Gaming Market Insights Series #4: ANGOLA— The Untouched Utopia for Gaming industry in Africa
Following our series about gaming markets in Africa, we would like to introduce another regionally promising market for gaming businesses — Angola. It was only on November 11th, 1975 that Angola became an independent nation after almost 500 years under Portuguese colonization. Located to the east coast of Africa, Angola has a population of 26 million people and is currently the 6th biggest country in terms of nominal GDP in Africa (after Nigeria, Egypt, South Africa, Algeria and Morocco).
Angola is now one of the fastest growing economies with stable GDP growth rate of 4.9% between 2015 and 2016 . Thanks to its wealth in natural resources of oil and diamonds, Angola is entitled to massive economic perspectives and ranked as one of the continent’s leading producers of crude oil.
HUMAN DEVELOPMENT CHALLENGE
However, the downside of the economic boom is also eminent. From the latest figures indicated in Human Development Report 2015 of UNDP, Angola’s Human Development Index (HDI) of 0.532 places it at number 149 out of 188 countries, which coincides with low human development category within global HDI tally. It is estimated that half of Angola’s population is classified as Absolute Poverty. After the civil war which lasted until 2002, the economy was constantly struggling out of the war aftermath. However, the Angolan government has made a tremendous effort to improve people’s life through various job schemes and economic cooperation pacts with neighboring countries.
WHAT THE FUTURE HOLDS FOR GAMING BUSINESS?
Unlike China, where the government took the initiative to launch the first nationwide lottery to raise money for social welfare system and national reconstruction, until now the Angolan government still prolongs its impasse as with social welfare lottery. The Angolan Parliament just passed a new bill regulating the business of wagering and gambling in the country in January 2016. This should be considered the stepping stone for foreign capital and technology to start tapping into this prominent market.
The following strike of casinos, gaming businesses, online lotteries and wagering will potentially turn Angola into a major Sub-Saharan gaming and entertainment hub.
ABOUT REPORT PUBLISHER
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