Report reveals South Africans gambling more
South Africa has smashed its gross gambling revenue in the 2023-2024 period, with greater regulation leading to a 25.7% year-on-year growth, according to a report by iGaming developer SOFTSWISS.
SOFTSWISS, who used data from many sources, says technology, mobile adoption and evolving consumer preferences have lead to the huge growth in the South African gambling sector.
According to the report, South Africa’s gross gambling revenue reached ZAR 59.3 billion in 2023-2024. Driving this growth is the dominance of sports betting, which accounted for 60.5% of the total market, with market leaders like Betway (Betway review) and Sportingbet leading the way.
“South Africa is emerging as a key player in the iGaming sector, driven by strong digital adoption and a thriving sports culture,” Chief Commercial Officer at SOFTSWISS Max Trafimovich said
“With increasing mobile penetration and a growing middle class, the market offers significant potential for expansion, making it a welcoming sign for operators and investors alike.
South Africa’s high smartphone penetration of over 70% and changing regulation, which has allowed online casino games, including slots to be hosted by licensed betting sites, have been crucial in the growth.
Mobile betting, which is spearheaded by betting apps, has become a cornerstone of the industry, providing operators with direct access to an increasingly digital-first audience.
Almost all South African bookmakers boast Android and iOS betting apps, with these the main way people bet on sports and racing in South Africa.
While the market demonstrates growth potential, it also faces challenges. Fragmented provincial regulations and a 15% VAT on betting transactions present operational complexities for businesses. However, these challenges have not deterred both global and local investors from contributing.
The overall gambling market across the African continent is expected to reach ZAR 213 billion by 2032, with sports betting remaining the primary growth driver, largely due to its accessibility and widespread popularity, particularly in football. In addition to South Africa, key contributors to this growth also include Nigeria, and Kenya.
