Blockchain & Crypto

Why Is Crypto Betting Growing in Africa?

With over 1.2 billion citizens, the African continent is seeing quick growth in both cryptocurrency services and online betting resources. When two of these segments collide, crypto betting emerges as a new popular way for African gamblers to earn money and test their luck.

Why Is Crypto Betting Growing in Africa?

The African population is increasingly using the services of crypto betting platforms. Some of the best services of this kind are described in the TPP guide in detail. However, this article will not focus on the specific services, but rather on tracking general trends.

As African economies grow steadily, middle-class representatives with the financial means to participate in online gambling become more numerous. It results in an expanding customer base, increased revenues and enhanced investments in the online gambling market. 

Statista estimates that the Online Gambling market in Africa will grow by 5.87%  between 2024-2029, resulting in a market volume of US$2.46bn by the end of this five-year term. When online gaming is taken into account, the aggregate market size of the online gaming and gambling market in Africa is expected to be worth more than US$127 billion by 2027. 

The steady growth of the crypto betting market in Africa has the potential to change the future of sports betting altogether. This innovative way to fund one’s bets is facing a great affinity on the African continent for numerous reasons.

Crypto Betting Offers More Transparency

Although at first sight crypto betting doesn’t differ from any other form of online gambling, the decentralized nature of the blockchain transactions adds to the transparency and trust among the ecosystem participants. Already being a risky environment, betting becomes even more challenging when all the funds completely depend on a centralized institution or even a single bookmaker. Therefore, the use of cryptocurrencies for this type of placing wagers increases. All the transaction records are safely stored on the blockchain and cannot be distorted or manipulated otherwise. 

Anonymity and Speed

Unlike traditional financial institutions, crypto-accepting platforms offer instant or near-instant settlement which is critical in time-sensitive cases. Besides, crypto bettors can enjoy the privilege of remaining anonymous, which is also a benefit for many people. Keeping their personal and banking information private is especially useful in places like Nigeria, where many people do not fully trust banks but are more aware of Web3 and crypto concepts than people in major Western economies.

Borderless Gaming Community

As crypto is not linked to a separate country, people from different African regions can join the betting communities on unified platforms. They do not have to bother about forex exchange or support for local fiat currencies. Universal blockchain connectivity enhances the gaming experience and builds a feeling of community among gamers all over the continent.

Encouraging Tech Innovation

Citizens of many African countries are very tech- and crypto-keen. The development of novel digital financial services has sparked innovation in the sector. Moreover, crypto services create innovative employment opportunities for tech support, cybersecurity, marketing, and customer service professionals. Such online jobs allow people even in remote areas to earn decent incomes and promote technological progress. 

Bottom Line

The absence of physical casinos and gambling centers in many African regions drives the betting industry online. Cryptocurrencies add transparency, speed and anonymity to gambling and online sports activities and facilitate access to the betting industry on the continent. They are a convenient payment option for those many unbanked in Africa who don’t have access to traditional banking methods. Besides, crypto betting along with other crypto-related services promotes tech innovation and creates a borderless gaming community on the continent. 

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.