Online Sports Betting - Ghana | Statista Market Forecast

Revenue in the Online Sports Betting market is projected to reach US$30.42m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.36%, resulting in a projected market volume of US$39.50m by 2029.
In the Online Sports Betting market, the number of users is expected to amount to 145.3k users by 2029.
User penetration will be 0.3% in 2024 and is expected to hit 0.4% by 2029.
The average revenue per user (ARPU) is expected to amount to US$271.10.
In global comparison, most revenue will be generated United States (US$14.30bn in 2024).
With a projected rate of 48.8%, the user penetration in the Online Sports Betting market is highest Canada.

Definition:

The online sports betting market refers to the segment of the online gambling industry that involves placing bets on various sports events over the internet. This includes a wide range of sports, such as football, basketball, baseball, horse racing, tennis, and many others. Online sports betting allows customers to place bets on the outcome of sporting events in real-time, either before or during the event. These bets can be placed through various online platforms, including websites and mobile apps, which are often operated by licensed online sportsbook operators.

Additional Information

Data includes revenue figures in Gross Gambling Revenue (GGR), which is the total amount of bets placed by customers minus the amount paid out in winnings, Users, average revenue per user (ARPU), user penetration rate, and a breakdown of revenue shares of the total betting market. User and revenue figures represent B2C services.

Online sports betting on various sports such as football, basketball, tennis, cricket, golf, etc.
Esports betting on sports simulation games such as FIFA, NBA 2K, and Madden NFL
Proposition betting on specific events or outcomes in a sports game

Offline or land-based sports betting establishments such as sportsbooks and race tracks
Betting on non-sporting events such as politics, entertainment, and reality TV shows
Illegal or unlicensed online sports betting websites or apps.

The Online Sports Betting market in Ghana is experiencing significant growth and development.

Customer preferences: Ghanaians have shown a growing interest in online sports betting due to its convenience and accessibility. With the rise of smartphones and internet penetration in the country, more people have access to online platforms, allowing them to participate in sports betting from the comfort of their own homes. Additionally, the younger population in Ghana is particularly drawn to the excitement and thrill of sports betting, as it adds an element of entertainment to their sports viewing experience.

Trends in the market: One of the key trends in the online sports betting market in Ghana is the increasing number of betting platforms and options available to customers. As competition in the market intensifies, betting companies are constantly innovating and expanding their offerings to attract and retain customers. This has led to the introduction of new betting features, such as live betting and virtual sports, which enhance the overall betting experience. Another trend in the market is the growing popularity of mobile betting. Mobile apps and mobile-friendly websites have made it easier for Ghanaians to place bets on their favorite sports events anytime and anywhere. This trend is driven by the convenience and flexibility that mobile betting offers, allowing customers to stay engaged with their bets even when they are on the go.

Local special circumstances: One of the unique aspects of the online sports betting market in Ghana is the strong football culture in the country. Football is the most popular sport in Ghana, and this passion for the game translates into a high demand for football betting. Betting companies have recognized this and have tailored their offerings to cater to the local football fanbase, providing a wide range of betting options and promotions for football matches.

Underlying macroeconomic factors: The growth of the online sports betting market in Ghana is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. This has allowed more Ghanaians to participate in online sports betting as they have more financial resources available for leisure activities. Furthermore, the government's regulations and policies regarding online sports betting have played a role in shaping the market. The Ghanaian government has implemented measures to ensure the integrity of the industry, such as licensing requirements for betting companies and the establishment of a regulatory body. These regulations have helped to build trust and confidence among customers, contributing to the growth of the market. In conclusion, the Online Sports Betting market in Ghana is thriving due to customer preferences for convenience and entertainment, the introduction of new betting features, the popularity of mobile betting, the strong football culture in the country, and favorable macroeconomic factors. As the market continues to evolve, it is expected to attract more participants and drive further growth in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.

Modeling approach:

Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Sports betting is a type of gambling that refers to the activity of placing a wager on the outcome of a sporting event. Events on which wagers are made could be anything from more traditional activities like horse or dog racing to sports such as soccer and American football. Bets are typically made through bookmakers, also known as sportsbooks. These operate both as land-based establishments, for example, at casinos or betting shops, and online. The total amount of money wagered by bettors is known as a handle, while the amount of money earned by a sportsbook after paying out the winners is revenue. In 2022, the sports betting and lottery market size worldwide amounted to 235.46 billion U.S. dollars.