The African gambling market will exceed $5.637 billion by 2030, EINpresswire reported Nov. 8, citing a report from consulting firm Astute Analytica.
Experts note that in 2021 the African gambling market reached $3.048 billion. Analysts believe that the average annual growth rate of the market over the decade will be 6.99%. This forecast is based on the popularity of gaming apps and smartphone penetration.
Africa has the youngest population in the world, with about 60% of the population under 25, and gambling is of great interest to the younger generation in the region. According to a 2019 GeoPoll survey, about 54% of young people aged 17–35 in sub-Saharan Africa bet on sports.
The offline segment currently accounts for 90% of the African gambling market but is trending as the online segment is growing at an annual rate of 8.5% due to the increased use of smartphones in betting.
The offline segment currently accounts for 90% of the African gambling market but is trending as the online segment is growing at an annual rate of 8.5% due to the increased use of smartphones in betting.
The value of the casino segment in 2021 was $1.97 billion. It is expected that by 2030 it will grow to 3.43 billion dollars due to the legalization of casinos in many African countries.
The dominance of the African gambling market is maintained by South Africa, whose market is estimated at $2.42 billion. It is projected to grow to $45 billion by 2030.
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