While there is plenty of growth potential in Africa for its gambling industry, experts agree that South Africa remains the region’s king. Pricewaterhouse Coopers points out that while countries such as Nigeria are emerging as leaders in African gambling, South Africa leads the pack by far.
These facts, and others, will be discussed at the upcoming World Regulatory Briefing Africa, an inaugural conference that has been planned by the London-based Clarion Events, due to take place in Lagos, Nigeria between April 11th and 12th.
The need for such as conference to take place comes from the growing interest in casino and gambling entertainment among the region’s more than one billion residents. Africa boasts plenty of gambling options for players, ranging from traditional land-based casinos to internet casinos, and from lotteries to betting on a wide range of sports.
Clarion Events Producer, Curtis Roach, told the media recently: “The region is known for its troubles and government issues, but this market is in its growth stage. Nigeria is a leader in this market, and it has a lot of investment dollars.”
Nigeria is currently home to three casinos – one in Abuja the capital and two in the largest city, Lagos. Roach explained that the Nigerian gambling industry is an evolving one and gradually expanding, indicating that it was difficult to estimate its exact size. It was clear, however, that Nigeria is definitely a leader.
While Nigeria’s gambling market produced around $50 million in annual revenue, South Africa was much further ahead with the $1.9 billion it generated in 2015. Looking ahead, it is predicted that South Africa’s market will be sluggish until around 2018.
The potential for Nigeria to improve and growth is definitely there, if comparing to South Africa again. SA’s gambling numbers are derived from just 53 million residents, and therefore it is understood that a lot more revenue can be seen from Nigeria’s 174 million citizens. It should be taken into account, however, that the average income for South Africans is $13,200 a year, while Nigerians earn just $2,800 a year – giving residents of the former more spending power on recreational activities such as gambling.
In general, Africa’s gaming market continues to grow, albeit at a slow pace. Roach commented: “35 of the 47 economies in Sub-Saharan Africa implemented at least one gaming reform, making it easier to do business in the past year.”