Gambling revenues moderate in Africa amidst faltering economic climate: PwC report
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Thursday, November 20, 2014
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danielmjema.blogspot.com
Raising the stakes in Africa: Gambling outlook 2014-2018 (South Africa – Nigeria – Kenya)
JOHANNESBURG, South-Africa, November 20, 2014/African Press Organization (APO)/ -- Gross gambling and casino revenues showed subdued growth in 2013 in the wake of a faltering economy. Gross gambling increased only 4.3%. The slowdown in gross gambling revenue was centred on casinos, the largest category at 76% of the market or R16.5 billion.
Some casino operators in certain regions believe the slowdown in 2013 was due in part to growing competition from electronic bingo terminals, limited payout machines (LPMs) and sports betting shops, which are becoming more prevalent in the industry.
These are some of the highlights of PwC’s third annual edition on the gambling industry entitled ‘Raising the stakes in Africa: Gambling outlook 2014-2018 (South Africa – Nigeria – Kenya)’ (http://www.pwc.com).
The publication focuses on segments within the gambling industry with detailed forecasts and analysis. The National Gambling Board of South Africa is the source for South African historical data.
Of the three countries included in the analysis, South Africa has the largest overall gambling market as well as the largest land-based casino gambling market. Gross land-based casino gambling revenues totalled R16.5 billion in South Africa in 2013 compared with only R428 million in Nigeria and R195 million in Kenya.
Nikki Forster, PwC Hospitality and Gambling Industry Leader for South Africa, says: “The South African gambling industry is a vibrant and dynamic sector, but is facing the challenges of a slow economic climate and a changing regulatory environment. In particular the casino sector is facing increasing competition from other gambling facilities.
“We expect slower economic growth to lead to slower gross casino gambling revenues in Nigeria and Kenya and continued slow growth over the next two years. We then look for a pick-up in growth in each country as economic conditions improve,” adds Forster.
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