varied picture. Several economies in East Africa are expected to experience rapid expansion, driven by population growth including Uganda, Tanzania, and Mozambique. Indeed, Uganda is projected to be among the fastest-growing economies by 2030, according to researchers at the Growth Lab at Harvard University. Meanwhile, Rwanda in central Africa maintained its position as one of the top- performing economies, growing by 10 per cent in 2021; its economy is projected to expand by 6.9 per cent in 2022, driven by strong performance in services.
When it comes to gambling regulation, the situation is equally diverse. In some of the largest gambling markets, such as South Africa, there have been little regulatory developments of late: online gambling remains prohibited and licensed bookmakers are located in all the provinces throughout the republic (there are around 25,000 slots located in 39 casinos nationwide and around 600 betting shops). In Ethiopia, the second most populous country in Africa after Nigeria, stricter requirements on the betting industry have been imposed as a result of an increase in betting amongst younger players.
Te more significant changes are happening in smaller/fledgling jurisdictions that have remained pretty much off the radar. Tese changes need to be highlighted due to the opportunities they will bring and the important work that is being done from a regulatory perspective. For example, in January 2021 the Malawi Gaming Board began inviting proposals for licences for casino development in all locations and, in August last year, authorities also granted eight online sports betting companies permission to operate. In the Republic of the Congo, which has been ravaged for years by civil war, the government is in the process of developing gambling laws for the very first time.
Overall, Kenya, Nigeria and Ghana stand out as the three jurisdictions that have experienced the largest expansion of the market over recent years and they continue to make improvements to their gaming laws. Another characteristic of the market as a whole is that, broadly speaking, there are still major gaps within the legislative framework when it comes to online gambling in addition to an overall lack of supervision. Tis is compounded by the fact that the region is behind other markets when it comes to Internet and smartphone penetration, while the continent is still very much cash-driven. However, this picture is changing at a faster rate than originally anticipated.
Continuous technological advancements in the region will have a huge impact. Africa’s technology ecosystem is set for a period of growth and giant strides are also being made in the fintech industry. For example, Kenya’s thriving tech scene means that it is referred to as the ‘Silicon Savannah.’
Data from business analytics platform, CB Insights, found that more than US$1.4bn was invested into African fintech companies in 2021, a nearly seven fold increase over 2020. Meanwhile, the market size of Africa’s digital economy is predicted to go beyond $712bn by 2050.
So, what have been the most significant regulatory changes over the last year and where have they occurred? In this report we cover some of the larger markets alongide smaller, but no less interesting ones, charting the most important regulatory shifts, pinpointing where progress is being made.
WIRE / PULSE / INSIGHT / REPORTS P31
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