Analysis of Mozambique's iGaming Industry: H1 2023 vs H1 2024

The first half of 2024 witnessed significant changes compared to the same period in 2023. This analysis explores key shifts, trends, and performance metrics of the top brands, highlighting the overall market dynamics.

This report was created in collaboration with Next.io.

Key market trends and shifts.

Blask Index.

Blask Index, a quantitative indicator that estimates the size of the iGaming market in various countries and shows the market share of each brand.

Blask Index in H1 2024:

• Peak: 13 million in January
• Lowest: 11 million in March
• Average: 12 million
• Total: 72 million

Compared to H1 2023:

• Peak: 9,8 million in April
• Lowest: 6,6 million in January
• Average: 8,5 million
• Total: 51,2 million

This indicates a robust 40,3% year-over-year increase in the total Blask Index score.

Estimated First Time Depositors (eFTD).

eFTD, a metric that estimates the number of new players making their first deposit on an iGaming platform, which is calculated using traffic data and conversion rates, providing insights into player acquisition.

eFTD in H1 2024:

• Peak: 441,000 in January
• Lowest: 394,000 in March
• Average: 414,000
• Total: 2,48 million

Compared to H1 2023:

• Peak: 345,000 in April
• Lowest: 263,000 in January
• Average: 313,000
• Total: 1,88 million

This reflects a significant 31,9% year-over-year increase in total eFTD.

Estimated Gross Gaming Revenue (eGGR).

eGGR, an approximation of the total amount of money wagered by players minus the winnings paid out, which helps assess the financial performance of iGaming operators without access to their internal data.

eGGR in H1 2024:

• Peak: $8 million in June
• Lowest: $7,7 million in March
• Average: $7,8 million
• Total: $47,2 million

Compared to H1 2023:

• Peak: $5,8 million in May
• Lowest: $4,6 million in January
• Average: $5,3 million
• Total: $31,8 million

This signifies a 48,3% year-over-year increase in total eGGR.

Top 5 brands’ shift.

Top 5 Brands’ Market Share in H1 2024:

• Betway: 31,65%
• Elephant Bet: 23,60%
• 888bet: 17,88%
• Premier Bet: 8,21%
• Placard: 5,17%

Compared to H1 2023:

• Elephant Bet: 36,70%
• Betway: 18,07%
• Premier Bet: 16,42%
• 888bet: 13,50%
• Bet Yetu: 7,54%

Performance analysis of top 3 brands.

Betway.

• Blask Index: Increased from 11,3 million in H1 2023 to 20,4 million in H1 2024 (+80,7% year-over-year).
• Market Share: Increased from 18,07% in H1 2023 to 31,65% in H1 2024.
• eFTD: Increased from 418,000 in H1 2023 to 665,000 in H1 2024 (+59% year-over-year).
• eGGR: Increased from $7,8 million in H1 2023 to $11,7 million in H1 2024 (+50% year-over-year).

Elephant Bet.

• Blask Index: Increased from 13,9 million in H1 2023 to 18,4 million in H1 2024 (+32% year-over-year).
• Market Share: Decreased from 36,70% in H1 2023 to 23,60% in H1 2024.
• eFTD: Increased from 451,000 in H1 2023 to 628,000 in H1 2024 (+39,2% year-over-year).
• eGGR: Increased from $5,9 million in H1 2023 to $12,4 million in H1 2024 (+110,2% year-over-year).

888bet.

• Blask Index: Increased from 6,1 million in H1 2023 to 12,9 million in H1 2024 (+111,5% year-over-year).
• Market Share: Increased from 13,50% in H1 2023 to 17,88% in H1 2024.
• eFTD: Increased from 222,000 in H1 2023 to 419,000 in H1 2024 (+88,3% year-over-year).
• eGGR: Increased from $2,7 million in H1 2023 to $7,1 million in H1 2024 (+161% year-over-year).

General trends and patterns.

1. Significant Market Growth: The iGaming industry in Mozambique experienced substantial growth in H1 2024 compared to H1 2023. The Blask Index surged by 40,3%, increasing from an average of 8,5 million in H1 2023 to 12 million in H1 2024. This substantial rise indicates a rapidly expanding market and heightened overall engagement.
2. Surge in Player Acquisition: Expected First Time Depositors (eFTD) saw a remarkable 31,9% increase, climbing from 1,88 million in H1 2023 to 2,48 million in H1 2024. This growth reflects effective player acquisition strategies and rising interest from new users.
3. Revenue Expansion: Expected Gross Gaming Revenue (eGGR) grew significantly by 48,3%, from $31,8 million in H1 2023 to $47,2 million in H1 2024. This notable increase underscores improved financial performance and a more profitable market environment.
4. Shifts Among Top Brands:

• Betway: Emerged as a major player, with its Blask Index increasing from 11,3 million in H1 2023 to 20,4 million in H1 2024 (+80,7% year-over-year). Its market share grew from 18,07% to 31,65%, reflecting strengthened market presence and significant gains in both eFTD and eGGR.
• Elephant Bet: Although its Blask Index grew from 13,9 million to 18,4 million (+32% year-over-year) and eFTD rose from 451,000 to 628,000 (+39,2%), its market share decreased from 36.70% to 23.60%. This suggests that despite revenue growth, increased competition has impacted its relative market position.
• 888bet: Showcased extraordinary growth, with its Blask Index doubling from 6,1 million to 12,9 million (+111,5% year-over-year) and eFTD increasing from 222,000 to 419,000 (+88,3%). Its market share also rose from 13,50% to 17,88%, demonstrating its significant upward trajectory in the market.
• Premier Bet and Placard: Premier Bet's market share decreased from 16,42% to 8,21%, while Placard emerged with a 5,17% market share, indicating shifting competitive dynamics and the entrance of new players.

5. Emerging Competitive Dynamics: The shifts among the top brands reveal a dynamic and evolving market landscape. Betway's substantial growth contrasts with the challenges faced by Elephant Bet and Premier Bet, who have experienced declines in market share despite revenue increases. The rise of 888bet highlights a notable shift in competitive standings, reflecting new competitive forces in the market.

Conclusion.

The iGaming industry in Mozambique for H1 2024 shows robust growth, with substantial increases in the Blask Index, eFTD, and eGGR. The Blask Index's rise of 40,3% and the 48,3% growth in eGGR reflect a thriving sector with increased player engagement and improved financial performance.

However, the competitive landscape is shifting. Betway has solidified its position as a leading market player, while Elephant Bet and Premier Bet face challenges with declining market shares despite revenue growth. The remarkable rise of 888bet signals changing market dynamics and the emergence of new competitive forces.

Overall, the growth in Mozambique's iGaming market presents significant opportunities for stakeholders, but also highlights the need for strategic adaptability. To remain competitive, brands must navigate the evolving market dynamics and leverage emerging opportunities effectively. The strong growth trajectory provides a solid foundation for future expansion, but sustained success will require ongoing strategic adjustments.

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