Analysis of South Africa'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: 57 million in March
• Lowest: 49 million in June
• Average: 53 million
• Total: 318 million

Compared to H1 2023:

• Peak: 50 million in April
• Lowest: 43 million in January
• Average: 46 million
• Total: 275 million

This represents a 15,6% year-over-year increase in total Blask Index score.

Expected 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: 1,8 million in March
• Lowest: 1,5 million in June
• Average: 1,6 million
• Total: 9,9 million

Compared to H1 2023:

• Peak: 1,6 million in April
• Lowest: 1,3 million in January
• Average: 1,4 million
• Total: 8,6 million

This represents a 15,1% year-over-year increase in total eFTD.

Expected Gross Gaming Revenue (eGGR).

GGR, 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: $88 million in March
• Lowest: $84 million in June
• Average: $85 million
• Total: $516 million

Compared to H1 2023:

• Peak: $71 million in April
• Lowest: $63 million in January
• Average: $67,8 million
• Total: $407 million

This represents a 26,8% year-over-year increase in total eGGR.

Top 5 brands’ shift.

Top 5 brands’ market share in H1 2024:

• Betway: 42,91%
• Hollywoodbets: 40,21%
• Lotto Star: 9%
• Supabets: 1,50%
• EasyBet: 1%

Compared to H1 2023:

• Hollywoodbets: 45,93%
• Betway: 33,85%
• Lotto Star: 12,70%
• Supabets: 1,89%
• Tab Gold: 0,53%

Performance analysis of top 3 brands.

Betway.

• Blask Index: Increased from 98 million in H1 2023 to 140 million in H1 2024 (+42,9% year-over-year).
• Market Share: Increased from 33,85% in H1 2023 to 42,91% in H1 2024
• eFTD: Increased from 3 million in H1 2023 to 4,2 million in H1 2024 (+41,4% year-over-year).
• eGGR: Increased from $132 million in H1 2023 to $206 million in H1 2024 (+56,1% year-over-year).

Hollywoodbets.

• Blask Index: Increased from 126 million in H1 2023 to 127 million in H1 2024 (+0,8% year-over-year).
• Market Share: Decreased from 45,93% in H1 2023 to 40,21% in H1 2024
• eFTD: Decreased from 3,9 million in H1 2023 to 3,8 million in H1 2024 (-1,1% year-over-year).
• eGGR: Increased from $188 million in H1 2023 to $207 million in H1 2024 (+10,1% year-over-year).

Lotto Star.

• Blask Index: Decreased from 30,8 million in H1 2023 to 29,2 million in H1 2024 (-5,2% year-over-year).
• Market Share: Decreased from 12,70% in H1 2023 to 9% in H1 2024
• eFTD: Decreased from 935,000 in H1 2023 to 885,000 in H1 2024 (-5,4% year-over-year).
• eGGR: Increased from $42 million in H1 2023 to $48,2 million in H1 2024 (+14.8% year-over-year).

General trends and patterns.

1. Significant Market Growth: The South African iGaming industry demonstrated robust growth in H1 2024 compared to H1 2023. The Blask Index increased by 15,6%, rising from an average of 46 million in H1 2023 to 53 million in H1 2024, indicating an expanding market and greater overall engagement.
2. Surge in Player Acquisition: Expected First Time Depositors (eFTD) saw a notable 15,1% increase, climbing from 8,6 million in H1 2023 to 9,9 million in H1 2024. This growth reflects an effective expansion in player acquisition strategies and a rising interest from new users.
3. Revenue Expansion: Expected Gross Gaming Revenue (eGGR) grew significantly by 26,8%, from $407 million in H1 2023 to $516 million in H1 2024. This increase highlights improved financial performance and overall market profitability.
4. Shifts Among Top Brands:

• Betway emerged as a major player, increasing its market share from 33,85% in H1 2023 to 42,91% in H1 2024. This substantial growth in market share is coupled with significant gains in eGGR, underscoring its strengthened position in the market.
• Hollywoodbets saw a decrease in market share from 45,93% in H1 2023 to 40,21% in H1 2024. Despite a rise in eGGR, this drop suggests increased competitive pressure and challenges in retaining its leading position.
• Lotto Star experienced a decline in market share from 12,70% in H1 2023 to 9% in H1 2024, although its eGGR increased. This indicates that competitive pressures are impacting its market presence despite growth in revenue.
• Supabets saw a minor decrease in market share from 1.89% to 1.50%. While its position remains relatively stable, it has not made significant gains.
• EasyBet entered the top five with a market share of 1%, compared to Tab Gold’s 0,53% in H1 2023. This change reflects a shift in market positioning and the emergence of new competitive players.

5. Emerging Competitive Dynamics: The shifts among the top brands indicate a dynamic and competitive market environment. Betway's substantial growth contrasts with Hollywoodbets' and Lotto Star's challenges in maintaining market share, suggesting a reshuffling in competitive standings. The entrance of EasyBet into the top five further illustrates changing market dynamics and increasing competition.

Conclusion.

The South African iGaming industry in H1 2024 experienced robust growth, with significant increases in the Blask Index, eFTD, and eGGR. The market's expansion is evident through a 15,6% rise in the Blask Index and a 26,8% increase in eGGR, reflecting a thriving sector with heightened player engagement and financial performance.

However, the competitive landscape is shifting. Betway has strengthened its position as a market leader, while Hollywoodbets and Lotto Star have faced challenges, including declines in market share despite revenue growth. The entrance of EasyBet into the top five highlights the evolving competitive dynamics, with new players making their mark.

Overall, the growth in the South African iGaming market presents opportunities for stakeholders but also underscores the need for strategic adaptation. To remain competitive, brands must navigate these shifting dynamics and leverage emerging opportunities effectively. The promising growth trajectory of the market offers a solid foundation for future expansion, but ongoing strategic adjustments will be essential for sustained success.

Unlock your iGaming potential with Blask!

Blask empowers you to make data-driven decisions, optimize marketing strategies, and drive significant GGR increases by providing unparalleled clarity about the iGaming market and your performance.

Curious about our precision? Discover our article "What is Blask?" and how Blask's cutting-edge technology is transforming iGaming analytics.

Ready to experience Blask in action?

• Sign up for free demo access and explore real data on the TOP-5 brands per country: Get a firsthand look at Blask's capabilities.

• Request a personalized demo with full access to data tailored to your niche and objectives. Fill out the form at blask.com to help us prepare use cases specific to your needs.

Need assistance?

Our support team is always here to help. Click the chat icon in the bottom right corner of your screen to connect with us instantly and get the answers you need.