- 3 mins
Instead of sharing due diligence reports on why they invested in a certain asset class, people are sharing their sports betting slips online. The first app you often see when you open a friend’s phone is a sports betting app. These are a few signs that gambling has become a cultural norm among our people and that should not be the case with such a destructive activity. In this article, we highlight the data behind the explosive growth of gambling, the reasons why gambling culture is undermining investing, and how we can curb gambling culture in South Africa.
The Data Behind Gambling Growth
South Africans are gambling more than ever. By estimates, R1.1 trillion was wagered in 2023–24 a 40% jump in just one year. You may be wondering what caused this huge increase. According to research, it’s largely due to accessible mobile betting apps and aggressive marketing. And it makes sense everywhere you look there are betting ads on billboards, sports teams are sponsored by betting companies, and the apps are just one download away, always online and always available. Gambling revenue reached R59.3 billion during 2023–24, a figure that rivals the entire South African healthcare budget.
Why Gambling Feels Easier than Investing
I used to wonder why we have such a massive gambling culture in South Africa. A recent conversation with a friend helped clarify it for me. When I spoke about investing and the need to build an investing culture, he told me that investing feels inaccessible for the everyday person. By contrast, gambling is easy you can just throw money into a betting app with almost no barriers.
The numbers back this up:
* Online/mobile betting dominates, with 77% of gamblers using apps accessible in both cities and rural areas.
* 52% of employed adult's gamble.
* Gambling is already considered “normal” among the youth, who often see it as a quick fix.
* Debt, high inflation, and unemployment push people toward fast-cash solutions like betting.
In short: short-term financial pressures and constant advertising drive gambling, while a lack of education and cultural support limits investing.
I believe gambling should be more tightly regulated, with stronger consumer protections in place. Currently, 19% of gamblers report borrowing or selling possessions to fund their bets that is not healthy. We need restrictions on gambling advertising, tax incentives for those who invest, and higher taxes on gambling winnings. Above all, regulation and education can shift the culture away from betting and toward long-term wealth building.
