A Kenyan entrepreneur has tapped into the lucrative gaming market, offering local users an avenue to generate revenue while having fun.
This comes at a time when the Kenyan online gambling market is experiencing a significant transformation with the integration of cryptocurrency and other forms of payment.
Candy Kash founder Eliud Gilish, says his ultimate goal is to create a multi-billion-dollar company listed on global stock exchanges, setting a new benchmark in the gaming world.
“Candy Kash envisions becoming a global leader in the gaming industry. With plans to expand across Africa and beyond, the platform aims to revolutionize skill-based games by offering a unique blend of entertainment and financial rewards,” said Gilish.
The seasoned innovator who started his journey in high school by creating a weapon detector that won global recognition, notes that understanding the dynamics behind this shift is crucial for staying ahead in the industry.
A report by games market data tracker Newzoo ranks Kenya sixth in mobile gaming spending on the continent for 2023.
The Global Games Market Report shows that 3.4 million Kenyans spent a total of $39.8 million (Sh5.2 billion at current exchange rates) on gaming activities.
Nigeria leads the continent with 14.7 million citizens spending $229.7 million (Sh29.9 billion), followed by Egypt, where 20.2 million gamers spent $212.6 million (Sh27.6 billion).
According to HF Markets, the rise of cryptocurrency in the online gambling sector has been nothing short of revolutionary, with many, the allure that lies in the increased security and anonymity that digital currencies provide.
As a result, Kenya's online gambling market, projected to be significant with estimates suggesting a value close to $100 million (Sh13 billion) in 2024, is poised to benefit from this growing trend.
The number of online gamblers in Kenya is also expected to rise, with Statista predicting 402,000 online sports betting users and 85,000 online casino users by 2029.
Founded during the 2020 lockdown by Kenyan innovator Eliud Gilisho, Candy Kash allows players to convert their gaming skills into real money through competitive play.
Recognizing the potential of mobile gaming during the global lockdown, Gilisho aimed to create a platform where gamers could monetise their skills.
He also emphasized the potential for innovation and positive change among Gen Z in Kenya, urging them to leverage creativity and technology to address challenges and drive economic growth.