Eswatini iGaming Market Research Report

Eswatini is a small landlocked country, surrounded by South Africa and Mozambique, that is becoming an interesting market in the iGaming space due to shifts in legislation and the rapid growth of the market. Although its population is low, we have seen a boom in online gambling activity in Eswatini due to increasing digital adoption and a young population keen to engage in digital leisure. In 2025, the Eswatini House of Assembly approved motions to further regulate and legalize online gambling in Eswatini in order to fill gaps in existing legislation and create another level of oversight. These movements place Eswatini in the position to be a developing market for Casino Gaming, Sports Betting, and Lotteries in the region. In all of this, operators, investors, and regulators are also interested in capturing market demand early and are making sure there are guidelines in place for responsible gaming.

Market Overview

Market Size & Growth

Eswatini has quickly developed into a competitive iGaming market in Southern Africa. During the 2023–2024 timeframe, the country had an increase of at least 75% in online gambling participation, meaning that Eswatini has seen one of the highest increases in digital gaming on the continent. The Ministry of Tourism and Environmental Affairs announced in its reports and also to the State House that the number of registered online gaming users increased from around 220,000 users in April 2023 to around 385,000 in April 2024, an increase of 165,000 new online users in twelve months. 

In terms of active players, there was an increase in active players from around 60,000 players to around 73,000 players, suggesting that while registered users increased dramatically, active players increased as well. Simultaneously, about 25% of Eswatini’s population has registered for online gaming, and potentially even a greater proportion of individuals went on to play more than once. These stats further reinforce the growth they saw in the online gaming sector. The 2023/24 reporting year brought in about E9 million (Swazi emalangeni) in levies from bookmakers, in addition to E48,000 from annual license fees, demonstrating that the online gaming sector provides a very real fiscal contribution to the government.

Market Size and Structure

• Registered Users (April 2024): 385,000 

• Active Users (April 2024): 73,000 

• Year-on-Year Growth Rate: 75 % 
• Market Revenue (2023/24): E9+ million (in levied bookmaker contributions alone) 

Operators currently active in Eswatini include MulaSport, eBet, 8Bet, and the new site DiskiBet. During this period, there have been 4 applications for online gaming licenses – two of which we have approved through the Gaming and Licensing Board.

Table 1: Eswatini Online Gaming Market Size & Growth (2023–2024)

Popular Game Types

Eswatini has a varied online gambling market, which consists of several principal verticals, including: 

• Casino games (such as slots, blackjack, and roulette) 
• Sports betting (for example, football, rugby, racing, horse racing, and futsal), 
• Poker (including Texas hold ’em and variants of poker) and 
• Lotteries (state lotteries and private draws). 

Sports betting continues to have the largest share of this market, as people are particularly interested in football and are also developing interest as the market grows for other sports betting on local sports. Casino content – particularly slots and table games – is becoming more popular with increased digital adoption.

Table 2: Major Licensed iGaming Operators in Eswatini (2025)

Player Demographics

Examining player characteristics in Eswatini, we find the following:

• Age: The player pool is mostly younger, specifically aged 18 to 35. College youth, as well as unemployed youth, tend to be over-represented in the online gambling space amongst this group.
• Gender: Male players dominate in Eswatini, but female participation is trending upwards annually as the platforms continue in their evolution.
• Player preferences: There is a strong focus on mobile-first experiences, with players accessing games through their smartphones. Many players like live betting and esports betting, as well as quick lottery draws, which all serve to engage the players’ desire for simplicity and interactivity.
• Socioeconomic profile: The profile is primarily working-class and looking for both entertainment and potential side-gig income through jackpots and high payout games.

Regulatory Landscape

Overview of Existing Gambling Regulation 

The main regulation of gambling in Eswatini is the Gaming Act of 2022, which governs land-based casinos, land-based bookmakers, lotteries, and gaming machines. It provides that all gambling operators (casinos, bookmakers, lotteries) must be licensed and regulated by the Gaming Board of Eswatini. It provides that the minimum legal age for individuals to gamble is 18 years and older, and there is a legal provision for enforcement against illegal gambling, such as fines and imprisonment. 

However, the law has not yet dealt directly governance of online gambling within the naturally evolved or rapidly increasing space of licit or illegal online gambling regulators or the governance of online gambling platforms, and so there is no source of law that relates directly to regulating or overseeing online gambling services. This oversight for online gambling was a commonly acknowledged concern by legislators, as illegal gambling and an increase in internet use exploded.

Licensing Requirements and Regulatory Authorities

All land-based casino, betting, and lottery operators must go through the licensing application process with the Gaming Board of Eswatini. This process involves the following steps:

• Application and submission of detailed documentation (e.g., business plan, financial documents, details of persons involved in the proposed gaming operation).
• Background checks and suitability assessments are conducted by the Gaming Board.
• An inspection at the location is required before final approval of the license.

The other key license applications are:

• Casino License Application: E400,000
• Lottery License Application: E350,000
• Online Gambling License Application: E1,000,000 (per new requirements expected to take full effect in 2025)

The annual license fee is established and approved by the Gaming Board of Eswatini.

License applications have to demonstrate that operators meet responsible gambling obligations and also follow consumer protection rules and regulations. The licensing authority is actively working to establish centralized systems to monitor gambling activity to assist with responsible gambling and prevent underage gambling.

Taxation and Compliance Details

Gambling operators in Eswatini must meet the following tax obligations:

• Corporate Income Tax: 25% on taxable profits; 
• Withholding Tax: 15% on payments to non-residents (entertainers/royalties), 10% on interest, and 15% on dividends, with reduced rates as stipulated in certain double tax agreements. 
• Operators are required to register with the Eswatini Revenue Service (ERS) for annual tax return filings. 
• The last reporting year saw bookmaking levies reaching over E9million, demonstrating an important tax contribution to the state.

Upcoming Changes in Legislation

In September/October 2025, the Eswatini House of Assembly passed a motion to explicitly legalize and regulate online gambling platforms. The Ministry of Tourism and Environmental Affairs must:

• Create a centralized accountability and licensing system to regulate online gambling.
• Constitute a strong policy with a robust program for responsible gambling, including support for gambling addiction treatment and underage protection.
• Undertake a comprehensive stakeholder consultation and provide a two-month report on its implementation and plan of action.
• This represents a transition phase for the industry, as digital betting platforms will encounter robust regulatory and compliance frameworks for the first time. Operators must start their preparations today to comply with new standards for technical and consumer protections, so it is expected that best practices from other jurisdictions will likely influence Eswatini’s regulatory approach.

Table 3: Eswatini Gambling Taxation and License Fees (2025)

Competitive Landscape

Key Market Players

The rapid growth of iGaming is primarily influenced by several strong local and international brands in Eswatini. 

• MulaSport – This brand offers a full assortment of sports betting, casino, and live dealer games, and remains a leading brand for local digital gamblers.
• eBet – This sports betting platform is known for being responsible in its gaming policies and community engagement, and is rapidly expanding, offering sports and casino products.
• 8Bet – This is an emerging platform with a younger urban demographic, while 8Bet offers simple mobile gaming experiences with good odds and is expanding. 
• DiskiBet – The newest approved platform has quickly generated market share by marketing towards sports betting and live events, and introduced a more comprehensive product with a bigger Bonus. 
• TVBET (International) – While being localized within Eswatini via a partnership agreement with Bitville Gaming and Pigg Peak Casino recently rolled out its award-winning live content, including games such as PokerBet and Spin2Wheels, as well as the growing presence of offshore operators, until full local online regulation is applied.

Market Share Distribution

• As of 2025, local brands (MulaSport, eBet, 8Bet, DiskiBet) represent an estimated 60–70% of the registered digital gambling user market share. The remainder of the share consists of international and offshore brands that are leveraging international content and are still receiving a cross-border flow of players. 
• The growth rate of the market indicates that the shares are still fluid and hold a competitive advantage among brands based on the use of technology, content, and regulatory performance.

Partnerships and Strategic Alliances

The Eswatini gaming industry is experiencing several new partnerships:

• TVBET’s partnership with Pigg Peak Casino and Bitville Gaming has unveiled new, diverse live casino offerings, improving customer interactions and diversifying the catalogue of games.
• Partnerships for responsible gaming: eBet has partnered with law enforcement and addiction services to enhance transparency to compliance, and public trust in a regulated online environment.
• Technical partnerships: Many platforms are linking with payment service providers and technology startups to drive an instant deposit and withdrawal experience and a unique payment experience for local players, which is an important growth factor in the youth-centric Eswatini market.
• International partnerships: The Eswatini Gaming Control Board liaises with top regulatory bodies in Africa to share information and create best practice standards.

Table 4: Strategic Partnerships & Industry Alliances

Consumer Trends

Player Behavior and Preferences

Eswatini’s iGaming audience shows incredible digital agility, and online gambling has drawn over 385,000 registered users by 2024-end (which is a surge of 75% in just one year). Young adults in Eswatini, specifically those aged 18-35, are the growth segment of the iGaming market, as they too look for convenience and a mobile-first experience. Sports betting is by far the favored game of choice, with intense interest in football, basketball, and eSports events. The opportunity to bet on live events, in-play options, and instant lottery draws is a fun element that the players gravitate towards. Casino (slots, live dealer tables) is a growing category of games, while peer-to-peer poker rooms are attracting an increased number of strategic, skilled players.

Payment Methods and Technological Trends

Innovation in payments is key to the success of iGaming in Eswatini. As a result of the National Payment Systems Strategy (2022–2025), cash-lite – or reduced reliance on cash – is a reality, with ‘instant’ payment options being the preferred choice, particularly payments via mobile money and Electronic Fund Transfer (EFT). The Eswatini Payment Switch (EPS), ‘Fast Payments’ module, which launched in December 2024, supports instant peer-to-peer (P2P) transactions, enabling transfers to be completed in seconds. 

Major players in the payment infrastructure include Eswatini Bank, E-mali Limited, and Swaziland Building Society, along with coverage at services like supermarket chains and informal traders, and a daily limit of E10,000 for mobile wallets. The combination of instant transactions and the wide availability of digital technologies has fostered growth in digital betting and improved accessibility. iGaming platforms also accept credit cards, EFTs, and, more recently, cryptocurrency, as additional options for customers to have faster payment methods that are more secure.

Table 5: Payment Methods in Eswatini iGaming (2025)

Social and Cultural Influences

Gambling has a place in Eswatini society, and rapid changes relating to digital gambling raise public health concerns and ethical questions. The expansion of online gambling amongst younger, unemployed, and low-income populations raises discussions about the impact of problem gambling and its social consequences. Parliament proposed new responsible gambling legislation in 2014, designed to explicitly establish a commitment to protect juveniles, promote treatment for gambling addiction, and create gambling literacy initiatives that aim to help individuals manage gambling. 

Local operators fund education, sport, and welfare as designated ‘profit’ areas, contributing to local causes, and trying to achieve a balance between profit and social contribution. Cultural perceptions of gambling are mixed; gambling is viewed as entertainment in some urban pockets, while rural and traditional communities are more wary in this area, particularly in light of the risks and shifting legislation governing gambling behavior.

Table 6: Key Consumer Demographics & Trends (2024–2025)

Opportunities & Challenges

The Eswatini iGaming market provides significant growth opportunities for operators, investors, and providers, spurred by growing digital connectivity, a youthful population, and government moves towards full regulation. New entrants can take advantage of a supply gap, technology-based payment solutions, and shifts in consumer preferences, which is especially true for the sports betting and live casino verticals. 

Nevertheless, challenges have emerged around uncertainty in regulatory oversight, high levels of licensing costs, and establishing a set of responsible gaming practices capable of addressing social risks. Operational challenges include limited local expertise, developing a player protection system, and ensuring compliance with new and evolving laws. 

Conclusion & Recommendations

The gaming industry in Eswatini is on the verge of transformative growth due to changes in legislation that have legalized online gaming as well as a rapidly growing local player base. A successful entry into the market will require a careful analysis and navigation of the licensing framework to conduct business, investment in technology platforms and infrastructure, and may involve relationships with established local stakeholders. Gaming operators will also need to continue to focus on responsible gaming programming and regulatory expectations regarding player protection to build sustainable brands successfully. As Eswatini will keep a close watch on the social impact of gaming, collaboration with regulators will be the linchpin. 

Future Outlook for the iGaming Sector in Eswatini

Overall, the outlook will be more mature with new revenue opportunities and increased international players and operators as Eswatini continues developing its regulatory environment and digital ecosystem.

Data and Sources:

1. Gambling Talk: Analysis of Eswatini’s rapid online gaming growth, player numbers, and fiscal contributions; 
2. Affcatalog: Overview of Eswatini’s leading online casinos, major platforms, and market structure; 
3. iGaming Afrika: Latest government motions to regulate online gambling, stakeholder roles, and policy changes; 
4. FocusGN: Insights on eBet’s partnerships, player protection programs, and industry alliances; 
5. Times of Swaziland: Player demographics, licensing information, and social influences on gambling behavior; 
6. TVBET News: International operator partnerships and live casino market developments in Eswatini; 
7. Transfi Blog: Eswatini payment infrastructure, mobile money, instant transfers, and fintech contributors; 
8. Central Bank of Eswatini: National Payment System Vision (2025), digital banking strategy, and payment limits; 

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