Growing economic prosperity, innovative technologies like mobile money, increasing internet availability, and decreasing costs have brought African countries into focus for iGaming companies looking for new markets. In a new series on iGaming in the African continent, SiGMA News examines iGaming prospects in Ghana, West Africa’s gold-rich nation.
3G and 4G networks have doubled in Ghana
While the first world economies languished during Covid, Africa’s GDP increased by an estimated 6.9 percent, materially higher than the global average and growth rates in other regions. Experts predict the region to achieve growth of 10-15 percent by 2025 as African countries were not as negatively impacted by the Covid-19 pandemic.
As the global economy regains momentum, consumer spending is expected to grow through pent-up demand and increased remittance inflows from the African diaspora. Africans in urban centres can now access a stable internet connection and the number of 3G and 4G networks available in Ghana have doubled over the last five years.
Nearly all mobile users in Ghana own a smartphone
Africans now represent over 11.5 percent of all worldwide internet users, and 99.3 percent of users in Ghana aged 16 to 64 years own a smartphone.
Currently, the African continent’s largest online betting market is South Africa, with gross revenues exceeding US $2.3 billion in 2022. In sub-Sahara Africa, Nigeria, with the highest population and GDP, is the region’s most profitable gambling market, representing 7 percent of the Continent’s total.
Ghana ranks third for FDI to Africa in 2022
According to the NKC Consumer Demand Potential Index, African consumer spending is set to continue increasing through 2030. Ghana’s stable business environment and increasingly affluent population are attracting investment, and the country ranked third for foreign direct investment (FDI) to Africa in 2022.
Over 50 percent of Ghanaians are under 25, providing a rich seam of tech-savvy iGamers. And with KPMG reporting that Ghana is one of just six countries in sub-Saharan Africa with a middle class of over 1 million, it’s clear to see why gaming companies are looking at Ghana and other countries in Africa to fuel expansion.
Jackpotcity has the most Ghanaian players
Currently, Mozzart Slots and Betway Live dealing lead the field with 888 casino and is closely following. Jackpotcity has the most Ghanaian players, its bonuses proving popular for player acquisition. Some, like 888 casino, offer up to $200 as a welcome bonus representing a sizable starting budget. The most common rewards are match deposits and free spins.
Accessing the more significant bonuses however proves challenging to many players. All forms of gambling became legal in 2006, its regulations cover online and are relatively open and tax is just 17.5 percent .
Ghana casinos offer high return to player rates
All top Ghanaian casinos offer high return-to-player rates, verified by independent testing agencies such as eCOGRA. Mansion Casino, at 97.25 percent, is currently the highest, while 888 Casino has a pay-out rate of 96.46 percent. Payment method preferences vary considerably, with some players using credit cards while others rely on eWallets. Up to 50 percent of Ghanaian adults have a mobile phone company money account, and better digital financial services regulation encourages greater adoption.
Ghana is advanced in Digital Financial Services
Ghana is one of the most “DFS-ready” countries in Africa, with 92 percent of adults holding a form of ID required to open an account and 95 percent having basic numeracy. The ease of mobile money payments and high smartphone ownership rates make iGaming transactions fast, efficient and secure.
Background
The Gaming Commission was established by the The Gaming Commission Act, Act 721 (2006) as a regulator responsible for the supervision of the importation and installation of gaming equipment.
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