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Nigeria gambling sector tipped for growth

01 December 2015, 13:48Okoro Chinedu

Lagos - Nigeria's gambling industry is projected to grow at a faster rate than rival markets in the coming years.

According to Price Waterhouse Coopers (PwC), the global audit firm, gross casino gambling revenues in Nigeria rose by 17,1 percent R497 million (N6,87 billion)  in 2014, continuing the pattern of double-digit annual increases.

The casino market defied the ongoing terror attacks or the Ebola outbreak that hit the country in July 2014.

As a result of a slowing in the economic growth rate, slower growth is expected in the industry. For the forecast period as a whole, gross gambling revenues will expand at a projected 8,5 percent compound annual rate to US$68,9 million in 2019.

Figures were derived and extrapolated from selected company information.

“Although growth will be substantially lower than during the past five years, Nigeria is expected to continue to expand at a faster rate than either Kenya or South Africa,” said Pietro Calicchio, regional Gambling Industry Leader for PwC.

During 2014, in South Africa, gross casino gambling revenues totalled R17,2 billion while in Kenya, it was R218 million.

These are some of the highlights from PwC’s fourth annual edition on the gaming industry entitled ‘Taking the odds: Gambling outlook for 2015 - 2019 (South Africa – Nigeria – Kenya)’.

The publication focuses on segments within the gambling industry with detailed forecasts and analysis. Each segment details the key trends observed as well as key challenges and future prospects. – CAJ News

- CAJ News

Tags gambling

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