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SPORTS BETTING IN TANZANIA

SPORTS BETTING IN TANZANIA

Sports betting in Tanzania is growing by the second. Sports is one thing that has always brought the world together to a place of unity and harmony.

This is evident in the teeming number of fans that root for football clubs, basketball teams, boxers, and whatnot. And just as sports bring the world even closer, sports betting gives the global population something to share in common.

Sports betting is the simple act of predicting what the outcome of a particular sporting match will be and placing a wager (money staked on the outcome) on what the perceived outcome would be.

In sports betting, wagers are usually placed on different games depending on the culture but the most bets are placed on sports including football, basketball, baseball, horse racing, boxing, martial arts, and numerous other sports peculiar to each region.

The global sports betting industry is one of the biggest global markets around and is estimated to have reached the 200 billion dollars mark as of 2020 with backing from more than 30,000 sports betting businesses.

Sports betting in Africa

Africa ranks high among continents with the largest sports fan base and is steadily rising to ranks when it comes to sports betting and gaming activities.

The sports betting industry in Africa has seen such remarkable growth in the last several years for various reasons. In fact, Nigeria, South Africa, and Kenya were estimated to be responsible for pulling in almost 40 billion dollars of the global revenue from sports betting in 2018.

Several reasons have contributed to the steady growth of the sports betting industry in Africa and some of these are:

Introduction of online/mobile betting
The introduction of online betting through websites and mobile apps has also caused tremendous increase in the African sports betting industry.

The ease the online or mobile betting platforms brings makes it such that anyone with a functioning mobile device can register on a betting website and place wagers on games from wherever they are.

Mobile/Online Banking
One of the most appreciated gifts of technology and the digital age is the gift of mobile banking.

Mobile banking makes the payment for goods and services much easier and doable from any part of the world and this has, in turn, made sports betting easier to engage in.

Payment services like MasterCard, PayPal, Skrill have made placing wagers much easier for interested individuals.

High unemployment rate:
The unfortunately high figures evident in the unemployment data of many African countries is one of the major factors responsible for the increase in sports betting.

Many of the unemployed youths in these countries now see sports betting as their ticket to a good life and as a scheme to make quick money.

Proliferation of betting companies
The increase in the global market size of sports betting and activities has pushed the increase in betting companies all over the world including Africa.

With the high number of betting companies around, each company, in a bid to gain a higher number of customers, has come up with several marketing and advertising strategies as well as incentives and bonuses for new and old customers.

In fact, countries like Tanzania have placed a temporary ban on adverts for sports betting and gaming activities for fear that the adverts play on citizens’ vulnerabilities and encourage recklessness and excessiveness in relation to sports betting.

Lenient gaming regulations
Unlike the strict gaming laws and regulations implemented in American and European countries, most African countries have relaxed and lenient gaming laws and regulations.

The most probable reason for this is as an incentive to draw big foreign investors to invest in the rapidly growing gaming industry and as a result improve the economic situation of the country.

Sports Betting in Tanzania

Tanzania, located in East Africa, is not at all left behind in the sports betting industry, infact, the country has a reputation as being the pioneer country in relation to sports and gaming activities in Africa.

The sports betting industry in Tanzania is one of the biggest contributors to the country’s treasury, as it generates almost 10 million dollars every year and the country can boast of almost 3000 betting shops majorly located in the largest city Dar es Salaam.

Sports betting and other gambling activities within Tanzania are controlled and regulated by the Gaming Board of Tanzania and these activities including online betting have been legalized since 2003 under the Gaming Act.

Before the enactment of the Gaming Act, gaming activities within the country were regulated by the Pools and Lotteries Act of 1967 and the National Lotteries Act of 1974.

The Gaming Board of Tanzania is responsible for imposing taxes and levies on gaming activities and is also responsible for coming up with and implementing guidelines and codes of conduct for all activities.

The board is also in charge of issuing, suspending and withdrawing gaming licences to operating betting companies, online betting companies inclusive, most of which are local companies. Some of the licenses issued include:

Sports betting license
Internet sports betting license
Internet casino license
Seller’s/Distributor’s license for selling or service gaming equipment etc.
Also, a part of the regulations implemented by the Gaming Board is the 25% taxation imposed on all licensed betting operators within the country as well as a 20% taxation levy imposed on the winnings of bettors.

However, in order to avoid the 20% tax levy imposed on winnings, many bettors prefer to book their bets with unlicensed international betting companies that don’t fall within the jurisdiction of Tanzania rather than the licensed local companies. Some of these unlicensed betting companies include Ladbrokes Tanzania, 888sport, etc.

Apart from the Tanzanian Gaming Board the Tanzania Sports Betting Association also plays a part in ensuring that members of the association adhere strictly to the laid down laws and regulations of the country.

Some of the laws and regulations focus on underage gambling for people younger than 18years of age, criminal or fraudulent activities, prevention of addiction.

Some of the sports betting companies that belong to this association are Princess Bet, Meridian Bet, M-Bet, etc.

Sports Betting Companies in Tanzania

Tanzanians are spoilt for choice when it comes to choosing a sports betting company to place their wagers on. Here are a few of the best and most popular sport betting companies in the country:

M-Bet Tanzania
M-Bet Tanzania is a relatively new local company on the sports betting market but is also becoming a favorite among bettors.

The company offers a wide range of betting markets to select from which allows bettors to place wagers on as many different sports as they want. The company also offers several mouthwatering jackpots and incentives to keep customers interested.

M-Bet Tanzania is fully registered and licensed and the easy-to-use website doesn’t hurt one bit.

Premier Bet Tanzania
Premier Betting Tanzania is one of the well-known and widely used local sports betting sites in Tanzania and can boast of a vast customer database.

The sports betting company is licensed and registered under the Gaming Act of the country and obeys all gambling regulations and laws.

The website is fast and easy to use and offers a wide selection of betting markets to choose from including virtual games.

Meridianbet Tanzania
Meridianbet Tanzania is one of the successful international sports betting companies in Tanzania.

The company was established in 2007 and has garnered for itself a reputation for good customer support, fast payout, vast betting market options and bonuses.

1X Bet Tanzania
1X bet was established in 2007 and is adherent to the gambling regulations of Tanzania and utilizes sophisticated encryption technology to protect customer data.

The international sports betting company is one of the sportsbooks with the highest odds and betting markets and provides access to lucrative jackpots and favourable odds.

The 1X bet lite app is easy to use, allows deposits in Tanzanian shillings as well as fast payouts.

Bet 365 Tanzania
Bet365 Tanzania is one of the well used international sports betting companies when it comes to football betting. It provides favourable odds and a large betting market for the European leagues as well as the Tanzanian Premier League.

The betting company also provides live betting opportunities on its mobile app with lots of payment methods using electronic transactions.

Other Sports Betting companies include: Princess Bet, 22Bet PariMatch, BetPawa, Tbet, Bwin, Betway, Betin etc.

While it is relatively easy to place stakes and wagers on different sports using whichever sports betting company preferred, the truth is too much care can never be taken.

There are several sports betting scandals and lawsuits that could have been avoided if there was adequate knowledge and understanding of what the gambling laws of the country entailed, and while it might be difficult for individuals without a background in law to understand these laws it isn’t difficult for law and investment firms like Shikana Law Group which is located in East Africa.

At Shikana Group, we are dedicated to ensuring that their clients are in the best position to avoid unnecessary lawsuits and scandals, while also helping them optimize their investment deals.

The firm comprises a highly experienced and recommended team of professionals who work towards getting the best end of a bargain for our clients. It is only wise for individuals interested in the sports betting industry or investment opportunities available in other industries, like the mining industry or real estate industry, to seek assistance.

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