Breaking down Ghana’s sports betting industry: How big is the market?

The sport betting market in Ghana has had an astronomical growth in the last decade, to the point that Ghana is now rated as one of the biggest betting markets in Africa.

The west African nation is also said to be one of the fastest-growing sports betting nations in the world.

Driven by a rapid rise in the number of smartphone ownership, better internet accessibility and perhaps most importantly, improving financial inclusion, Ghana has seen a surge in sports betting activities.

And this has not escaped the attention of the international audience.

The Gaming Commission of Ghana has had its hands full in the last few years, with many new gambling operators looking to set up shop in the country.

The number of licensed operators in Ghana has now crossed 30, and from the evidence of the last decade, that number could well be doubled in the next ten years.

Perhaps the biggest endorsement of Ghana’s status as a growing force in the international betting landscape is the arrival of global giants, bet365 in the country.

Widely seen as the largest gambling operator in the world, bet365 touched down in Africa for the first time in November 2022, choosing Ghana as its first point of destination.

Unsurprisingly, the company has taken very little time to establish itself as one of the best betting sites in Ghana.

Ghana is right up there with the top order of sports betting markets in sub-Saharan Africa. South Africa, Nigeria and Kenya are generally seen as the big three, with Ghana being the best of the rest.

For a country of just over 30 million people, Ghana is definitely punching well above its weight in sports betting circles.

Nigeria has a population of over 200 million, South Africa has around 60 million people, while the Kenyan population is over 50 million.

According to a report by TGM Research in late 2022, 41.7% of Ghanaians were involved in sports betting within the preceding 12 months.

Also, 74.17% of respondents in a survey in the report say they bet on sports primarily to make money. That’s hardly a surprising number, given the current economic crunch in the country.

It is also interesting to note that over 95% of Ghanaian bettors bet online, as against the physical betting shops located across the country.

This clearly shows the impact the rising mobile penetration and the prevalence of mobile money in the country have had on the online betting industry.

Mobile money in particular has been a game changer. Kenya may have the biggest mobile money in Africa, but Ghana is not too far behind in second place. In fact, Kenya and Ghana are amongst the largest mobile money markets in the world.

Through networks like MTN and Airtel Money, Ghanaians can now easily deposit and withdraw money from online betting sites from the comfort of their homes. Gone are the days when you had to visit physical shops in big cities like Kumasi and Accra in order to place a sports bet.

Betting in Ghana has grown beyond that, and has even expanded well into rural communities.

While sports betting, and gambling generally has grown significantly over the last decade, Ghanaian authorities have not necessarily kept pace with the advancement in the industry.

The taxation could be tighter to improve revenue generation for the country, while a lot still needs to be done to curb gambling malpractices like underage betting and addiction.

It is important for the government and other stakeholders in the sports betting industry to stand up and exert more control on the market before it becomes too large to handle.