SiGMA Africa Market Report February 2026 by SiGMA Group

Inside Africa’s expanding iGaming market

Africa’s iGaming market is expanding, but data shows growth is uneven across jurisdictions on the continent. Engagement levels, revenue capture and regulatory structures differ sharply between Southern, East, West and North Africa. While several markets operate under established gambling frameworks, others remain partially or fully unregulated, creating a split between formal monetisation and offshore activity.

In this exclusive SiGMA Report , operators, regulators and investors gain insight into how user interest, estimated revenue and regulation intersect across the continent. Data from market intelligence provider Blask, covering February 2025 to January 2026, reveals that the African market is led by regulated economies, but at the same time, is shaped by emerging demand in less structured jurisdictions.

Across Africa, regulated markets account for approximately 85–90% of measurable engagement and 80–85% of estimated revenue. However, the year-round data reveal that a couple of unregulated countries contribute a disproportionately higher share of revenue relative to their engagement footprint, indicating monetisation potential beyond regulatory oversight.

\ Top African markets by user interest

The Blask Index measures aggregated consumer interest. The following countries recorded the highest peak engagement levels during the period February 2025 to January 2026:

Blask)

\ Engagement observations

• South Africa leads by a wide margin, with engagement more than double that of any other African market.

• East Africa is strongly represented, with Tanzania, Kenya and Uganda all ranking highly.

• Ethiopia is the only unregulated market within the engagement top 10, signalling demand in the iGaming market without formal licensing structures.

• Most high-engagement markets operate within regulated frameworks.

\ Top African markets by revenue

When ranked by estimated peak monthly revenue, the hierarchy shifts slightly:

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\ Revenue observations

• South Africa dominates revenue, accounting for more than triple the value of the second-largest market.

• Nigeria and Tanzania form a second tier of strong monetised markets.

• Egypt is the only unregulated country in the revenue top 10, demonstrating that revenue capture can occur even without formal licensing.

• Most monetisation occurs within regulated jurisdictions.

Country highlights

South Africa: Africa’s Mature anchor market

South Africa stands as the continent’s most developed and dominant iGaming market.

The country recorded a peak Blask Index of approximately 90.7 million and estimated monthly

revenue exceeding $215 million, the country outpaces every other African jurisdiction by a considerable margin. Based on the available data, engagement and monetisation are aligned, indicating a mature ecosystem where demand is effectively converted into revenue in the country.

South Africa also benefits from a structured regulatory framework, established operators and relatively high internet penetration. The Blask data proved that these fundamentals create a stable environment for licensed betting and online gaming activity. Unlike emerging markets in the region where engagement outpaces monetisation, South Africa demonstrates a balance between scale and revenue efficiency.

Its leadership position also influences regional trends. Operators expanding into neighbouring markets often use South Africa as a benchmark for compliance standards, product localisation and marketing strategies. The country, therefore, functions not only as Africa’s largest market but also as its operational reference point.

Blask Index representing the aggregated level of user interest in all gaming brands in South Africa.

(Source: Blask)

Nigeria: West Africa’s revenue engine

Nigeria ranks second in both engagement and revenue, making it the largest iGaming economy in West Africa based on Blask data. With peak revenue surpassing $67 million per month and a Blask Index exceeding 41 million, Nigeria combines scale with sustained user demand. The country also has a large population and expanding digital adoption, which underpin long-term growth potential. Regulatory structures existing in Nigeria allow for monetisation through licensed operators.

Nigeria’s growth trajectory suggests increasing revenue conversion efficiency. While engagement is roughly half of South Africa’s level, the country’s monetisation remains proportionally strong. This positions Nigeria as the continent’s second structural pillar in Africa’s iGaming economics.

Blask Index representing the aggregated level of user interest in all gaming brands in Nigeria.

(Source: Blask)

Tanzania and Kenya: East Africa’s growth corridor

Meanwhile, Tanzania and Kenya form a strong East African bloc for the sector. The two countries rank within the top tier for engagement and revenue. Blask recorded Tanzania’s revenue exceeding $42 million in peak months, while Kenya maintained stable revenue above $35 million.

Blask Index representing the aggregated level of user interest in all gaming brands in Tanzania.

(Source: Blask)

Tanzania and Kenya both benefit from established betting cultures, mobile money infrastructure and structured regulatory frameworks. Engagement levels are also sustained throughout the reporting period, reflecting consistent demand.

Blask Index representing the aggregated level of user interest in all gaming brands in Kenya.

(Source: Blask)

With this, East Africa proves its importance lies in its collective weight. While neither Tanzania nor Kenya individually rivals the continent’s most developed and dominant market, South Africa, together the two countries represent a major regional growth corridor. Their stability reinforces the role of regulated frameworks in sustaining long-term revenue capture.

Egypt and Ethiopia: Unregulated opportunity

Over in the grey markets in Africa, Egypt and Ethiopia highlight the continent’s regulatory contrast. Egypt ranks sixth in revenue based on Blask data, with peak monthly figures approaching $29 million despite the country lacking a fully formalised iGaming framework. This places it ahead of several regulated peers in monetisation.

Blask

Index representing the aggregated level of user interest in all gaming brands in Egypt.

(Source: Blask)

Meanwhile, Ethiopia ranks among the top ten for engagement on the continent but does not rank as highly in revenue, indicating demand that has yet to convert proportionally into economic output for the country. The gap suggests that infrastructure or payment constraints in Ethiopia are limiting monetisation efficiency.

Blask Index representing the aggregated level of user interest in all gaming brands in Ethiopia.

(Source: Blask)

Together, these markets illustrate latent fiscal opportunity. High engagement combined with partial or absent regulation raises questions around tax capture, consumer protection and long-term market formalisation.

East Africa, driven by Tanzania, Kenya and Uganda, shows balanced engagement and revenue generation. Based on data, markets in this region are characterised by mobile-first betting behaviour and strong sports wagering cultures.

\ Regional comparison across Africa

Africa’s iGaming landscape can be broadly divided into three structural regions: Southern Africa, East Africa and West/North Africa.

Southern Africa, led by South Africa and supported by its neighbouring countries Mozambique and Zambia, represents the continent’s most mature cluster. Revenue concentration is highest in this sub-region, and regulatory clarity underpins stable monetisation. Based on Blask data, the Southern African region accounts for the largest share of total African iGaming value.

West Africa, anchored by Nigeria, combines largescale population dynamics with growing digital participation. Revenue conversion is strong in this sub-region, though engagement dispersion across smaller markets remains uneven. North Africa,meanwhile, represented primarily by Egypt, demonstrates the need for structured regulation.

Across Africa, data shows a central pattern: regulation correlates with scale and stability. However, the data also proves that unregulated or grey markets with sufficient digital penetration and consumer spending capacity can still generate revenue, albeit outside regulatory oversight.

\ Industry Insights

Growth anchored in maturity; rebalancing on the horizon

Africa’s iGaming market growth shows heavy concentration in regulated jurisdictions. Yet industry leaders suggest that while this concentration will persist in the short term, structural shifts are already underway.

Speaking with SiGMA World, Peter Emolemo Kesitilwe, CEO of the African iGaming Alliance, is clear about the near-term trajectory.

“Africa’s iGaming growth will remain anchored in a handful of mature markets in the near term, but we expect meaningful rebalancing over the next five years as regulation expands.”

“Mature jurisdictions such as South Africa, Kenya and Nigeria benefit from established licensing frameworks, payment rails, and large operator footprints,” he says, pointing to structural

advantages in key territories. However, he believes demographic fundamentals could reshape the map. “Emerging markets with large, young, mobile-first populations, including Ethiopia and others in East and West Africa, can materially rebalance the landscape once clear regulation and local licensing pathways are introduced.”

“In short: concentration will persist, but Africa’s growth story will broaden as more countries formalise,” he said.

Zeena Rossouw, Founder of Legends Management & Gaming Solutions in South Africa, agrees that dominance will not disappear overnight. “I believe, Africa’s iGaming growth will remain anchored in a few mature jurisdictions such as South Africa, Kenya and Nigeria, but the rise of emerging markets such as Botswana, Egypt and Ghana means operators must prepare for a more diversified, regionally balanced landscape.”

“The next five years are unlikely to dilute the dominance of South Africa and Nigeria, but emerging markets will materially expand the pie a bit more,” Rossouw tells SiGMA World. She says the continent is shifting structurally. “Instead of a single-market concentration, Africa is moving toward a multi-hub model: South Africa for regulation and compliance, Nigeria for scale, Kenya for mobile innovation, and Egypt for future growth,” she adds.

Aso Obinna, CEO of Select Punters-Nigeria, frames the issue as developmental rather than purely competitive. “When I look at Africa’s iGaming market today, I don’t just see concentration, I see stages of development,” he tells SiGMA World. He notes that leadership in the industry is structural. “Yes, South Africa leads in revenue. But that’s not by chance. The structures are clearer, the payment orchestration works, and operators understand the system. When the foundation is strong, growth becomes easier.”

He tells SIGMA World that he expects convergence rather than displacement.

“In the next five years, I believe we will see more balance, not because mature markets will slow down, but because emerging markets will start putting stronger systems in place.”

\ Revenue conversion

Payments and trust as the decisive levers

High engagement does not automatically translate into strong monetisation. Across Africa, the gap between participation and revenue reveals structural inefficiencies — particularly in payments and regulatory clarity.

Kesitilwe identifies four core drivers, but ranks them clearly. “All four factors matter, but regulation and payments infrastructure are the primary enablers.”

“Regulation creates legal certainty, consumer trust, and attracts serious long-term investment,”

Kesitilwe explains. Meanwhile, he says payments infrastructure (mobile money penetration, instant deposits/withdrawals, affordability tools) directly affects conversion and repeat play.

He adds that consumer spending power influences average stakes and operator maturity determines product localisation, CRM sophistication, and responsible growth. Nigeria’s stronger revenue performance, he argues, reflects the combined effect of formal licensing, deeper operator presence, and more integrated payment ecosystems. He said that high engagement alone does not guarantee monetisation without these foundations.

Rossouw is even more direct: “Monetisation in Africa is shaped by far more than engagement volume.” In her assessment, without efficient payments, even the best framework or operator strategy cannot translate engagement into revenue. “Payments are the gateway to revenue. Even with strong engagement, if players cannot deposit or withdraw easily, conversion stalls,” she adds.

Obinna centres the discussion on trust. “Engagement is easy to see. Revenue is harder to build.” He argues: “From my experience, monetisation comes down to trust. If it’s easy to deposit and easy to withdraw, people feel confident. If payments are slow or unclear, people hesitate.”

“I like to think of it this way: demand is already flowing, but payments and regulation decide how smoothly that flow turns into revenue,” he adds.

\ Unregulated opportunity

Demand thrives, but structure defines sustainability

Strong revenues in unregulated or grey markets raise a strategic question: Does demand flourish regardless of oversight?

“High revenue and engagement in unregulated or grey markets strongly strengthen the case for formal regulation,” Kesitilwe says. He warns

of structural vulnerabilities such as no consumer protection or responsible gaming safeguards, no tax or fiscal benefit to the government, higher exposure to fraud, match-fixing, and illegal operators, and weak AML/CFT controls and reputational risk.

“Formal regulation does not create demand — it channels existing demand into safe, taxable, and accountable ecosystems,” he adds.

Rossouw echoes the argument. “I believe demand will surface regardless of oversight, but longterm sustainability depends on regulation.”

“Regulation is essential — it turns raw demand into sustainable, trusted growth,” she stresses.

Obinna, meanwhile, issues a caution. “It’s like a busy marketplace without clear rules. Trade happens. Money moves. But there’s no strong framework holding it together.” He says that good regulation does not reduce demand, but it brings order, creates transparency, and builds long-term confidence.

\ Responsible gaming

Digital acceleration outpacing oversight

As mobile-first betting expands rapidly in Africa, responsible gaming frameworks face mounting pressure to evolve.

Kesitilwe acknowledges progress but calls for urgency. “Responsible gaming frameworks are evolving, but must accelerate to match digital growth.” He argues that the focus should be on practical, scalable tools embedded in platforms, rather than punitive or purely tax-based approaches that risk driving players to illegal markets.

Rossouw believes oversight remains behind the curve. “Demand and innovation are scaling quickly, and responsible gaming frameworks must keep pace to ensure sustainable growth, fairness to players, and good governance,” she says.

Obinna emphasises responsible gaming integration in the product. “Responsible gaming should not

feel like an external rule. It should feel like part of the product.” He cautions, “If growth happens without protection, trust eventually suffers. And once trust drops, the industry slows down.”

\ Pan-Africa strategy

Standardised principles, local execution

Regional expansion strategies on the continent are under scrutiny as operators look beyond single-market dominance.

Kesitilwe’s formula is clear: “Highly localised strategies outperform one-size-fits-all replication.” He concludes: “In Africa, standardised principles + local execution is the winning formula.”

Rossouw advocates regulatory alignment but commercial flexibility. “Consistent and similar regulatory processes across Africa — aligned

with South Africa’s standards — should be encouraged.” Yet she insists: “Once that foundation is in place, sales strategies and product offerings can be tailored locally.”

Obinna is unequivocal: “I don’t see Africa as one single market. I see different environments with different habits.” For him, success depends on adaptation. “The operators who succeed across borders will not be the ones who copy and paste. They will be the ones who listen, adjust, and build around each ecosystem.”

\ Key takeaways

Africa’s iGaming landscape is defined by regulatory divergence and regional concentration. Regulated markets account for the majority, or more than four-fifths of total measurable engagement and revenue, with South Africa and Nigeria serving as structural anchors.

Yet unregulated or grey markets, such as Egypt and Ethiopia, demonstrate that demand exists beyond regulatory frameworks. As internet access deepens and mobile adoption expands, the future trajectory of Africa’s iGaming sector will depend heavily on regulatory decisions that will determine whether this growth becomes fully formalised or remains partially offshore.

\ Methodology and data coverage

This report is based exclusively on data provided by Blask, a market intelligence provider. The Blask Index measures aggregated user interest in brands within each country, inferred from attributed search activity. Market dynamics (CEB) estimate monthly revenue as the sum of projected brand-level revenue for completed months.

The analysis covers the period from February 2025 to January 2026. Only countries with a complete Blask Index and revenue data have been included.

The following countries were excluded due to incomplete or missing data in the Blask dataset: Botswana, Burundi, Cape Verde, Central African Republic, Comoros, Djibouti, Equatorial Guinea, Eritrea, Eswatini, Gambia, Guinea-Bissau, Lesotho, Liberia, Mauritius and Namibia.

Where economic data was provided for different base years, such as Madagascar and Mauritania, those figures have been reported as supplied.

No external data sources have been used.

Revenue figures are estimates and reflect completed months only. The regulatory status for gambling and betting has been taken as presented in the dataset and categorised as regulated, unregulated or mixed where applicable.