Gambling is a dicey business

Sector's revenue up from R8.8 billion during the 2019-20 financial year to R23.7 billion in 2022-23.

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This Youth Month, the Financial Section Conduct Authority (FSCA) is warning the youth about the gambling, which can become an addiction and have catastrophic ripple effects on families due to financial losses.

The South African betting industry, encompassing sports betting and online casinos, has seen its revenue increase from R8.8 billion during the 2019-20 financial year to R23.7 billion in 2022-23.

The skyrocketing profits from these platforms are happening against the backdrop of increasing unemployment rates, of which 50% are among the youth, and an increasing cost of living for South Africans.

While gambling can be a legitimate recreational activity, its rapid growth and potential negative impact on youth in SA in particular, emphasise the need for awareness, regulation, and preventive measures.

According to infoQuest, a South African online research company which conducted a survey among 300 gamblers (18-34 years) this March, Lotto is the most popular form of gambling in SA, followed by online gaming and sports betting.