A financial expert has warned that growing desperation is driving South Africans to gamble with money that should be used to pay off debt.
This comes as figures show that South Africans spent R1,5 trillion on gambling activities during the 2024/25 financial year — an increase of R400 billion from the previous year.
The statistics are contained in the National Gambling Board’s annual report, which was presented to Parliament this week.
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The report shows that the betting industry accounted for the bulk of the spending, with South Africans wagering R1,1 trillion over the year.
This amount is nearly four times…