The Forecast for South African Gambling in 2024

The gambling industry in South Africa is undergoing significant growth, with online gambling taking centre stage. As we approach 2024, the trends and projections indicate a robust expansion in this sector, driven by technological advancements and an increase in digital adoption.

Growth and Revenue Projections

The online gambling market in South Africa is expected to reach a substantial revenue milestone in 2023, set at approximately $736.30 million. This impressive figure lays the groundwork for the projected growth in 2024 and beyond. The market is not only expanding in terms of revenue but also experiencing a steady annual growth rate (CAGR). This consistent growth is indicative of the increasing popularity of online gambling platforms amongst South African consumers.

Online Sports Betting

A significant portion of this growth can be attributed to the online sports betting sector. In South Africa, this particular segment is predicted to achieve a revenue of around $322.00 million by 2023. The popularity of sports betting, especially in a sports-loving nation like South Africa, is a key driver for the industry's expansion.

Regional Context and Comparative Analysis

In the broader context of the African continent, the gaming market, which includes online gambling, is expected to surpass $1 billion by 2024. This milestone, a first for the continent, highlights the growing significance of the gaming and gambling industry in Africa. Countries like Kenya, Ethiopia, and Ghana are also notable contributors to this growth, particularly in the mobile gaming sector.

Conclusion

The forecast for the South African gambling market in 2024 is highly optimistic, with substantial growth in online gambling and sports betting. These trends reflect the increasing digitalisation of entertainment and the growing acceptance of online gambling platforms. As the industry continues to evolve, it promises to bring new opportunities and challenges, shaping the future of digital entertainment in South Africa and across the continent.