A bit more than a year ago, in February 2021, the US business magazine Forbes wrote that Africa represented the continent with the fastest growth. Because: startups earned 450 million $ in 2015 and 2 billion $ in 2019. In this context, the growth within the sports betting industry is primarily due to South Africa. After all: this country accounts for more than 80% of this industry across the continent. Therefore, South Africa aims to have a say in the global sports betting market by 2027. By then, the global market volume is expected to reach $237.2 billion.
The South African market is ahead of the Australian one
In South Africa, the industry focuses in particular on four sports. Unsurprisingly, these include soccer. Then there are rugby and cricket, two other disciplines in which the country is particularly successful, as well as horse racing. Furthermore, the US sports leagues NBA, MLB, NFL, and NHL enjoy a high status. And this despite the fact that the South African sports betting market is particularly strictly regulated. Betway, Hollywoodbets, G-Bets and Sportingbet constitute some of the popular bookies with a licence in South Africa.
All in all, the sports betting industry accounts for more than 50% of the gambling revenue in South Africa. On top of that, we can expect a future growth of 6% per year. A big part of this, as almost everywhere in the world, comes from online betting. And as crazy as it may sound… In Australia, live betting counts as interactive gambling. And the latter, which additionally includes all forms of roulette, blackjack, and digital scratch cards, has been banned since the year 2001. And this ensured that, even if years later, the South African market began to take off from that one.
The betting sites bring precious tax money into the state treasury
In South Africa, in 2004 the National Gambling Act 7 legalized online betting in nine provinces. With this and, for example, the subsequent adaptation in 2008, which permitted live wagering, the government laid a foundation for economic success. Moreover, the fact that about 5% of the population bet on sports, generates particularly significant tax revenues. As a result, it goes without saying that the institutions will continue to provide the best possible support to the industry in its ambitious endeavour.
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