Wondering how fast the sphere of online sports betting in Ghana is developing? Think of this blog as a comprehensive guide book for all of you! Sports betting has been a part of Ghanians' culture and practice for a long time, and it has recently mushroomed evidenced by the number of selected licensees jumping from 12 to 31. In April 2023, Ghana's parliament made a historic decision by editing its Income Tax Act which now has 20% tax on gaming revenue and 10% tax on winnings. With this level of expansion, this is a great chance for entrepreneurs and bettors all over the world to show that they are world best.
The legalization of online gambling in Ghana in 2006 was a turning point in the history of the country. Ever since the entry of the first player, many have since joined and the sports betting scene is now gradually embracing a revolution. Compared to most other countries in the continent, their passion for sports is unparalleled, especially in soccer, basketball, volleyball and numerous others. Thanks to more than 30 million people it has turned into a vibrant capital of betting, with both local and international sports sites investing in designing and production of the sport betting software within the country. This blog targets the reader with the desire to get a detailed insight into online sports betting in Ghana by featuring the discussion of its legality, the growth of betting enterprises, and so much more.
The Evolution of Sports Betting in Ghana
Understanding the realities of sports betting in Ghana and why it is attractive to both the bookmakers and gamblers is an important issue to sort out. The British, when they colonized Ghana, passed on this national interest in betting from the Europeans they interacted with. At first, the Ghanaian began betting via the lottery. While the technology of online gambling brought the government into regulating and controlling the sector, the goal is to provide a legal environment. Football is the undisputable champion of all sports among all the sports worldwide that have taken online betting for its stronghold.
In view of Statista's data, forecasted revenue from online sports betting in Ghana was $27.36m in 2023. This is expected to show an annual compounded growth rate (CAGR) of 7.46%, which yields the projected market volume of $36.49 million by the year 2027. Technology is on the rise and data is cheaply and widely available for betting online in the West African Market with Ghana doing the leading.
Regulation of Sports Betting in Ghana
The year 1960 marked the beginning of governance regulations of sports betting by Ghana’s enactment of The Lotteries Betting Act. This was later on followed by the Gambling Machines Act in 1973 and the Casino Licensing Act in 1975. The last which has been added to the legal framework is the Gaming Act of 2006, by which betting has been made legal in the country and the Ghana Gaming Commission has been allocated the responsibility of regulation of sports betting. Such leverage has provided much leeway to both local and international gambling providers to function with the least amount of government control.
Under this system, lesser regulation for companies means paying as low tax rates as possible but puts consumers at greater risks. Commercials in Ghana, being free of responsibilities for responsible gambling and self-exclusion measures, suggest to bettors that they bear a full responsibility for risks they take, while companies are not legally obliged to protect them at all. Definitely, online gambling is the least controlled sector of the industry of sports betting in Ghana with no laws in existence that regulate this digital side of sports betting. Meanwhile, the government doesn’t prohibit any type of advertising for sportsbooks either.
The Rising Trend of Sports Betting in Ghana
Ghanaian sports betting made available online is a phenomenon which is promptly on the rise through citizens of the country. For some, it was a source of casual income in lieu of unemployment while some others saw it as a way to cheer up and cheer up their earnings through gambling. Sports betting is becoming the latent interest of a growing number of people in the country. Gambling on soccer, especially, is well-known as the players use it as a shortcut to becoming wealthy. The Ghanaians go a step further by dedicating most of their minute to strategize about their bets, with a new trend among a younger generation that bets on sport rather than seeking employment.
Is Online Sports Gambling Allowed in Ghana?
Yes, indeed, online sports betting has been totally legalized in Ghana and citizens are not restricted to betting only with licensed online sportsbooks. The Internet became more accessible in the country and this has had a positive impact on online gaming. Sports with emphasis on football are strongly embraced by Ghanaians as their sportsmen continuously fight, and often win, places in the FIFA World Cup. To follow, soccer is the core of the sports betting sector in the country, rather than other sports. The statutory sports betting scene in Ghana is also regulated by local companies, with the global leaders being offshore firms. These businesses are authorized for sports gambling in Ghana and they provide just a myriad of activities and wagering options from everywhere.
Ghana's Sports Betting Landscape
The economic centers of Accra and Kumasi were the two most important markets in Ghana in 2013 and are the only towns with the population size of 540 000 or more. On the other hand, betting on a local football club is the most preferred activity that almost all Ghanaian people are involved in. The reward will vary from one sportsbook to another keeping the local teams in the League as a condition. Such a strategy leads to the customers' high involvement in sports betting in every season. Besides national football, the English Premier League and the Spanish La Liga are the two most popular choices for football betting among the fans.
Football is the first game in the list of the most popular games in Ghana, the second most popular is boxing and it is especially liked by people in low-income areas who have not yet experienced the recent economic take off in Ghana. Although the absence of a world heavyweight champion who dominated his division since Azumah Nelson, who won the WBC world Super Featherweight title from 1988 to 1994, the bargaining power of boxing did not diminish in the country. Betting companies welcome stakes on everything from the world championship contests to local fights among young talents looking to prove themselves.
The Allocation of Sports Betting Revenue in Ghana
The Body in Charge of the Commission of Gaming in Ghana issues licenses and permits, and it gets revenue from taxes from casinos, sports betting, and promotions that involve games of uncertainty. In Ghana, sports betting is not only offering employment opportunities but also a stable means of income to resident football clubs. Ghana, with the liberal sports betting laws and minimum legislation, it is hard to identify the exact portion of the sports betting revenue that is being utilized. But a 17.5% tax rate has recently applied on domestic betting companies and their customers.
But on the contrary, the National Lottery Authority (NLA) was set up in 2007 and takes care of the lottery business. The lottery is the main source of money for the country because of the taxes, among other things, which also contributes to making social expenditures. However, the outcome and future predictions are uncertain if the parliament of Ghana adopts a similar law for sports betting.