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By Africanews

Last updated: 23 minutes ago

Business Africa

Africa's sports betting market is expanding rapidly. Valued at $1.85 billion in 2024, it is projected to exceed $3.6 billion by 2029, representing growth of nearly 95 percent.

Nearly 400 million Africans place bets regularly, with around 100 million using licensed betting platforms. Mobile betting dominates the sector, with 94 percent of users placing wagers via smartphones.

Nigeria is the continent's largest betting market, followed by South Africa, Kenya, Uganda, Tanzania and Ghana. While the industry's rapid expansion is creating significant economic opportunities, it is also raising concerns about consumer protection, responsible gambling and addiction.

Zambia: Turning Debt into Development

Zambia is pioneering a new approach to development financing. Backed by the African Development Bank and supported by copper revenues, the country has completed the early buyback of more than $1 billion in sovereign debt.

The operation is expected to save nearly $275 million in debt servicing costs over the next 15 years. Those savings will be invested in upgrading the country's electricity network, as nearly half of Zambia's population still lacks access to power.

Presented as the world's first debt-for-development swap, the initiative could serve as a model for other heavily indebted African countries.

EU and Indian Ocean States Deepen Economic Partnership

The European Union and the Indian Ocean states of Comoros, Madagascar, Mauritius and Seychelles have concluded negotiations on an enhanced Economic Partnership Agreement — the first of its kind with Sub-Saharan African countries.

The agreement aims to boost trade, attract investment and expand cooperation in areas including digital services, public procurement, intellectual property and the services sector. It also provides protection for 135 European geographical indications.

The European Union is already the largest trading partner of the four island nations. In 2024, bilateral trade reached €9.7 billion, underlining the growing economic ties between Europe and the Indian Ocean region.

Sports Betting in Africa: How It Makes Money but Brings Problems

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