Ghana’s sports betting market has only grown in the last decade. Increasing smartphone ownership, improved internet accessibility and significant progress in financial inclusion are also among the top reasons.
About 41.7% of Ghanaians have engaged in sports betting in the past 12 months, according to a report by TGM Research at the end of 2022. Of these gamblers, 74.17% reported making money as their main their motivation. Over 95% of Ghanaian punters prefer online betting to physical betting shops.
Ghanaians also engage in various forms of gambling. These include lotteries, card games, poker machines, slots and online betting games.
Success stories like Fuseini from Kumasi have made more Ghanaian players look for tips on how to win in Aviator game. On November 27, 2023, Fuseini won a record $500,000 in the Aviator game. This win is the biggest since Spribe introduced the game in 2018.
Fuseini’s win went viral because of its unique route. A bug on Fuseini’s smartphone allowed the game’s multiplier to reach unprecedented levels. This was the main factor in his huge payout.
Development of the betting market
Ghana is now considered one of the top sports betting markets in sub-Saharan Africa despite its relatively small population of just over 30 million. This is a small number compared to Nigeria’s 200 million, South Africa’s 60 million and Kenya’s 50 million.
However, Ghana’s online sports betting market is projected to grow by 5.36% from 2024 to 2029. This means that the market will reach a volume of $39.50 million by 2029.
A key trend in Ghana’s online sports betting market is the increasing number of betting platforms and options available to customers. As market competition intensifies, betting companies are constantly innovating and expanding their offerings to attract and retain customers. This has led to the introduction of new betting features such as live betting and virtual sports that improve the overall betting experience.
Another trend is the growing popularity of mobile betting. Mobile apps and mobile-friendly websites have made it easy for Ghanaians to bet on their favorite sporting events regardless of time and place. This trend is driven by the convenience and flexibility offered by mobile betting, which allows customers to stay engaged with their bets even on the go.
Their culture and love of football also influences the betting tendencies of Ghanaians. As the most popular sport in Ghana, the love for the sport translates into a high demand for soccer betting. Bookmakers have recognized this and adapted their offers to cater to the local football fan base.
The Ghana Gaming Commission (GCG) has been busy regulating the influx of new gaming operators seeking to set up in the country. The number of licensed operators has exceeded 30. Based on current trends, this number may double in the next ten years.
New taxes and challenges
A new sports betting tax has sparked an ongoing controversy across the country until August 2023.
The government introduced a 10% withholding tax on betting and lottery winnings. Applies to point of payment for all bets, games and lottery winnings. Exceptions are made in cases where the original bet is refunded or the payout amount is equal to or less than the amount bet.
The regulation aims to strengthen the mobilization of domestic tax revenues and to address the country’s economic challenges.
However, the tax faced significant public backlash, especially among young people.
“I don’t understand why the government would want to take 10% of the little I win, even when I might have lost so much before my win,” said Seth Tuum, a 26-year-old gambler. for four years.
Experts have also criticized the tax, questioning its potential economic effect. Francis Timore Boi, a tax consultant, believes the tax “may not be a real game-changer” for the economy.
“The government needs a lot of money and the betting tax alone cannot save [the] government from its needs,” says Boi.
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