Adventures Beyond Wonderland

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Botswana’s regulated betting market has expanded quickly following the Gambling Authority’s 2023 process to license bookmaker and totalisator operators, including online betting subject to regulatory approval.

In January 2024, before locally licensed online operators were active, the Authority said it had recorded about 510,000 monthly cases of Botswanans participating in illegal online gambling.

Sunbet Botswana launched its online sports-betting platform in February 2025 and reported a 4,700% increase in sign-ups during its first month. As this was an operator-reported figure, the company did not publicly disclose the comparison baseline or absolute number of registrations.

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Spectrum blames Evolution’s “ineffective complaince procedures”, noting these activities appeared to go undetected by the supplier.

“In our judgment, Evolution’s ineffective compliance procesures have allowed these situations to develop and therefore need prompt reevaluation and enhancement in order to comply fully with the terms of the contracts,” the report reads.

“Evolution may be unwittingly susceptible to having its games played through third-party operators, in violation of its contracts…”

About Adventures Beyond Wonderland

“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.

“We continue to view regulation as the largest risk to prediction markets,” says the analyst. “While industry growth remains robust, adverse legal outcomes could materially impact sports contract availability and long-term adoption.”