ICE London 2024: Unveiling Africa's iGaming Potential

South Africa's FSCA Set to Grant First Crypto LicencesAt ICE London 2024, the spotlight is on the burgeoning African iGaming sector. Reporter Ella Williamson from ICE VOX engages with Caroline Kongwa, Chief Strategic Adviser for South Africa's National Gambling Board, to delve into the nation's endeavours to attract iGaming investors. Kongwa's expertise shines as she discusses the growth prospects of South Africa's emerging market, technological advancements, regulatory frameworks, and the crucial issue of managing problem gambling.


 

The Resilient Growth of South Africa's Gambling Industry Post-COVID

Caroline Kongwa reveals that despite the global impacts of the COVID-19 pandemic, the African gambling industry, particularly in South Africa, has experienced significant growth. She highlights the surge in the betting sector's contribution to the industry, which has impressively doubled its share post- pandemic. This growth, Kongwa explains, is indicative of the sector's resilience, with both online betting and traditional gambling avenues like land-based casinos and lotteries maintaining robust profits.

Tackling Problem Gambling and Regulatory Excellence

With the increase in gambling activities, Kongwa acknowledges the heightened concerns regarding problem gambling. The National Gambling Board is proactively strategizing to balance profitability with the welfare of gamblers, prioritising harm prevention in an increasingly digital gambling landscape. Furthermore, she underscores South Africa's commitment to regulatory excellence, ensuring that only fully certified operators enter the market. This rigorous compliance, coupled with legal stability provided by the 2004 Act, positions South Africa as a highly attractive destination for iGaming investors.

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