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Worth over $45 billion globally, online gaming’s growing momentum within Africa is hard to overlook. By 2018, gambling in South Africa, Kenya and Nigeria will be worth around $37 billion by 2018.
The rise of online gambling in South Africa
Starting in 2008, when online gambling for real money was legalised in South Africa, the online gambling industry in the country began to flourish. Furthermore, in the same year, the tax on recreational betting and the winnings were not considered as income and therefore, were not taxed as such. One can liken the growth to the increased use of smartphones in South Africa, which helped to attract millions of players. With the option of English and Afrikaans, it became possible to play in quite a number of casinos using South African Rands (ZAR) or American Dollars.
What’s unique about South Africa’s casino market?
The casino market in South Africa was worth less than $1.5 billion in 2006, whereas in 2015 the number was slightly lower than $2 billion (a growth of 25 percent in less than 10 years). Casinos are by far the largest component of the gambling market with gross casino gambling revenues accounting for 72 percent of total gross gambling revenues in 2014. Currently, a total of 38 out of 40 possible casinos are operational in South Africa. On the 31st of October 2015, the Department of Trade and Industry gave notice of intention to increase the set number of maximum casino licenses from 40 to 41.