africa has the potential to become one of the most vibrant destinations for online gamble players.
Significance of the Market
With an estimated 60% of the population under the age of 25, Africa has the world's youngest population. Africa's young people, defined as those between the ages of 0 and 24, will rise by roughly 50% by 2050. The bulk of Africa's 420 million youth are unemployed, have unstable jobs, or work on a part-time basis. This creates the necessity to find income-generating pastime activities.
According to a 2019 GeoPoll survey, up to 54% of Sub-Saharan African teenagers aged 17 to 35 years had gambled on sports. Kenya had by far the highest percentage of youth involved in sports betting, with 74%. The expanding ubiquity of mobile communication across the continent, along with the availability of smartphones, has been a major driver of this trend. Smartphone adoption has increased at a rapid rate across the continent. Over the projected period, the increased interest among gamblers in online casinos/gambling is expected to have a significant impact on the earnings of brick-and-mortar casinos.
The COVID-19 outbreak has wreaked havoc on the gambling/casino business on the ground. Closures left casinos without revenue for weeks or months, and even when they reopened, limits were imposed to limit the number of guests, preventing them from operating at full capacity. Also, according to new evidence, problem gambling is increasingly becoming a public health concern in Sub-Saharan Africa, particularly among young people.
Impact of COVID-19
Government-imposed restrictions in several nations due to COVID-19 pandemic resulted in the shutdown of casinos, lottery outlets, and other gambling facilities. Lockdown associated with the pandemic left casinos without revenue for weeks or months, and even when they reopened, limits were imposed to limit the number of players. During COVID-19, data on gambling-related harms was found in nine studies. However, the pandemic prompted customers to spend more time and money on various games and gaming consoles, resulting in the expansion of the commercial gambling business. Coronavirus has altered the gambling narrative. And it's a business first in Africa, where millions of gamblers have accepted the new norm of gaming from home.
Digital Segment has the highest CAGR for the forecast period
Offline gambling segmentation type is estimated to have the highest market share of 90% in 2021, however, the digital segment is anticipated to grow at the highest rate during the forecast period, registering a CAGR of 8.59%. The growth in CAGR is attributed to rising use of smartphones in the African continent. Covid-19 has further escalated the new norm of gambling from home.
Casino holds the highest market share for gambling in Africa in 2021
Casino holds the highest market share in product category by 64.7% in 2021. It was valued at US$ 1,972.23 Mn in 2021 and is anticipated to reach to US$ 3,431.58 Mn by 2030 as many states have authorized commercial casino gambling, primarily as a tool for economic development, improved employment, increased tax revenue for state and local governments, and growth in local retail sales.
South Africa is regarded as the gambling Mecca of the African Continent
South Africa is the gambling Mecca of the African Continent with a share of almost 80% in 2021. South Africa is anticipated to continue its dominance in the region. The market size in South Africa is expected to increase from US$ 2,420.08 Mn in 2021 to US$ 4,504.82 Mn by 2030. South Africa and Kenya were the first countries in Africa to launch 5G internet services in the continent.
A Glance at the Competitors
The Africa Gambling Market is segmented based on type, product, and country. These segments are further sub-divided to get a holist picture of the market.
Following are the different segments of the Africa Gambling Market:
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