The global online gambling industry has seen consistent growth in recent years, especially in South America and Africa. Both regions have witnessed a surge in online gambling activities, with several countries achieving noteworthy expansion. This article will delve into the top five rapidly growing online gambling markets, shedding light on the regulatory frameworks governing online gambling in each nation.
Brazil
Brazil, which is the largest and most populous country in South America, is a leader in the region’s booming online gambling industry. Benefiting from steady economic growth, Brazil is one of the fastest-growing online gambling markets, with a projected compound annual growth rate of 15.18% from 2021 to 2026.
Regulated by the Federal Revenue Service and the Ministry of Economy, online gambling in Brazil currently allows sports betting, while casino games and poker remain prohibited. Ongoing discussions about the potential legalization of these forms of gambling suggest a dynamic regulatory landscape in the future.
South Africa
With a population surpassing 59 million, South Africa, one of Africa’s most developed countries, features a robust gambling industry experiencing a rapid rise in online popularity. Positioned as the continent’s second-fastest-growing online gambling market, South Africa anticipates a 12.89% compound annual growth rate from 2021 to 2026.
Under the National Gambling Board, South Africa allows all forms of online gambling where you can find the Betway casino. However, the regulatory framework is strict, necessitating operators to comply with rules and regulations for licensing. The country boasts a flourishing sports betting market, with increasing interest in casino games and poker.
Nigeria
Nigeria, Africa’s most populous nation with over 211 million people, boasts a rapidly expanding economy and a surging interest in the online gambling industry. It is projected that Nigeria will post a compound annual growth rate of 12.35% between 2021 and 2026.
Online gambling in Nigeria enjoys legality across all its forms under the stewardship of the National Lottery Regulation Commission. With a conducive environment for sports betting, there is also a growing popularity in online casinos, with the Betway casino among the leading brands in the West African country.
Colombia
Colombia enjoys a rapidly expanding economy, fueling remarkable growth in the online gambling industry. As one of the fastest-growing online gambling markets in South America, Colombia foresees a compound annual growth rate of 11.34% from 2021 to 2026.
Regulated by the Coljuegos regulatory agency, online gambling in Colombia is fully legal across all its forms. The nation boasts a lively sports betting market, with increasing popularity in online casinos and poker rooms.
Kenya
Kenya is witnessing a burgeoning economy, contributing to the rising popularity of the online gambling industry. Positioned among the fastest-growing online gambling markets in the African region, the East African country expects a compound annual growth rate of 10.98% from 2021 to 2026.
Regulated by the Betting Control and Licensing Board, online gambling in Kenya enjoys legality across all its forms. The country hosts a dynamic sports betting market, with top bookmakers like Betway among the dominant operators.
Given the current growth rates and population sizes, Brazil is likely to emerge as the dominant online gambling market in both South America and Africa in the next five years. With the largest population and the highest compound annual growth rate at 15.18%, Brazil stands out. Discussions about potentially legalizing casino games and poker could further fuel the industry’s expansion.
However, it’s important to note that various factors, including changes in regulations, economic conditions, and technological advancements, could influence these growth rates. Therefore, these predictions are speculative and subject to change based on several factors.
