Mybet plots African expansion
CFO Markus Peuler says an online product could soon complement its burgeoning land-based presence
Mybet is plotting a digital launch in the African market as it looks to expand its land-based presence in West Africa into new markets such as Nigeria.
Speaking to eGaming Review this morning, mybet chief financial officer Markus Peuler (pictured) said the firm was exploring a strategy which could initially see mybet extend its Ghana-based retail division into neighbouring countries ahead of the launch of a digital product.
“We currently have an offline business in Ghana which has been very successful because we have adjusted the product to the local needs of the market,” Peuler said.
“So we now are considering several other adjacent markets such as Nigeria as well as looking at what we can do on other channels, such as mobile,” he added.
However, Peuler said launching an online product in African markets could prove “tricky” due to a current customer preference for cash transactions.
Africa has long been touted as the next big destination for online gaming but, according to Peuler, no major foreign firm has, as yet, enjoyed any real success in the market.
“I think out of the large international players we are among the first movers [in Africa]. I don’t know of many big successes there but it’s going to be like any market – that will come,” Peuler said.
“In order to succeed you need to get the right people on the ground that have local knowledge otherwise you are just putting a European product on to them and from our experience that doesn’t work,” he added.
Ladbrokes is one firm to have made attempts at breaking into the continent, launching an online sportsbook in South Africa, which has since been withdrawn, and establishing a retail presence in bricks and mortar casinos in East and West Africa.
However the firm recently scaled back its activity on the continent in order to focus on its core European markets of the UK, Belgium, Ireland and Spain.