South Africa saw the legalization of gambling in the country in 1996. The revenue earned through betting business is the lion’s share as the technological advancements are introduced.
Online gambling has emerged as an all-time favorite, and more people are tilting towards it rather than on-ground casinos. The gamers admire many top online casinos like VulkanVegas online South Africa, as it offers great deals and promotional bonuses.
But, there are some challenges like addiction and youth gambling that the country is facing. To curtail the ill-effects, the Minister of Trade and Industry has appointed the Gambling Review Commission in the year 2009. Even the casinos are asked to cater to responsible betting guidelines to limit this entertainment activity for fun’s sake only.
Let us now take a sneak peek into the overall working principles of the South African gambling business.
According to the survey report, the South African gaming market was expected to grow to almost R34.8 Billion by the year 2020, which is a compound annual increase of 6%.
Casinos, betting, and National Lottery are a few gambling methods that South Africans resort to. These markets are rising and contributing billions of dollars towards national revenue. Let us now get an insight into South Africa’s gaming market.
The South African gaming sector has seen a sudden shift, as 85% of the revenue comes from betting. This industry has supported more than 70,000 jobs. Other than, offline casinos players are opting for many online betting channels too. Like:
1. Online Casinos: The places like Gauteng, Western Cape, Kwa-Zulu Natal, etc. are some of the resources that have seen high CAGR rates. Moreover, these platforms are contributing billions of dollars to the present-day economy.
2. Bingo: Gauteng province contributes almost 63% towards the Bingo revenue to the South African gaming industry. The market was said to increase to nearly R1.6 Billion by the year 2020.
3. Betting: The online betting market is the fastest-growing one in the country. It includes legal sports betting and fulfills online wagering requirements too. FIFA, rugby, horse racing, etc. are the main sectors where gamers try hands-on betting.
4. National Lottery: Lottery ticket sales saw a decline during the initial period, but after 2017 it miraculously saw an upper trend. By 2020, the market was expected to grow by nearly R2.23 billion.
The Gambling Review Commission in 2009 was appointed to review the South African gaming market. To protect the rights of gamers and the economy as a whole, the National Gambling Act was enacted. It stated:
– Activities must be regulated, controlled, licensed, and policed by Gambling Authorities and Government.
– To protect the economy and society against the increasing demand and effect of the betting.
– Commissions preserve their rights of members playing in the licensed casinos.
– The licensing and other regulated activities must be transparent and fair in online or offline casinos.
To introduce responsible gambling policy in the casinos is a way to teach and protect people from the addiction of betting. The casinos need to verify their gamer’s age so that no one below the age of 18 years should indulge in their activities.
The National Gambling Amendment Act introduced in the year 2008 legalized the interactive betting in the South African market. This made gamers betting legally upon sports like rugby, football, and cricket. The largest share of the iGaming market is taken by football and cricket, where gamblers wager a lot.
Horse racing is also one of the premium betting sports since it was the first one to get legalized. iGaming market is stated to reach R4.3 billion by the year 2021. But, before playing these games, players need to see that the particular casino is licensed and comes under the National Gambling Board.
Overall, South Africa’s gaming industry works under the strict policies of the National Gambling Board and acts enacted by the government. It empowers the socio-economic of the country. Although gaming contributes a lot to the nation’s economy, the authorities want casinos to work upon responsible betting and fair play culture too.
Moreover, if gamers are opting for slot machines or mobile gaming, they must check the legal licenses of the online casino.
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