Tanzania Gambling Market to Reach $31 Million by 2023

Tanzania Gambling Market to Reach $31 Million by 2023

The gambling sector across the continent of Africa is exploding rapidly. As more people get access to smartphones and the internet, the more that they will be able to play the likes of casino games and place sports bets online. This is why a lot of major gambling companies are focusing a lot of their attention on this region. They are investing time, money, and resources in order to gain a foothold. There are of course the major gambling markets, such as South Africa, Kenya, and Nigeria, but there are also smaller regions that have a lot of potential.

 

One of those is the market in Tanzania. The market was already worth about $16m in 2019 and it is own set to almost be double that by 2023. The fast urbanization of the country is a big reason for this growth. Employment figures are improving, which means that people now have more disposable income to play with. There is also a very young population, with 64% of people in Tanzania being younger than 24 years old. This is only going to be a trend that gets stronger over the coming decades.

 

Constant expansion

 

Sports betting became legal in the region towards the end of the 1990s. Internet usage in the nation has now started to skyrocket, leading to a transition towards online sports betting.

 

Online gambling has been legal since 1999, with the first online casino to be created in Africa coming in 2013 out of Tanzania. Therefore, there is clearly a lot of appetite around the place to embrace the gaming industry. Despite the COVID-19 pandemic, there has still been innovation and new products coming to the fore.