SoftSwiss is preparing to launch operations in Nigeria. This is the company’s first foray into the booming African gambling market
SoftSwiss Successfully Enters Nigerian Gambling Market
Gambling software developer SoftSwiss has received a license to supply its innovative gaming and sportsbook solutions in Nigeria. This is the company’s first foray into the African gambling market.
According to SoftSwiss, the Nigerian operational license is a great milestone for the company, which is currently placing heavy emphasis on growth and expansion into new regulated markets across the world. In fact, the company launched operations in India, Japan, and South Korea back in December 2020.
SoftSwiss Founder Ivan Montik said that entering the Nigerian gambling market marks a turning point for the software developer as it expands its reach and global presence to a brand new continent.
SoftSwiss is thrilled at the prospect of entering the market and cannot wait to launch operations in Nigeria, Montik continued. He also affirmed the company’s plan of continued growth and of entering additional regulated markets in the future.
Booming Gambling Market Despite Weakened Economy
The African gambling market has been overlooked by the industry at large for a long time, but the tides are changing. The market has grown organically over the last decade and has finally managed to attract international attention. Companies are now trying to establish a foothold in Africa’s booming gambling economy.
According to SoftSwiss, it chose Nigeria as its first foothold in the African market in part due to the sheer size of its economy. The country is currently home to over 200 million people and is among the most competitive and fast-growing markets in Africa, the company explained. In addition to this, the software developer says that Nigeria’s exponentially growing internet exposure helps create highly favorable conditions for sportsbook products.
Nigeria is often considered the powerhouse economy of Africa. While the country’s economy has indeed grown substantially over the last few years, the ongoing pandemic and recession have already taken a toll. Nigeria’s output fell sharply in 2020, and its agriculture growth is slowing down. In fact, a recent report by the World Bank warns that the volatile economic situation could set Nigeria’s standard of living back by a decade.