South Africa Casino Tourism Market to surpass US$ 5.13 Billion by 2032, Get Deep Data Analysis from Future Market Insights, Inc.

The South Africa Casino Tourism Market is estimated to reach US$ 2.94 Billion in 2022. As per the report, sales are forecast to increase at a robust 5.7% CAGR, with the market valuation reaching US$ 5.13 Billion by 2032.

Many different games and activities are appealing to South Africans, who have long played games for fun. Casinos, bookmakers, gaming parlours, and increasingly internet are where most gambling takes place nowadays. The online gaming sector is one of the areas of the gambling industry that is expanding most quickly. Every tenth South African enjoys gambling as a kind of entertainment.

Additionally, according to recent projections, the country’s gaming sector earns roughly R35 billion in total revenue annually. In the coming years, experts expect this figure to increase by 6% annually. The gaming industry is dynamic and always changing to meet consumer demand. On this market, which is expected to grow dramatically over the next four years, many software and technology companies, as well as  operators, media, regulators, attorneys, payment solution providers, and investors, are focusing their efforts.

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Since the Department of Trade, Business and Competition (DTIC) has yet to present the legislative and policy framework for the internet gambling industry, South Africa’s online gambling industry has been at a halt for more than ten years. It goes without saying that if the DTIC does nothing, this results in significant losses in both revenues and taxes, which is precisely why experts suggest that action should be done as soon as feasible.

The legal gaming industry in South Africa does not impose any taxes on recreational gamblers. There are no taxes due on the winnings South Africans receive through online sports betting. But in South Africa, there is a 6% tax on horse racing. This could be one of the reasons why while horse racing has declined in popularity in recent years, sports betting has grown more and more popular among bettors in the nation. In South Africa, the nine Provincial Gambling Boards are responsible for collecting any gambling taxes.

“South Africa will drive the casino tourism market by Online gambling industry and generating taxes from casino market.” Says an FMI analyst.

Key Takeaways:

• Through 2032, Blackjack is expected to hold a significant market share in terms of Game type.
• Age-wise, through 2032, demand will continue to increase in the 35 to 50-year-old range.
• Nearly 4 million tourist visit South Africa for casinos every year.
• Based on type of tourist, International tourists will continue to grow in the forecasted period.
• Technology is increasing efficiency and service levels while also giving customers additional options.

Impact of COVID-19

The surge in consumer interest in betting and the freemium model of online gaming are the two key factors boosting the casino online gambling industry. The growing popularity of smartphones, the accessibility of casino gaming platforms, and the increased adoption of the internet all contribute to the growth of the casino online gambling sector.

The introduction of social distance limits as a result of the COVID-19 outbreak, the growth in internet traffic across all platforms, and the rise in online gambling platform users, particularly during pandemic outbreaks, all have an effect on the casino online gambling business. Because they have software that mimics the action at a nearby casino, are more accessible, and cost less to run, electronic gambling devices (EGDs) are more extensively used.

Who is winning?

Leading players operating in the South Africa Casino Tourism Market are Urvi Tour, Thomas Cook, Tsogo Sun Gaming, Abercrombie and Kent Safaris (Pty) Ltd, Heena Tours & Travels, Dook International, Happy Vacations Tours and Travels,  Sun International, Travel Triangle, Veena World, Tripadvisor, Yatra.com, South Africa discovery.com, Expedia, Inc.  Kushal Yatra, among others.

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