... To grow N13trn by 2019
The gross casino gambling revenues
in Nigeria has risen by 17.1 per cent in 2014 and is expected to grow revenue to
N13,728,325,000.00
trillion, reports ITRealms.
Gambling Industry Leader for PwC
South Africa, Pietro Calicchio, made this disclosure to ITRealms, saying
Nigeria gross casino gambling revenues has rose by 17.1 per cent in 2014,
continuing the pattern of double-digit annual increases.
The casino market, Calicchio said,
was not harmed by the recent terror attacks or the Ebola outbreak that hit the
country in July 2014.
"As a result of a slow in the
economic growth rate, slower growth is expected in the industry," Calicchio
said.
For the forecast period as a whole, Calicchio
said, gross gambling revenues will expand at a projected 8.5 per cent compound
annual rate to USD68.9 million, about N13,728,325,000.00 trillion in 2019.
"Although growth will be substantially lower than
during the past five years, Nigeria is expected to continue to expand at a
faster rate than either Kenya or South Africa," the gambling expert said.
Also in
Kenya, Calicchio said the revenues rose by 6.9 per cent in Kenya in 2014, down
from the 11.2 per cent increase in 2013 and the 24.2 per cent compound annual
increase between 2009 and 2011.
“It is believed
that the imposition of a 20 per cent withholding tax on gambling may have
contributed to the slowdown,” he said, stressing that increasing competition
from legal online gambling and from a new national lottery may also have
contributed to the slowdown for the 13 licensed casinos.
Pointing out
that Kenya, like Nigeria has been troubled with terrorism, which has hurt the
tourism industry.
“However, the
country’s casinos do not rely on foreign tourism and have fared well,” he said.
For the
forecast period, Calicchio noted that as a whole gross casino gambling revenue
projected to increase at a 7.5 per cent compound annual rate, rising from
USD20.1 million in 2014 to USD28.9 million in 2019.
“Overall, the
gambling industry in South Africa and Nigeria is dynamic and ever-changing.
However, the industry will be adversely affected in the near term by slower
economic growth, but improving economic conditions over the latter part of the
forecast period will fuel spending at a faster pace. In Kenya, growth will
remain relatively stable during the next five years compared with the increase in
2014,” he said.
+Remmy Nweke (ITRealms)
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