PASA today introduces the gambling market of a very special country - Guyana. Many people may not know or recognize this country, yes, it is very small, extremely small.
But its economic development is almost catching up with Saudi Arabia. It took Saudi Arabia 50 years to reach its current per capita income, but Guyana took less than 19 years. It can be said that in South America, Guyana is a nouveau riche. So let's talk about the South American - Guyana gambling market with all the gambling tycoons.
Overview of Guyana
Located in South America, Guyana may not be conspicuous, but its vast tropical rainforests, magnificent Kaieteur Falls, rich mineral resources, and rapidly developing oil industry have gradually made it an international focus. With rapid economic development and continuous policy liberalization, Guyana is becoming a new economic growth pole in South America. Whether it is agriculture, mining, tourism, or the gambling industry, there are many opportunities and potential here.
Moreover, Guyana is a member of several Latin American and Caribbean international organizations, such as the Caribbean Community (CARICOM) and the Union of South American Nations (UNASUR).
Geographical Location of Guyana
Guyana's land area is about 215,000 square kilometers, which is not large among South American countries. Guyana is located in the northeastern part of South America, geographically adjacent to Latin American countries, and is therefore often classified as part of the "Latin American region". Guyana borders Suriname to the east, Venezuela to the west, and Brazil to the south. The capital, Georgetown, is the political, economic, and cultural center of Guyana, located on the Atlantic coast, enjoying a superior port position, and becoming an important transportation hub. The coastal area is the main population center and economic hub.
What Language Does Guyana Speak?
The official language of Guyana is English, making it the only country in South America where English is the official language. Unlike most Latin American countries that use Spanish. Because Guyana was a British colony until its independence in 1966. Its culture is influenced by British colonialism, so it is not traditional Latin culture. But other languages are also used, mostly local languages and dialects among different ethnic groups. For example:
Guyanese Creole: A mix of English, African, Dutch, and Indian cultural elements, it is the everyday language of most Guyanese.
Hindustani (Bhojpuri): Some Indo-Guyanese residents make the Indian language common in the Indo-Guyanese community.
Indigenous languages: Still used among some indigenous communities.
Religious Culture in Guyana
Guyana is a religiously diverse country. There are many festivals, such as Christian Easter and Christmas, Hindu Diwali and Holi, Islamic Eid al-Fitr and Eid al-Adha, etc:
Christianity (about 63%) mainly includes two major denominations: Protestantism: Includes Baptist, Anglican, Pentecostal, etc., which are the main Christian denominations. Roman Catholicism: Fewer followers, mainly concentrated in coastal areas.
Hinduism (about 25%): Mainly practiced by Indo-Guyanese residents, its festive activities such as Diwali are widely popular in Guyana.
Islam (about 7%): Followers are mainly descendants of early Indo-Guyanese immigrants, most of whom are Sunni.
Other religions: Include traditional African religions, the Bahá'í Faith, and a minority of non-religious people.
How is the Economy of Guyana?
The economy of Guyana is set, let's not talk about agriculture and timber tourism. Mainly still by two industries, oil and gold. At the same time, the per capita GDP has also soared rapidly, from $1,085 in 2015 to $20,602 in 2023, especially from 2020 to 2023, just three years, from $6,863 to $20,602 in 2023; directly more than tripled, such economic development speed is rare in the world.
This is one of the reasons why the Guyana gambling market is suddenly attracting attention.
Oil Industry Drives Economic Takeoff
Oil is the main event in Guyana these few miles. Since the discovery of large oil and gas resources offshore in 2015, the oil industry has achieved explosive growth. Especially in the field of oil exports, economic development can be said to be "sitting on a rocket". At the same time, investments by international oil giants such as ExxonMobil have rapidly propelled Guyana into the ranks of the world's emerging oil-producing markets, and it officially became an oil-exporting country in 2020. The surge in oil revenue not only drives the gross domestic product (GDP) to grow at a double-digit rate but also makes Guyana one of the leading countries in global economic growth.
Gold Industry
In addition to oil, Guyana's gold industry is also very strong. It is one of the important gold-producing countries in Latin America, attracting many foreign mining companies every year, becoming another pillar supporting the national economy of Guyana.
Population and Internet Situation in Guyana
Population of Guyana
Guyana is one of the least populous countries in South America, with a total population of about 816,800 as of 2024. Due to geographical constraints, Guyana has a low population density, with most residents concentrated in the capital Georgetown and coastal areas, while the inland areas, covered with forests and complex terrain, have a sparse population distribution.
Gender ratio: females account for 51.0%, males account for 49.0%.
Urban-rural distribution: about 27.3% of the population lives in urban centers, 72.7% of the population lives in rural areas.
Average age: The average age of Guyana's population is 26.1 years, belonging to a relatively young population structure.
0 to 4 years old: 9.6%
5 to 12 years old: 15.1%
13 to 17 years old: 9.1%
18 to 24 years old: 12.4%
25 to 34 years old: 16.7%
35 to 44 years old: 11.6%
45 to 54 years old: 10.7%
55 to 64 years old: 8.3%
65 years and older: 6.6%
Internet Situation in Guyana
The development of the internet in Guyana is quite good! As of January 2024, Guyana has 696,900 internet users, accounting for 85.3% of the total population! Moreover, Guyana's cellular mobile connections are 686,900, equivalent to 84.1% of the total population. Basically, everyone has a mobile phone, and some people may even have more than one! In the past year, from January 2023 to January 2024, Guyana's internet users increased by 5,042 people, although the increase was only 0.7%, it is steadily growing!
Cellular network average speed: 22.40 Mbps
Fixed broadband average speed: 61.85 Mbps
How Popular is Social Media in Guyana?
At the beginning of 2024, Guyana has 493,100 active social media accounts, equivalent to 60.4% of the total population. This means that most people not only connect to the internet but are also active on social platforms!
Facebook: Still the hottest platform, with 493,100 users, an advertising coverage rate of 60.4%.
Instagram: Following closely, with 165,400 users, an advertising coverage rate of 20.3%.
Facebook Messenger: With 364,500 users, covering 52.3% of internet users.
LinkedIn: Not to be outdone, with 140,000 members, covering 17.1% of the total population.
X (formerly Twitter): Relatively fewer users, but also has 43,900 users, covering 5.4% of the total population.
Current State of Gambling in Guyana
As an economic rising star in South America, the gambling industry in Guyana also has significant potential. Although the scale of Guyana's gambling industry is still unable to compete with the gambling powerhouses of Latin America such as Brazil and Colombia, with the acceleration of economic development and internet penetration, Guyana's gambling market is one to watch.
Legality and Regulatory Status of Gambling
Gambling is legal in Guyana, but the gambling market in Guyana is still in a relatively basic stage of development. According to current laws, the government allows the establishment of casinos and sports betting and other related businesses, but the regulatory system for gambling is relatively lax and has not yet formed a mature legal framework for gambling like other countries. However, lotteries are prevalent in Guyana and are the mainstay of the Guyanese gambling market.
Land-based Casinos
Guyana's physical casinos are mainly concentrated in the capital, Georgetown, and some coastal cities. Mainly serving the local high-end consumer group and a small number of international tourists.
Casino license: The Guyana government allows some physical casinos to operate, and licenses can be applied for.
Online Gambling (Including Online Sports Betting)
With the improvement of Guyana's internet penetration rate, online gambling in Guyana is gradually gaining attention. Especially among the younger generation. But sports betting is one of the fastest-growing types of gambling in the Guyana gambling market. Especially football matches attract a large number of bettors. At the same time, the rise of live broadcasts of international sports events and online gambling platforms has made sports betting a new highlight of the local Guyana gambling industry.
Online Gambling (No License): Although online gambling is gradually rising in Guyana, the relevant regulations are still not perfect, and the current online gambling is mainly provided by offshore gambling platforms.
Factors Driving the Guyana Gambling Industry
Internet Penetration and Digital Development
As of 2024, Guyana's internet penetration rate has reached 85.3%, providing a basic environment for the online gambling market. At the same time, the popularity of social media also provides more nutrients for the gambling market.
Economic Development Drives Consumption
Guyana's economy has grown rapidly due to oil exports, and per capita income has soared, enhancing consumption capacity. This brings consumption potential to the Guyana gambling market.
Cultural Entertainment Demand
Gambling as a form of entertainment, over time, and also Guyana's religion is open, and there are also land-based gambling. So the gambling industry is gradually integrated into the daily life of Guyanese people.
What E-wallets are Available in Guyana
International E-wallets
As the local electronic payment system in Guyana is not yet mature, most users prefer to use internationally renowned e-wallets.
PayPal: Widely used in Guyana, especially popular among freelancers and cross-border payment users.
Skrill: Supports multi-currency transactions, suitable for online gambling platforms and cross-border payments.
Neteller: Similar to Skrill, mainly used for online gambling payments, and provides virtual card services.
Wise (formerly TransferWise): Focused on cross-border remittances and international payments, low-cost, supports multiple currencies.
Cryptocurrency Wallets
The cryptocurrency market in Guyana is developing, and some people have started using cryptocurrencies for payments and investments.
Coinbase Wallet: Provides cryptocurrency trading and storage functions, supports mainstream currencies such as Bitcoin and Ethereum.
Binance Wallet: A professional cryptocurrency trading platform, supports a wider range of currency options.
Trust Wallet: Supports multiple digital assets.
Local Bank's Electronic Payment Services
Republic Bank's Online Banking: Provides basic account management and online payment functions.
GTT Mobile Money (MMG+): An electronic payment service launched by Guyana's telecommunications company, supports local payments, transfers, bill payments, and mobile phone top-ups, among other functions.
Other Commonly Used Electronic Payment Methods
Visa/Mastercard: Can be linked to e-wallets or directly used for credit card payments.
Western Union Digital: Widely used by users in Guyana.
Conclusion
With its increasingly widespread internet coverage, high proportion of active social media users, and gradually improving per capita income, Guyana provides a good foundation for the expansion of gambling platforms.
At the same time, Guyana's gambling culture is gradually permeating people's daily lives, whether it is land-based or online gambling, both have strong demand growth. Although the gambling market started late, it has great development potential. Therefore, the Guyana gambling industry is in a growth stage full of opportunities. But when there is potential, there are also some potential uncertainties such as:
Legal and Regulatory Gaps
Although gambling is legal, Guyana lacks a dedicated gambling regulatory agency, and the supervision of the market is relatively weak. This can lead to disorderly competition in the gambling market.
Payment Channel Restrictions
Guyana has limited choices in gambling payments, and many players rely on international payment tools and cryptocurrencies.
