Sports Betting Expected to Double by 2025
Kenya is one of the most exciting markets when it comes to betting in general. And with all of the factors working its advantage, sports betting is expected to double in the next five years, both because of an increase in players and the rise in average bet value.
There are three main reasons why it is almost a certainty that this market will explode:
- More than 10 million Kenyans will reach adulthood in the next 5 years
- The close familiarity of the population with new technologies
- A long tradition of sports betting in the country
Combined, these trends are hard to push in any other direction. And, with the increased stability in both the country and eastern Africa as a whole, the economy is bound to rise as well.
Although most investors only see the number of people that will enter the workforce and the market in the next few years, that is probably less important than how adaptable the generation will be.
Due to the internet and the free sharing of ideas, information, and technology, experts agree that the economic progress of Kenya will be much faster than most other countries in the same situation experienced.
Namely, a teenage Kenyan now is familiar with global trends, global needs, and expects to participate in the global ‘gig economy’. This will decrease the brain drain the country has experienced in the past and push the economy forward much faster.
A Growing Population
Out of more than fifty million Kenyans, slightly less than half are currently under the age of 18, or around 20 million people. Millennials and Gen-Z make 60% of the country, with internet penetration surpassing 87% of the people, which would be a staggering number even for the most developed countries.
While there are still issues in the country and a vast income disparity between the developed and undeveloped parts of the nation, this difference is quickly diminishing. New regions are being connected and experiencing a quick rise in both amenities and opportunity.
Additionally, the availability of communication devices such as smartphones and tablets is assisting in development. That is probably why digital operators like Betsafe in Kenya are seeing a much faster rise than any physical operator.
Advantages of familiarity with new technologies, and the fact that the incoming adult population will be even more familiar, are three-fold. This is especially true when it comes to sports betting and gambling in general.
Primarily, the availability of smartphone devices, as well as generally low costs, make entertainment via such media the most enticing in the country. Even in rural areas where other types of entertainment are not available, online shows, games, and gambling are easily accessible.
Additionally, players are able to find more games and better betting options online than they ever would be in a brick and mortar establishment. Such an arrangement doesn’t only allow for more people to partake financially, but to be more open to the idea of betting.
Finally, the ability to do jobs remotely, as well as compete on the global market, allows Kenyans to secure a better income than they would have on the domestic labor market. This situation opens up more funds for entertainment and leisure inside the country.
A Tradition of Sports Betting
Even with the young population that is following international trends, there is a lot of tradition influencing Kenya in general. A high affinity to athletes and competition is one of those traditions that have been active in the country since time immemorial.
Regardless of the happenings in the country, a wide variety of sports has always been popular. Viewership is plentiful and betting on the result is very common.
This will not change in the future. And, with the adaptation of online sports betting and video-streams of both domestic and international games, the number of people who will become fans and sports bettors is sure to rise exponentially, making the betting market double in size.