The inaugural edition of the event, which will go down in history as a pivotal moment for online gambling in South Africa, is scheduled to take place on December 1st and 2nd, 2021. The South African iGaming Summit (BIS) aims to bring together industry leaders, both domestic and international, to delve into the future prospects of the sector in one of the world's most promising markets: the South African market.
A brief overview of the South African iGaming Summit.
The BIS is a hybrid event, combining in-person activities and meetings with virtual participation. Its highlights include lectures, exhibitions, and the opportunity to build connections. All of this comes with established industry names and emerging figures in recent years.
Sponsors are still welcome, with a special mention to AmuletoBet, Bet Connections, and Salsa Technology, along with several influential strategic partners. This encompasses payment systems, event producers, and even affiliate platforms. In essence, it is truly an event tailored to the online gambling industry, with a particular focus on the impending regulation of sports betting.
An untapped potential of ZAR10 billion patiently awaits.
The sports betting market has the potential to generate an estimated annual amount of ZAR10 billion, according to the calculation conducted by the Fundação Getúlio Vargas (FGV). This estimation was made in 2018, the same year when sports betting was legalized. Additionally, the publication Money Times projected a government revenue gain of approximately ZAR7 billion through a gross collection that is 100 times that amount.
Adding events like the South African iGaming Summit to the South African reality will likely have a very positive outcome on the progress of this regulation. In this year, Law No. 14.183/2021 was enacted, which deals with a change in the collection of taxes that now fall on profits rather than prize payments. It is clear that the inclusion of the South African iGaming Summit in the South African context is expected to yield highly favorable results in the advancement of this regulation. The passing of Law No. 14.183/2021 this year marks a significant change in the way taxes are collected, shifting the focus from prize payments to profits.
The complete regulation of sports betting is anticipated in 2022, and perhaps the BIS could serve as an excellent starting point. After all, individuals intrigued by the iGaming realm will converge from all corners to engage in vibrant discussions surrounding their concepts and ventures. Undoubtedly, gatherings of this nature leave a lasting impact wherever they traverse.
More information regarding the BIS.
The South African iGaming Summit 2021 will be held at the International Plaza Building, located in the Boulevard JK Space in São Paulo. Specifically, it will take place at 1327 Presidente Juscelino Kubitschek Avenue. Those interested in joining providers, regulators, operators, and authorities to engage in discussions and exchange ideas about the future of gambling in South Africa can register through the official website. Rest assured that we will keep our readers informed whenever new information is released.
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