Good News for South African Gambling Sector
A recent report by economy analysts, PricewaterhouseCoopers brings some good news for the South African gambling sector. According to the group, by 2021, the country’s gambling industry will be worth over R35 billion – a 5.1% increase each year. Gambling taxes and levies on the industry will increase by 5.2% per annum, which means the annual rate by 2021 will be R3.5 billion for the state.
The chief operating officer of BOSS Gaming Solutions, Catalina Lukianenko commented on the latest findings and said: “Betting is one of the most promising branches of igaming industry in South Africa.
Lukianenko said that the betting share of Gross Gambling Turnover in Africa increased by more than 40% during the years 2016 to 2018. According to second half 2018 projections, she said, GGT will rise by 7% in 2023 compared to 2018 figures.
The growth of Africa’s gambling market – and South Africa’s in particular – will be discussed in depth at this year’s ICE Africa gaming event, where BOSS and many other companies and operators will exhibit this year. The event is set to take place in Sandton on October 24th and 25th. This is first time that the ICE Expo has been hosted outside of the United Kingdom.
The COO continued: “The African gambling scene is somewhat challenging now; however, it influences the continent’s economy by expanding the revenues and creating new workplaces for locals. We should take into account sports betting which gains the widest popularity in Africa.”
South Africa, Nigeria and Kenya have some of the fastest growing gambling markets in the world. Casino gambling comprises a huge sector of the market, however, the national lottery and sports betting are also big contributors to the industry. Around 80% of all South Africans buy lottery tickets each week. Punters bet on sports such as rugby, horse racing and football on a regular basis.
All this comes against the backdrop of a controversial bill recently proposed by the South African government, the Gambling Amendment Bill which seeks to crack down on unlicensed operators.