South Africa’s financial institutions are beginning to flag the effect of gambling on the financial well-being of their clients and on their decision-making.
South Africans spent about R1.5-trillion on gambling in the 2024/25 financial year, according to the National Gambling Board, with many social grant and funded student beneficiaries using their allocations to gamble.
Earlier this month Old Mutual reported that 40% of working South Africans gambled frequently, and many were doing so to bridge monthly shortfalls.
“Our research shows that for many South Africans, this is no longer just about recreation or entertainment,” Old Mutual head of business intelligence Keri-lee Edmond said.