Mlungisi Mvoko, member of the executive council for Economic Development, has told that new technologies and gaming could lead to an increase in the revenue base for the Eastern Cape Province.
“It is still our fervent belief that through the infusion of new technologies in the 4th Industrial Revolution and optimal regulation, gaming could lead to an increase in the revenue base of the province,” Mvoko said while attending the 15th Gaming Regulators Africa Forum.
“It comes as no surprise that technology has had a remarkable impact on the gaming industry. So, if you are wondering how technology is impacting the gaming industry then you need to look no further than how a cryptocurrency like Bitcoin has revolutionized the realm of online users,” he added.
The 15th Gaming Regulators Africa Forum, themed “Fourth Industrial Revolution and its Impact on Gaming in Africa,” brings together representatives from countries which include Angola, Botswana, Ghana, Kenya, Malawi, Mauritius, Mozambique, Namibia, South Africa, Seychelles, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
The conference focuses on global economy shifts and the impact of this on the global gaming industry. Mvoko told delegates that the shift to legalise gambling and the growth in the sector has benefited provincial treasury.
He said the industry had given consumers an additional choice of recreation, generated considerable tax revenue and increased employment. Mvoko said the provincial economy grew by an estimated R985 million over the last five years as a result of the gambling industry.
The Eastern Cape economy was predominantly driven by car manufacturing and tourism industries. But the ongoing global economic crisis has brought about an indirect decline in both industries.
Mvoko said the gaming and gambling industry must be boosted in a manner that supported and facilitated economic development.
