The Seychelles as Africa’s New iGaming Centre: Regulation and Investment

Reasons Behind the Market’s Economic Upturn

Industry experts forecast that the country’s online GGR will almost double by 2031, rising from $38 million in 2025 to $74 million, with an annual growth rate of 11%.

This optimistic upward trend is fueled by a well-defined licensing framework and the government’s efforts to diversify profitable activities beyond tourism. The shift in the national strategy has secured economic stability and increased the islands' investment appeal.

The industry's transformation started in 2023 with new legislative reforms, such as fixed licensing fees and clearer rules for operators’ activities. Before this, the Gambling Act of 2014 covered real-money entertainment.

Today, the Financial Services Authority monitors the sphere and is liable for:

• granting certificates to operators;
• overseeing the iGaming vertical;
• managing cash flows within the country;
• insuring markets and investment capital;
• controlling international brands’ adherence to regulations.

The authority's primary objective is to facilitate the expansion of the state’s commercial sector by implementing modern laws and legal practices. As this segment develops, the number of active players on digital gambling portals is also rising. It is expected that their quantity will grow from 14,000 to 29,000 over the following 6 years.

Online Gambling Vertical: Impact on the Economy

Industry regulation is increasingly serving as a long-term source of income for the country. Independent analysts estimate that the Seychelles collected $560.5 million in tax revenue for 2022, representing 27.2% of GDP. As the online niche continues to grow at an annual rate of 11%, profits are also projected to rise.

These funds are allocated to:

• bolstering public administration;
• expanding the digital infrastructure;
• enhancing educational programmes.

The industry’s growth also leads to the generation of skilled jobs and the appearance of absolutely new vacancies in the IT, fintech, customer support, and compliance spheres. The authorities are adopting a balanced strategy that merges commercial trends with social responsibility in the right proportions. This development resembles the models implemented in Malta or Curaçao, but with some local distinctions.

Straightforward regulations, an investor-friendly environment, and cutting-edge infrastructure turn the Seychelles into an attractive destination for financing the iGaming business in Africa. The introduction of standardised compliance rules makes the state a new, promising hub for online funding beyond tourism.