Many markets are becoming leaders in the iGaming sector simultaneously—including India and several African markets. What are the investment prospects in these markets?
According to Statista, India's gaming market is rapidly expanding and has grown to $3.1 billion. By 2024, the revenue of the online gambling market in Africa is expected to reach $1.85 billion.
Emre Goktas, co-founder and CEO of Revpanda, commented: "Both the African and Indian gambling markets offer tremendous potential for investors, but tapping into this potential requires more than just market analysis. It requires practical experience and an understanding of local dynamics. For example, in India, cricket betting is a major attraction for players. However, due to a lack of insight and preparation, many companies struggle in these markets. Success depends on developing tailored strategies and assembling teams with the right expertise. With careful planning, investors can unearth opportunities in these growing markets while minimizing risks."
Let's delve into some details about these two emerging markets.
India
The gambling industry is one of the fastest-growing sectors in India's media and entertainment industry. A key to India's high revenue is its population: India has over 1.4 billion people. Studies show that 80% of the adult population gambles at least once a year, and 82 out of every 100 people use mobile phones.
Despite India's large population and strong demand for gambling, the average Indian gambler is not wealthy, and the most common strategy here is to chase volume—drawing in a large number of gamblers who bet small amounts but in large numbers. Of course, attracting such traffic requires good marketing strategies and localization.
Firstly, Indians are active mobile users. By 2024, offering mobile gaming and adjusting websites to vertical orientation will be essential.
The market is expected to develop further, and with the use of cryptocurrencies, nothing can stop local players from using international gambling platform services.
Kenya
Now let's focus on Kenya, the third-largest market in Sub-Saharan Africa, only behind South Africa and Nigeria. Kenya also leads the region in terms of the number of young gamblers—Kenyan youth spend much more on gambling than their peers in other African countries.
Overall, gambling is completely legal in Kenya. However, the legal environment is far from simple. The most significant recent change was the introduction of the Kenya Gambling Control Act of 2023, aimed at thoroughly reforming the gambling industry.
The Kenyan gambling market is huge, with an expected value of nearly $100 million by 2024. Kenya is a market with tremendous potential, but achieving commercial success in the region requires cautious action and well-thought-out business plans.
Another aspect that sets Kenya apart from other African markets is its technological accessibility. Kenya has a very high internet penetration rate among African countries—40.8%, and the vast majority of internet users in the country access the internet via mobile devices. This rapid digitalization has triggered explosive growth in the online gambling industry.
In recent years, large casino operations have shifted online, opening up vast opportunities.
The thriving casino market almost matches the booming level of the gambling industry.
Kenya is a market with tremendous potential, but achieving commercial success in the region requires cautious action and well-thought-out business plans.
