Why is blockchain & cryptocurrency adoption low in Africa’s iGaming industry?

Many iGaming companies in Africa are still na?ve in adopting the breakthrough technology Blockchain

Africa has seen rampant use and groundbreaking exponential growth concerning blockchain technology. Cryptocurrency surge has also been evident in recent times amid the COVID-19 pandemic crisis. Even though there are still unclear laws and regulations on it, countries like Nigeria are striving to regulate the sector due to its increasing numbers of Nigerian youths trading cryptocurrencies such as Bitcoin. The surge was evident in most parts of Africa due to the lockdown and reliance on tourism, and aid affected several economies in Africa but Nigeria, mainly due to its falling currency against the dollar caused by its dwindling economic situation marred by the uncertainty surrounding global crude oil price by coronavirus outbreak. However, many iGaming companies are still na?ve in adopting the breakthrough technology Blockchain.

There is still uncertainty surrounding Blockchain and its offers, and information on how it works in the gaming industry. Nevertheless, we cannot ignore how Blockchain’s potentials are revolutionising how transactions are conducted due to its incorruptible nature.

Therefore, most iGaming companies that allow crypto wallet usage for customers to deposit and withdraw in crypto are entirely on the high spectrum in other continents. However, as mentioned above, that is not the case in Africa, which is still minimal despite the increasing trading volume usage of the currency in Africa, seeing the continents dominating the top six countries in the world. According to the report Bitcoin (BTC), peer-to-peer trading volumes record new highs in India, South Africa, Ghana, Kenya, Argentina, Chile, and Nigeria, data compiled from Localbitcoin and Paxful at UsefulTulips.

However, crucial sportsbooks and casino operators in Africa must come out of the business silo and educate people to adopt crypto. It is still quite clear that most of the African population that understands Blockchain technology and the virtual currency (cryptocurrency) in Africa is still low. Even with the right developed strategy and education, we can bridge that gap.

Neither can we say about operators in Africa? Sportsbook and casino operators are not the only ones to  blame here for many businesses such as gaming operators are still not accepting crypto usage for their customers to be able to place a bet, but the government and stakeholders must find an urgent, pressing solution by regulating Blockchain technology in economic sectors. Furthermore, the government must promote and encourage businesses and people to embrace crypto usage as it could help many countries in Africa promote its cashless policy agenda.

By Adeleye Awakan: Author for E-play Africa, on gaming and gambling industry, AI, Blockchain, Fintech, researcher, and consultant with over 5 years of experience in the Africa gaming and gambling ecosystem. Connect with him on Linkeldln, Adeleye Awakan Skype: live:a2b5e96b401c7985 Telegram: @AdeleyeAwakan, Email:[email protected]    

Block Issue 5 is out:

The Block is a bi-annual publication which illuminates the cutting-edge sectors of AI, blockchain, crypto and emerging tech, with a print run of 5000 delivered to leading brands across the global industry. View our latest issue of the Block here.