South African official wants reform in iGaming regulation?

Jenny Ortiz February 28, 2024

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South African official wants reform in iGaming regulation?

A South African official called for the country’s Gambling Policy Committee to convene as the unregulated iGaming market thrived.

Judy Hermans, the chair of the Portfolio Committee on Trade, Industry, and Competition, expressed satisfaction with the sector’s overall performance but emphasized the necessity for legislative reforms to tackle the rampant online gambling market.

Hermans noted that the Gambling Policy Committee has been inactive since 2018.

Wagering climbs 41%??

According to government data, South Africa’s wagering activities surged by 41 percent in the first half of the fiscal year 2023/24 among licensed betting and gaming operators.

During the six months ending on 30 September 2023, the gambling sector in the country amassed a total turnover of R521.7 billion (€25 billion).

The upsurge was predominantly fueled by sports betting, which accounted for 64% of South Africa’s gambling turnover and nearly 59% of gross gaming revenue (GGR), as reported by the National Gambling Board.

Analysis of provincial gambling regulators’ quarterly reports revealed that Mpumalanga and the Western Cape provinces were the primary contributors to the turnover, each representing around 30 percent of the total.

The GGR for the period amounted to R28.2 billion (€1.35 billion), with betting making up R16.6 billion and casinos contributing R8.6 billion.

The rest came from bingo and limited payout machines.

Despite licensed bookmakers being the sole providers of online gambling activities in South Africa, the unregulated iGaming market has been thriving.?

SiGMA Africa – only two weeks away!

With less than a month until the highly anticipated?SiGMA Africa?event kicks off in Cape Town, South Africa on the 11th of March, the gaming industry is abuzz with excitement. Building on the success of its inaugural edition in Nairobi, Kenya, in January 2023, SiGMA Africa is strategically positioning itself at the forefront of Africa’s burgeoning gaming landscape. With the continent’s market poised for exponential growth, driven by a rapidly evolving digital ecosystem and increasing mobile connectivity, SiGMA Group recognizes the need to foster collaboration and innovation within the industry. By bringing together leading stakeholders and visionaries in gaming, SiGMA aims to catalyse progress and propel Africa towards a new era of prosperity and opportunity. As the countdown to the event begins, anticipation mounts for what promises to be a landmark gathering of gaming enthusiasts and innovators in the vibrant city of Cape Town.