Since the first Lotteries and Betting Act took effect in Ghana, many things have happened in the Ghanaian gambling market. Sports betting has had a firm grip on many Ghanaians since sports is a popular pastime. As more sportsbooks are observing Ghana, what will the future hold?
Introduction of betway online sports betting in Ghana
As the online betting market has become more saturated, this has paved the way for new brands.
An example is betway online sports betting, as betway is one of the most distinguished brands in the betting market. With years of experience, betway has offered precise odds as well as advantageous promotions, distinguishing itself from other operators.
In short, betway online sports betting is one of the preferred ways to place bets on sports in the country, as it is accessible and has many benefits. When accessing betway online sports betting, all it requires is signing up, paying a deposit and placing a bet. Because there is an abundance of sports on the platform, this paves the way for Ghanaians to find undiscovered sports.
A new sports betting tax in Ghana
It almost raised an outcry when The Ghana Revenue Authority (GRA) announced a 10% tax on winnings from betting and lottery. Every time a bettor receives a payout, they must pay 10% in taxes. The tax doesn’t apply if the game is cancelled or the pay-out amount equals the staked amount. The authorities have indicated that sports betting firms that won’t comply with the new law will have their licenses withdrawn.
However, the new regulations have received criticism. For example, young Ghanaians claim that the unemployed benefit from sports betting since the winnings act as an alternative source of income for them. From the government’s side, the tax is part of an effort to revive the economy since the tax is expected to enhance the domestic tax revenue mobilisation. This could potentially hinder some bettors from placing bets, which is why some gamblers have expressed their wish for the tax to be removed.
The popularity of sports betting
As a report from TGM Research shows, 41% of Ghanaians were involved in a sports betting activity within the last 12 months in October 2022. Since almost half of the population places bets, this cements the more significant role that betting plays in the country. The study also shows that 28,98% engage in sports betting a few times a week, indicating that betting is a frequent activity for a significant part of the population.
While most bet because they wish to win, 25.7% also play to “enjoy the excitement” of sports betting. Furthermore, some Ghanaians have expressed a greater interest in watching the games after they have placed bets. Almost all betting is done online via mobile apps, which is more convenient for many.
Ghana as a sports nation
Like many other African countries, football is the most popular sport in Ghana. This is perhaps also due to the Black Stars' many achievements like gold medals in the African Cup of Nations. However, boxing has also been popular and if more sports achieve popularity in Ghana this could open up the possibility of Ghanaians betting on diverse sports.
The future of sports betting
As the numbers show, sports betting is becoming a prominent activity in Ghana. Thanks to betting apps and an increase in smartphone use, more Ghanaians also have the opportunity to place bets on different sports. The government has imposed a tax on winnings from betting, which could hinder some from playing more. However, if the sportsbooks hand out more favourable promotions and bonuses, this could be an incentive to play.