Online gaming solutions provider BtoBet has released a new industry report focusing on the igaming payment systems in one of the most talked about emerging markets – Africa.
The platform provider discovered, despite the technological sector being regarded as being lesser than those in Europe, many online sports betting operators are turning to payment systems developed by home-grown firms.
Alessandro Pizzolotto, STM Gaming’s CEO, BtoBet’s regional Certified Partner for Africa, commented: “Online betting is on the rise in Africa, and this is in part motivated by the ameliorating of the technological infrastructure with improved internet speeds resulting in an increasing access to the online world.
“The Western region of Africa in particular, with Nigeria at the forefront, is garnering a lot of interest. Since 2013 the number of internet users has nearly doubled. Five years ago there were 51.8 million people online but in 2019 that number is projected to rise to circa 100 million.”
Online sports betting has grown rapidly in Africa; according to a recent study, 60 million residents of Nigeria in the age group of 18 – 40 are active sports bettors.
BtoBet’s report noted that payment gateway improvements has led to not only faster digital payments but improvements against fraud, which has resulted in more trust from the consumer when conducting online transactions.
“All indications are pointing to a massive potential for online penetration and expansion,” said Pizzolotto.
“All this coupled with the fact that the local regulatory framework is one of the most robust in the region, and the local population being very passionate about sports in particular football and major European leagues, have resulted in a significant growth of Omnichannel operators in the market.”
Africa’s challenges and potential as a market will be discussed on day 2 at the upcoming Betting on Sports event.