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The large picture in the African gambling ecosystem Africa is home to over 1.2 billion people

The large picture in the African gambling ecosystem Africa is home to over 1.2 billion people

making it the most populous continent on the planet. According to figures from the United Nations and the African Development Bank, the continent is the world’s second most populated after Asia, and by 2030 it will have doubled the size of Europe, while 42 percent of the world’s youngsters will be African, according to UN and AFDB reports.

There are over 472 million people living in urban areas, and the country’s urbanization rate of 11.3 percent is the fastest in the world,

and it is expected to more than quadruple in the next 25 years. According to a United Nations statistics estimate, the worldwide percentage of African urban residents is anticipated to increase from 11.3percent to 20.2percent by 2050.

However, despite the fact that the continent is still considered an emerging gambling market with a still-developing gambling ecosystem, it has been dubbed the “next frontier in the gambling ecosystem” by industry experts, news outlets, mainstream media, and other major stakeholders in the gambling space. Africa, in fact, has the potential to become the global leader in its own sector. Because, as previously stated, by 2030, Africa will be home to 42 percent of the world’s youths, and, according to a GSMA report, 44 percent of Sub-Saharan Africa’s population, equivalent to just over 450 million children under the age of 15, will be mobile phone owners for the first time over the next decade as they mature into young adults. This generation of digital natives will approach everything from a digital first perspective. In spite of this, according to the Africa Development Bank, the continent is home to eight of the world’s fastest-growing economies in the current period (AFDB).

Apart from the fact that the continent is experiencing rapid growth in the gambling space, we could say that the infrastructural development

by the majority of African countries across the continent is the major reason why gambling is growing at an unprecedented rate in the region, particularly Fintech services and Telecommunications and Technology Innovations, banks, as well as the prevalence of affordable mobile phones and high rate of internet penetration, and while the inevitable 5G in the contiguous United States and Europe. Statistically, South Africa, Nigeria, and Kenya have the largest gambling turnovers in Africa, with a four-year average growth rate of 6.93 percent, according to a PricewaterhouseCoopers analysis on statistics (PWC).

In addition, tourism is a thriving industry in Africa, with growth of 5.6 percent in 2018 compared to the worldwide average of 3.9 percent and the wider African economy rate of 3.2 percent

in the same year. According to the World Travel & Tourism Council, this places Africa as the second fastest growing tourism region in the world, trailing only Asia-Pacific, where the tourism industry has contributed $194.2 billion to the region’s economy, accounting for 8.5 percent of the continent’s gross domestic product (WTTC). Even though it is predicted to exceed this amount during the next decade, nations like as Ghana, Ethiopia, Egypt, Togo, and Rwanda, among others, are actively expanding the tourist industry in their respective countries. It is possible for Africa to overtake the United States as the world leader in gambling if it is given the opportunity to fully realize its potential.

Indeed, there are still some obstacles that need to be addressed if Africa is to become a leader in the gaming sector. For example, regulation is still one of the most difficult challenges that the industry must face. Although it is true that it takes two to tango, the majority of African governments recognize that gambling is an additional source of revenue to their economies, and it is anticipated that in the coming years, some of the grey areas that the industry currently lacks will be taken into consideration..

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