Rapid technological progress and a favorable legislative framework in the country have sparked interest in gambling. A study was conducted to examine the current trends in economic and social conditions, as well as the potential opportunities and challenges facing the industry.
Table of Contents
A thriving online gambling industry
Ghana is currently witnessing a dynamic development in this field due to access to the internet and the proliferation of mobile devices. The popularity of sports betting, especially in football, has increased dramatically. According to Statista, the market is projected to reach a turnover of $51 million by 2023, with a steady annual growth rate of about 7.54% expected until 2027.
Apart from this, more and more users are coming to online casinos. According to twinspinca.com, many foreign gambling sites give new players no-deposit bonuses. This is very appealing to users, especially those unsophisticated in gambling, and makes them register and play.
Lots of gaming options
Ghana offers a wide range of gambling entertainment options. Despite the fact that there are only four land-based casinos in the country, online gaming remains popular among the population.
Regulatory organizations
The Gambling Act of 2006 and the Ghana Gambling Commission (GGC) form the basis of the regulatory framework. The GGC closely monitors both gambling operations and financial security, while the National Authority focuses on controlling lotteries and promoting responsible gambling practices.
Socio-economic impacts
The legalization of gambling will bring a significant contribution to the state budget through taxation and fees. However, there is a risk of potential addiction and reckless betting. Striking a balance between entertainment and responsibility is paramount.
The popularity of sports betting
Betting holds a special place in Ghana. Companies such as Mybet.com offer the opportunity to bet on local and European leagues. This segment is projected to reach $27 million by 2023.
Simple payment transactions
Convenient payment methods via mobile devices are fueling the growing popularity of this field. Advancements in payment technology are expected to fuel growth further.
Overcoming challenges
Rapid development requires strict regulations and constant monitoring to ensure compliance and curb illegal activities.
Profitable investment prospects
The gambling market in Ghana presents interesting opportunities for investors, especially in light of the proliferation of mobile devices and internet connectivity.
Kwarteng Seth