Ghana’s Online Gambling Sector Expands 24% as Regulators Weigh Crypto and Digital Reform

Ghana’s online gambling industry recorded a 24% increase in 2025, with legal and industry experts pointing to crypto adoption, digital payments, and regulatory reform as key factors likely to shape its future growth trajectory.

When launching its Betano brand in Ghana on 5 February, Kaizen Gaming highlighted the West African market’s long-term potential, citing strong digital adoption and an increasingly forward-looking regulatory environment.

The Malta-headquartered operator has entered the market with both iGaming and sports betting offerings, aiming to take advantage of rising smartphone penetration and widespread use of online payment systems. According to Nana Yaa Ahmed, a partner at ENS Africa’s Ghana office, the country already meets most of the criteria investors look for when selecting expansion markets.

ENS Africa is a pan-African law firm with a presence across multiple jurisdictions. Ahmed explains that Ghana’s demographic profile is particularly attractive to operators, noting the country’s youthful population and strong sporting culture.

“First, demographics are a key contributing factor. Ghana has a youthful population with a strong interest in sport (particularly football), and the youth, comprising an estimated 57% of the population as determined by the Ghana Statistical Services in 2021, are heavily involved in online sports betting,” Ahmed notes.

She adds that Ghana is currently trailing Kenya and Nigeria in overall gambling activity across Africa. A 2021 Statista survey found that 70.68% of Ghanaian youths were engaged in gambling, ranking the country fourth on the continent behind the so-called “Big Three” of Kenya, Nigeria, and South Africa.

A separate TGM Global Gambling and Sports Betting Survey conducted in 2022 found that 50% of Ghana’s population of 34 million participated in some form of betting, while 42% specifically engaged in sports betting. The data further showed that men (57%) and individuals aged 18–24 (56%) and 25–34 (57%) dominate betting activity.

A major driver of this growth, Ahmed notes, is Ghana’s rapid expansion in smartphone usage and mobile money infrastructure. Platforms such as MTN Mobile Money, Telecel Cash, and AirtelTigo Money have simplified financial transactions, allowing users to deposit and withdraw funds without relying on traditional banking systems.

As a result, up to 70% of all bets in Ghana are now placed via mobile phones, with more than 75% of wagers focused on football. The English Premier League, Spain’s La Liga, and the UEFA Champions League remain the most popular competitions.

Approximately 73 operators are currently licensed by the Gaming Commission of Ghana. Alongside Betano, major operators include Betway, 1xBet, Betika, BetPawa, Betwinner, MyBet Africa, SportyBet, MelBet, and SuperBet. These companies offer casino gaming, sports betting, and remote interactive services.

H2 Gambling Capital data shows Ghana’s online gross win reached $903.5 million in 2025, up from $729.8 million in 2024—representing the 24% annual growth rate.

Legal expert David Yaw Danquah of Accra-based Legalstone Solicitors PRUC said Ghana’s regulatory framework has generally supported industry expansion. However, tax policy changes have also played a role in shaping the sector.

The Income Tax Act was amended in 2023 to introduce a 20% tax on gross gambling revenue and a 10% withholding tax on winnings. However, after industry pushback, the government removed the withholding tax early last year, allowing winners to retain full payouts.

Danquah described this as a major development for the industry.

Another significant regulatory shift came in December 2025 with the enactment of the Virtual Asset Service Providers (VASP) Law, aimed at regulating cryptocurrency activity.

“For years, Ghana has expressed its aversion to, or deep-seated disinclination toward, embracing the emerging crypto market, which is an essential linchpin for payments in the regulated gaming industry elsewhere,” he says.

“This stance has come to an end. Now, Ghana has taken a bold, pragmatic step to enact legislation regulating the cryptocurrency market, bringing certainty and openness. It is intended that the proposed law will empower the Bank of Ghana to license, regulate and supervise the operation of entities active in the digital space.”

In December, Ghana’s Securities and Exchange Commission confirmed that it had finalised a regulatory sandbox framework for Virtual Asset Service Providers (VASPs). The sandbox will run for 12 months. After six months, eligible firms whose products are market-ready and compliant may transition to licensing, while others may continue testing for the remaining period.

Ahmed notes that Ghana’s macroeconomic stability and regulatory clarity make it increasingly attractive to investors. The International Monetary Fund (IMF) estimates Ghana’s GDP at approximately $118 billion.

She also points to what she describes as “pervasive” advertising of betting services across both traditional and digital media, which has helped normalise gambling in everyday life. Sports sponsorships have further embedded gambling brands into Ghana’s sporting ecosystem.

Economic pressures also play a role.

“Economic pressures, including high youth unemployment and low wages, have also driven individuals towards gambling as a supplementary income source,” she adds.

Gambling brands have become deeply integrated into Ghanaian football. Betway has served as equipment sponsor of the Ghana Women’s Premier League, while BetPawa previously sponsored the country’s men’s top-flight league until the 2024–25 season. Clubs such as Asante Kotoko, Aduana FC, and Dreams FC have also partnered with brands including Alpha Lotto, Betika, 10bet Africa, and the National Lottery Authority.

Danquah adds that gambling remains legally recognised in Ghana and continues to present strong investment opportunities.

“Gambling remains a legitimate legal business in Ghana under the regulatory supervision of the Gaming Commission of Ghana, and the gaming industry is experiencing significant growth, which presents enormous investment opportunities,” Danquah observes.

Foreign investors must incorporate a Ghanaian limited liability company, either fully locally owned or structured as a joint venture. Licensing requires minimum capital between $1.5 million and $2.5 million depending on the type of gaming activity.

ENS Africa projects continued growth driven by smartphone adoption, fintech expansion, and more personalised, algorithm-driven betting systems.

However, Ahmed argues that the current legal framework still requires reform, particularly in relation to online gambling.

“First, the Gaming Act was enacted prior to the rapid emergence and growth of digital/online gambling games and services (i.e. remote gambling) and is therefore premised almost exclusively on a ‘brick and mortar’ regulatory model, assuming the existence of physical premises such as casinos, betting houses and gambling machines,” she tells iGB.

“Although the GCG, in the discharge of its statutory mandate, extends the application of the Gaming Act and its guidelines to remote gambling services, the Gaming Act does not establish an express licensing regime for remote gambling (whether conducted by local or foreign operators) and does not expressly regulate the cross border supply of remote gambling services by foreign operators, including the criteria for determining whether particular conduct or activity constitutes ‘targeting’ Ghanaian users or amounts to ‘reverse solicitation’.”

She warns that this regulatory gap could lead to fiscal leakage and calls for clearer legislation addressing online gambling and cross-border activity.

Ahmed also highlights gaps in anti-money laundering and counter-terrorism financing (AML/CFT) enforcement.

“Gaming-specific AML rules required,” she notes, explaining that while regulators issue guidelines, the core Gaming Act does not explicitly codify AML/CFT obligations.

“As a result, AML/CFT obligations applicable to gaming operators arise primarily from regulator-issued guidelines and external legislation, rather than being expressly established in the Gaming Act, as the principal statute governing the gambling industry,” she highlights.

“We recommend that the Gaming Act be amended to expressly incorporate key AML/CFT obligations, such as customer due diligence, record keeping, internal controls and suspicious transaction reporting, and to clearly link non-compliance with these obligations to the enforcement and sanctions regime under the Gaming Act. Incorporating AML/CFT requirements within the Gaming Act would enhance legal certainty and strengthen enforcement.”

By fLEXI tEAM