ICE London 2024 is off to a flying start, zeroing in on the African iGaming sector’s bright prospects. Reporter Ella Williamson from ICE VOX caught up with Caroline Kongwa, the National Gambling Board’s top strategist in South Africa, for a deep dive into how South Africa is sprucing up its iGaming landscape for investors.
Caroline highlighted South Africa’s standout growth in the iGaming sector, especially against the backdrop of the Covid-19 pandemic. “The betting sector’s boom post-Covid is a testament to our market’s resilience,” Caroline noted, pointing out that betting now makes up half of the industry’s 47 billion Rand revenue, a significant leap from its pre-pandemic figure.
Interestingly, the surge in online betting hasn’t dented the fortunes of traditional gambling avenues like casinos and lotteries. “All gambling modes are still hitting their pre-Covid profit marks,” Caroline added, showcasing the sector’s robustness.
With the industry’s expansion comes the heightened task of managing problem gambling. The increase in gambling activities, Caroline observes, necessitates vigilant monitoring to mitigate addiction risks. The National Gambling Board is employing technology, among other strategies, to strike a balance between growth and the welfare of gamblers.
Setting High Regulatory Standards
South Africa prides itself on its rigorous regulatory framework, ensuring that only certified operators enter the market. “Our established gambling laws, like the 2004 Act, along with the collaboration with provincial boards, provide a stable regulatory environment,” Caroline explains. This regulatory certainty, coupled with a compliance-focused industry, positions South Africa as an enticing market for investors looking at the African continent.
ICE London 2024’s exploration into the African iGaming sector, highlighted by Caroline Kongwa’s insights, underscores the continent’s growing significance in the global gambling industry. With technological advancements, strategic regulatory practices, and a keen eye on social responsibility, South Africa is paving the way for a balanced and prosperous iGaming future.