Gambling Rise a 'Huge Social Ill'

Debt: Amid Financial Pressure Consumers Bid for a Quick-Fix That Often Sinks Them

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Any South African consumers have turned to gambling to fix their finances, but this is definitely not the answer, experts say. It is more likely to make you sink deeper into debt.

As consumers grapple with the pressure of rising living costs, high unemployment, and economic uncertainty, more people are turning to gambling in the hopes of a quick financial fix. But Niresh Gopichand, risk director at Atlas Finance, warned gambling is a dangerous illusion that often worsens financial distress.

According to the National Gambling Board's latest annual report, South Africans wagered R1.14 trillion during the financial year that ended on 31 March 2024. In addition, the 2024 Old Mutual Savings and Investment Monitor shows that 36% of South Africans who gamble say they do so to pay off debts or cover living expenses.

This figure climbs to 41% among low-income consumers earning between R8 000 and R15 000 per month. "This traps people in a dangerous cycle of debt."

The SA Responsible Gambling Foundation also said that gambling is no longer casual entertainment for many consumers but is becoming a desperate attempt to survive.