Christopher Coyne, Co-Founder and CEO of 888 Africa, has highlighted that as a growing number of African Governments are turning their attention to iGaming regulation, the continent is becoming an increasingly viable economic opportunity for operators.
Speaking to iGaming Daily, Coyne identified a significant opportunity across Africa, as the number of regulated markets increases.
Specifically, he pointed towards Malawi as a key opportunity and one that 888Africa has ‘been focused on, both in setup and then operation, for probably 12 months now. It’s a market that is light-ish on competition’.
Coyne predicted that there will be an influx of operators that will join current incumbents 888Africa as well as Betway and Premier Bet in Malawi. He outlined an appropriate level of competition is welcomed by 888Africa in order to evolve and grow the market.
The operator’s ambition is to achieve a podium position in every market it enters, a feat that Coyne believes it is well-positioned to achieve in Malawi.
Coyne detailed the blueprint laid out by 888Africa when expanding into new African countries, with a key checklist that needs to be checked off before selecting a market as viable for the operator.
It all comes down to ensuring that the market is stable, according to Coyne, looking at whether “they currently have a war? Is there political unrest? Or, are there any other environmental factors that could hinder its viability?”
Also central to this is the tax regime in the country, as Coyne stated that it simply has to be workable conditions for the operator.
One such market that has provided obstacles is Kenya, where the appetite of 888Africa has been majorly stifled by a tough tax regime.
Providing an outlook on the Kenyan market, Coyne revealed it has been difficult for a while, fuelled by Government concern over the proliferation of the Aviator games.
The advertising ban in Kenya has also had a major impact on the potential of the market. “So we’re not sure how long this ban is going to last, but there has been a ban on advertising for a period now in Kenya. And that really means anything digital.
“We can’t really work with affiliates, we can’t really do the other marketing that you were doing in previous past times. For a period, there was also the grip on us in terms of CRM activity. So we couldn’t really even speak to our existing acquired customers.”
Additionally, Zambia is one market that Coyne had concerns would take a lead from Kenya in terms of taxation rates, subsequently making it less appealing for operator expansion.
In terms of markets that present an opportunity, Coyne predicted that in five years, Nigeria will grow to become a giant, adding that Egypt has huge potential should it regulate in the coming years.
