While gambling industry insiders say that America is the key market to invest in right now, Africa is not far behind. At conferences held in October 2019, the important issues to facilitate the sector’s growth on the continent were outlined.
One of the most salient points that attendees of ICE Africa and the BiG Africa Summit identified, as markets in Africa begin to regulate, is that compliance and safe gambling practices must be emphasized in order to further stimulate growth. This will ensure that vulnerable individuals, and the industry as a whole, are more protected.
Compliance is Essential
According to a recent report on compliance within the sector, as little as 20% of the continent has legislation covering online betting and casino games. One of the main reasons for the slow regulation of internet-based gambling is how prominent retail gambling has been to many communities.
However, local monitoring of desktop and mobile operators is now proceeding apace, with authorities taking the latest technological advancements into consideration as they build their frameworks. As online and mobile transactions become the preferred wagering method, an increase in online security measures is especially important.
Changes Will Take Time
As has already been seen in nations where legal frameworks have been updated, such as Kenya, the positive changes need time to take effect. The overwhelming feeling among the local region regulators at both October 2019 conferences was that they are ready to take on this challenge, as seen in their engagement during round table discussions and their interest in learning more about best practices. For players and operators, this attitude is encouraging and affiliates were very positive about online business development opportunities.
Despite the current uncertainty on legal matters, there is confidence in establishing networks and growing brands through investment in staff, systems and companies. Strong connections among licensed operators can already be seen in the online space, with affiliates reselling media for high profit and building traffic in the emerging digital ecosystem.
The economic potential of online gambling in Africa, it seems, has only begun to be realized.