This Week's Top iGaming News, April 6
Join us for a weekly gift of iGaming news from across the world, right here at WeAreGame. Let us bring you the facts in a few short paragraphs. We cover big news and hidden gems, meaning there’s always something to discover.
The hugely diverse continent of Africa comprises 54 different countries, inhabited by roughly 1.4 billion people, each with its unique national spirit and flavour. As mentioned above, iGaming businesses are showing increasing interest in this potential winner. The biggest spenders are Nigeria ($443 billion), South Africa ($2.3 billion), and Kenya ($300 million), with burgeoning businesses expanding in Ghana, Tanzania and Uganda. As modern infrastructure grows, so do the middle classes with their disposable incomes.
Africa has always been a continent of sportsmen and women, so it was inevitable that sports betting would rise as African economies grew. Sports betting is the biggest draw for Africans, especially in football, cricket, rugby and horse racing, with about half of South Africans being regular sports bettors and 65 million+ punters in Nigeria betting on sports daily. What may once have been a desert of iGaming proportions, is now home to an expanding oasis of iGaming profit.
A recent study, conducted across America, Ontario and the UK, by Paysafe (Feb 01, 2023), Payments vital for iGaming player acquisition and retention – Paysafe research has confirmed that easy payouts are a key influence of iGaming platform choice for players. The US results showed that players look for uncomplicated payout systems with options for digital wallets and eCash also being a driving factor.
In the US, 36% of respondents said that ‘quick and easy payouts’ were their top reason in their choice of sportsbook, 34% said ‘brand trust’, 28% said ‘odds’, while 28% opted for ‘promotions’ being an important factor. Moving down the scale, 27% stated that the ability to use a preferred payment method was a key reason to go with a sportsbook, 11% went for sportsbooks that offered markets and only 11% were drawn in with team sponsorship deals.
Similar results were revealed in the UK with 39% saying that ease of withdrawal was the main reason for their choice. Ontario was the only market to buck the trend as 39% said ‘brand trust’ was the winning factor compared to 35% choosing easy payouts. Similar results were found when comparing methods for payments, with digital wallets and debit cards being the most-preferred options both at 41%.
Fernando Haddadis, a Brazilian academic and the Brazilian Minister of Finance, has further increased interest in the swiftly growing sports betting market in Brazil and reasoned that it could generate up to a whopping R$ 6 billion. The move is great news for the local economy and for job creation, so is being welcomed broadly by officials, with each city pushing for the top spot. Currently, São Paulo is leagues ahead of Rio being the hub for the technical iGaming community. However, Rio de Janeiro, known for its artistic paradise of beautiful beaches, sports and arts culture, has plans to take over the helm with talks at City Hall between key people in power and the betting sector.
This past fortnight, the Ministry of Finance and representatives of the ANJL (National Association of Games and Lotteries) met to discuss the regulation of online sports betting with an announcement expected this month. We wait with excitement to see if PL Nº 1822/2023 gets approved and what the outcome will be. Whatever happens, Brazilian iGaming continues to soar.
The Lithuanian Gaming Control Authority (LGCA) is the latest regulator to join the United Lotteries for Integrity in Sports (ULIS), formerly known as the Global Lottery Monitoring System (GLMS), in its membership network. Although the two have worked together through the use of an agreement since 2018, the LGCA is now an associate member.
This is great news for all in the sector as it will ensure growth in trust and transparency of operations, in turn drawing in more business into Lithuania itself. This news comes only five months after the rebranding of ULIS as it was felt the original name no longer reflected the current organisation and its services. One thing is certain, Lithuania is one to keep your eye on.
It’s great news for prospective sports betting businesses in North Carolina, USA. Passing through the state’s House of Representatives was House Bill 347, which was first read on 13 March and finally passed on its third reading on 29 March. The bill would allow the state Commission to licence between ten and twelve sports wagering operators to be authorised.
Holders of the authorised licences would have to pay a tax of 14% with a set licensing fee of $1 million. Service provider licences would need to pay a $50,000 fee and sports wagering supplier licences would incur a fee of $30,000. While the costs are high for smaller businesses, the applications would be valid for five years. Licence holders, however, risk a $10,000 penalty fee and licence revocation if they violate the bill’s terms. Things continue to move in the US for all things gambling and casino related.
Keep checking back each week for the latest updates in the iGaming world. We aim to bring you all the latest and greatest news stories, in brief, every week. If you want to know more about how we can help you start up your own iGaming business or expand your current brand with our platforms solutions, get in touch with us via email at: firstname.lastname@example.org