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Sports betting is gaining a certain popularity in Africa and Burkina Faso is no exception, especially through European Championships and competitions. The passion for football is there, of course, but the challenge of betting on matches. According to a report by Bloomberg (American professional financial group), investments in sports betting in Africa in 2023 amount to 1,561 billion CFA francs, mainly by young people. We also learn that between 2013 and 2023 the value of online betting across the continent grew 50 times to about 2.6 billion euros. Without outlining the returns that these bets bring, the figures published a few days ago have caused a lot of comments on the impact that this craze could have on these games, especially among young marginalized people.
For some young people, sports betting has become their goal. Numerous applications are sought after by all kinds of young people, educated or not, who want to try their luck. You have to be clear that the shouts of victory and demonstrations of joy heard throughout the city (for example, Ouagadougou) during football matches, at the European stadium, are not all due to the passion for football. Some celebrate their “coupons” (forecasts, editor’s note), while the losers digest, sometimes with an air of despair, the disappointment of their “failures”.
Thus, according to Bloomberg, the sports betting market, which has exploded in Africa in recent years, recorded 1,561 billion CFA francs in 2023. Apparently, African bettors invested 1,561 billion CFA francs in these sports betting last year.
These bets have become so important that some countries (Kenya, Uganda, etc.) have decided to further refine their thinking on the subject, not only ensuring that bettors don’t put themselves too much into bankruptcy, but also allowing the state to capture part of the bets on these games through taxation.
In any case, the figure of CFA 1,561 billion can be interpreted in the African context, where the severity of poor governance, harmful or insufficient entrepreneurial practices and many other social ills are the most common denominators among countries. This is evidenced by the tragic scenes presented by thousands of migrants who migrate to the West against the winds, tides and thorns of hell.
People familiar with the news believe that many people in Africa have found a regular source of income through gambling, increased their income, and even escaped poverty.
Regardless, if leaders’ concerns about the highly questionable aspects of this craze are not addressed, African countries must better monitor this gaming industry, protect their citizens as much as possible, and ensure that they benefit financially from this boom rather than having their money evaporate.
OL
Lefaso.com
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