toBet has published an Industry Report with focus on the Nigerian industry.
With operators in the more mature European market facing stiff challenges in terms of regulatory upheavals and market growth somewhat plateauing, Africa has been one of the major emerging markets attracting operators’ interest seeking to diversify their operations.
But in a continent where the technology sector is still earmarked by many as having significant shortfalls, West Africa and especially Nigeria, is registering significant year-on-year improvements in terms of internet and smartphone penetrations, laying a solid foundation for exponential growth for the local iGaming industry.
However as BtoBet’s latest Industry Report analyses, online sports betting is booming largely thanks to payment systems developed by home-grown technology firms that are starting to make online businesses more viable. The payment gateways integrated in the more advanced iGaming platforms are not only resulting in faster digital payments, but have also helped to ease fears of electronic fraud, thus contributing in a shift towards online transactions, much in the same way that Safaricom’s M-Pesa money transfers have changed the scenario in which transactions are carried out in Kenya.
As stated by Alessandro Pizzolotto, STM Gaming’s CEO – with the company being BtoBet’s regional Certified Partner for Africa – “not only is the country registering a constant increase in terms of internet and smartphone penetration, but investments in the fintech sector has seen the business thrive.” He further stated that all indications are pointing to a massive potential for online penetration and expansion. “All this coupled with the fact that the local regulatory framework is one of the most robust in the region, and the local population being very passionate about sports in particular football and major European leagues, have resulted in a significant growth of Omnichannel operators in the market.”