The Rise of the Betting Industry in Ghana
The Ghanaian gambling industry has grown at an exponential rate in the past few years. Although the country has a little over 30 million people, gambling is fast becoming a booming hub in Ghana. The industry generates huge revenue for the country. All forms of gambling activities are permitted by the Ghanaian government. So Ghanaians can enjoy the pure ecstasy that comes with wagering on games. The most popular sports to bet on in Ghana are football, tennis, basketball, athletics, and boxing.
Ghana Gambling Laws
Ghana has two gambling regulating authorities. The Ghana Gaming Commission (GGC) is in charge of sports and casino gambling, while the National Lottery Authority regulates the Ghanaian national lottery. The Gaming Act 721 was passed by Ghana’s parliament in 2006. This Gaming Act created the GGC to monitor the betting sites and ensure that they adhere to the gambling law. But the commission has been criticized on several fronts by people. One of the criticisms is that the commission grants a gaming license to fraudulent bookmakers.
Corruption is one of the major challenges faced by the Ghanaian government. Hence, many sportsbooks get their licenses from the GGC through the backdoor.
When compared to other West African countries, the internet connection of Ghana is better, and a lot of Ghanaians have access to mobile phones. Thus, the numbers of people that engage in sports betting in Ghana are always on the increase. Many foreign bookmakers have mobile casinos and sportsbooks. This allows Ghana players to easily access their favorite casino games and sportsbooks via smartphones and PC.
Ghana’s Betting Market
Due to the country’s footballing culture and passion, sports betting is the most popular of all forms of betting in Ghana. It is more popular than even the traditional lottery played in Ghana. According to stats from Statista.com, the figures of the global betting market increased from $25 billion in 2009 to over $42 billion in 2015. Millions of Ghanaian bettors participate actively in landbased gaming. But online sports bookies make up 30% of the world’s betting market. The introduction of mobile gaming and gambling and tremendously contributed to the popularity of gambling in Ghana. It is, in fact, a game-changer to the Ghanaian market. As a Ghanaian punter, you need to take advantage of the booming football betting market to rake in lots of funds.
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Types of Gambling in Ghana
The Ghanaian government grants gamblers the permission to participate in the following gambling types:
- Online Betting: Ghana citizens can participate in online gambling. They are allowed to place wagers on online casino games as well as at sportsbooks. According to recent reports, sports betting revenue in Ghana has risen by a massive 19% since 2015. Casino gambling, on the other hand, has increased by 10%. It is important to state that Ghanaian online casinos don’t reveal the actual amount of their yearly revenue.
- Sports Betting Shops: Over 60% of Ghana residents love football. This is the reason why football betting is the most popular betting activity in the country. Many bookmakers are taking advantage of the booming sports betting market in the market.There are both international and local bookmakers on the betting scene. Sports bettors place wagers on local and foreign domestic leagues like the English Premier League (EPL), Serie A, La Liga, Bundesliga and many more.
- Lotteries: The National lottery of Ghana conducts weekly draws. They distribute weekly funds to their players.
- Landbased Casinos: There are four land-based casinos in Ghana. Two in Accra, one in Tema and one in Kumasi.
The national currency of the company is Cedi. But most foreign sportsbooks do not allow bettors to bet with it. The currency can only be used in Ghanaian sportsbooks. The list of currencies available to Ghanaian bettors includes Euro, Dollars and Pounds. Some sportsbooks allow the use of the following payment options: Neteller, Skrill 1-Tap, Credit cards, Skrill, Debit cards, mobile payment, MasterCard, and Visa. All these payment options can be used to make deposits and withdrawals.
The betting market of Ghana is friendly for both foreign and local bookmakers. Several measures have been put in place by the Ghanaian government to attract numerous foreign investors to the country. The generated revenue has increased because of the exponential growth witnessed by the gambling industry in Ghana. The GGC issues gaming licenses to casino operators in the country. These casino operators offer a wide range of games, sports, and bonuses to new punters.
What Does the Future Hold for Online Gambling In Ghana?
The future of the online betting market in Ghana will, no doubt, be very rosy. This is because the small West African country has one of the fastest-growing gambling markets on the continent. The gambling industry of Ghana is also very liberal and inviting. Many foreign bookmakers and casinos see Ghana as a gambling powerhouse and are looking to invest in the industry. The country can only continue to witness improvement in all aspects of its gambling industry. There will most likely be an upward review of the laws regulating the gambling industry in the country.
Many betting sites are also looking towards the idea of using the blockchain technology. For example, some betting sites now use cryptocurencies like bitcoin for the funding of their bettor's account. All these improvements will absolutely provide Ghanaian players with awesome gambling experiences.