Understanding the hidden financial risks of gambling

SOUTH Africans place over RI trillion in bets annually, with R700 billion spent on sports betting alone. For many, particularly those with limited financial resources, the appeal of a big win can be incredibly tempting. However, the reality is often more complex. Instead of earning easy money, those who indulge in excessive gambling frequently face financial strain.

- JOHN MANYIKE

In March, an online betting platform shared a story of someone turning an R4 wager into an astounding R83,701.54. While stories like this grab attention, the rise in online sports betting also brings important considerations.

According to the National Gambling Board’s 2022/23 gambling statistics, sports betting in South Africa has expanded significantly over the past decade, growing from under 10% of the gambling sector in 2009/10 to over half in 2022/23. What stands out is that 36% of those who gamble do so to pay off debts or cover expenses, according to the 2024 Old Mutual Savings and Investment Monitor. Among low-income earners (those earning between R8,000 and R15,000 per month), this figure rises to 41%, highlighting a concerning trend.

Understanding the risks