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“It has real market positions already, including a market-leading position in Mozambique and a growing presence in Angola and Tanzania, so we are buying established local relevance rather than starting from zero,” Richards continues.

“That combination of proven profitability, established market share and continuity of management materially reduces the execution risk you would normally associate with re-entering a consumer-facing business.”

But, as Robinson warns, the opportunity to enter Africa doesn’t come without challenges.

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Kemorwale said Botswana needed to modernise oversight as the sector developed, including through a central electronic monitoring system and stronger enforcement capability. “Truth be told, this industry is evolving as the sun rises. You snooze, you lose,” Kemorwale said. He added that the Authority still relies on outside specialists for some technical regulatory work because domestic expertise is limited.

Illegal betting remained a central enforcement concern. In December 2025, the Gambling Authority and Financial Intelligence Agency were reported to be investigating eight foreign-based betting websites allegedly using local proxies to operate in Botswana.

Authorities were also reported to be working with communications and financial-sector bodies to restrict access to illegal platforms and disrupt associated payment channels.

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Anthony Lee’s senior campaigning role gave him access to confidential discussions about the election timing. Rather than keeping that information confidential, he placed bets and passed it to his wife. She then used the information to place her own bets.

UK operators already carry out enhanced checks on politically exposed persons (PEPs), but this case shows the limits of those safeguards, Bethan Lloyd, partner at law firm Wiggin, recently told iGB.

“PEP status does not prevent someone from gambling,” Lloyd explained. She said PEPs are entitled to bet, but not on events where inside information gives them an unfair advantage.