To begin with, cryptocurrency in Africa is no longer a surprise. Weak financial regulation, transparent mechanisms, relative accessibility, and confidentiality have done their job.
Cryptocurrency is developing most actively in Africa in the largest economies, such as Nigeria. In just a year, the number of users here skyrocketed by 1,200%.
And even though the Central Bank has banned all financial institutions from dealing with cryptocurrency, every third resident of Nigeria uses crypto for various needs (about 70 million people).
Where else, if not in Nigeria, to develop the online casino sector, which, unlike physical casinos, is also almost not regulated.
Some virtual casinos are based in the country and can obtain a license from the Lagos State Lotteries Board. Some of them are located offshore.
Honestly, Nigeria is already one of the most immersed online casino markets in the world.
It is well-known that Nigerians are prohibited from using crypto in Nigerian online casinos, so they play in foreign ones, and vice versa – Nigerian casinos are actively growing at the expense of foreigners.
Grounds for the Popularity of iGaming in Nigeria
In recent years, Africa has become an attractive market for investors in the iGaming industry. Starting a gambling business in Africa is cheaper than in other jurisdictions worldwide.
Steady economic growth, the rapid spread of affordable mobile broadband, and the willingness of local governments to regulate online gambling to fill their coffers make Africa unique.
At present, African online gambling is undergoing a significant evolution, presenting new challenges and opportunities for industry participants.
This exciting story is just beginning, promising an exciting and transformative journey. Go on reading to learn about the popular trends and developments in online gambling in Africa.
South Africa, Nigeria, and Kenya are the three prominent gambling markets in Africa.
It should be mentioned that Nigeria has the second-largest gambling sector in Africa. The country’s economic potential makes it an attractive destination for online casinos and sports betting providers.
Moreover, the lifting of the gambling ban in 2004 has stimulated the growth of the gambling industry.
About 30% of Nigeria’s 200 million population bets on sports daily, which is about 60 million people aged 18 to 40 who actively follow sports events.
Just a bit of history. The first legal online casino was opened in 2013, which is a relatively new event in the global iGaming sector. The growth of online sports betting and gambling is also actively supported by the development of local payment systems.
Among other virtual casino options, the plinko game stands out from the crowd. Attracting the users with its relative simplicity and long-term gaming potential, it offers an exciting virtual online experience.
The central part of the game is playing with a ball, and specific combinations bring the customer to thriving success and impressive winnings.
Peculiarities of Launching Online Casino Projects in Africa
Many brands have failed in their attempts to enter the markets of the African continent, as a result of which the companies closed at a loss.
Familiarization with some of the exceptional features of launching an iGaming project in Africa will help to avoid wasting investments:
- Legislation and licensing: Before launching a gambling business, it is necessary to carefully study the legislation of the country. Some countries in Africa may have strict laws and requirements for gambling licensing.
- Unique research methods: The African market stands out from the more developed markets in Europe and Asia. Therefore, researching this market requires the use of a variety of tools and the rejection of template approaches familiar to other areas.
- Prevalence of outdated technology: Despite the spread of the Internet in the daily lives of Nigerians, stable Internet is still lacking in many regions. In addition, users often have outdated devices, which limits the operation of resource-intensive applications and games.
- Simple advertising campaigns: Locals are not used to complex bonus systems, so simple advertising campaigns are effective.
- Stability of gaming sites and payment systems: Due to outdated technology and an unstable economy, there is a high risk of failures in the operation of sites and payment systems. It is necessary to anticipate technical failures and use backup payment providers.
- Consumer characteristics: The average age of consumers in Nigeria is around 20 years old, which should also be taken into account when conducting marketing research. It is important to adapt your strategy to local culture, preferences, and player requirements.
Conclusions
Nigeria has huge potential for online casinos and betting platforms despite the challenges that exist. Moreover, the potential for iGaming success across the African continent is huge offering more options for ardent gamers.
