Africa's Future Looks Nice Says ICE Africa and Supporting ResearchPublished November 23, 2020 by Lee R
Africa's population, programming, and adaptation are all on the rise to integrate iGaming.
A high note of the recently concluded ICE Africa was the future finding of the “explosive growth” of iGaming in the African sector.
Africa is a key growth market for iGaming--with online, sportsbetting and mobile gaming in Africa currently estimated at $1.5bn of sportsbetting gross win for 2020, with 30 percent contributed from iGaming and 45 percent from mobile devices.
H2 Gaming Projections
H2 Gaming Capital's Ed Birkin estimates mobile connectivity across Africa is set almost double betting gross win to $2.9bn (37 per cent of which will take place online and 60 per cent coming from mobile devices).
As for preceding performance, Africa’s gambling gross win grew at a compound rate of over eight per cent annually between 2013 and 2019 – a figure almost quadrupling the median for the global gambling market.
Comparative Research Supports
In July, the "Africa Gaming Market - Growth, Trends, and Forecasts (2020-2025)" report revealed a projection of 12% CAGR during the forecast period of the next five years 2020-2025.
A new driver of growth that the report identified was the increasing availability and popularity in Africa of multi-functional gaming console technology.
Youth Sector Grows
Africa is hinging much of its industry success on the large and growing youth target market, set to increase by 50% by the year 2050.
Africa is the only region in the world where the youth population is increasing. By 2050 Africa's young people, i.e., those aged between 0 and 24 years old, will increase by nearly 50 percent.
Recent government initiatives in the region are aimed at adopting gaming solutions for educational purposes, and are seen as new means of generating gaming industry solutions.
The Covid Effect
The Covid impact on gaming and suspension of betting events has crashed that revenue just like around the world, but did open the door in Africa for more iGaming conditioning.
Turning Negative to Positive
That's because the suspensions spurred the use of new entertainment streaming and gaming offerings to “thriving” levels that drove adaptation of video gaming at the grass roots level.
Despite the common setbacks imposed by Covid, the latest revelations from ICE Africa provide pleasant punctuation to the solid prospects established for iGaming in Africa.