A recent survey conducted by Bettabets, a retail and online sports betting company, has unveiled a concerning trend among South African gamblers, highlighting their reliance on betting as a means to counterbalance the rising cost of living.
The survey reveals that nearly half (48%) of gamblers are turning to gambling in the hope of covering essential monthly expenses, such as school fees and rent.
Alarmingly, 70% of those surveyed admitted to gambling primarily to supplement their income instead of engaging in it as a source of entertainment.
The findings come during the launch of Bettabets’ Smart Money Management Workshops, aimed at enhancing financial literacy among punters in conjunction with National Responsible Gambling Awareness Month this November.
Despite the allure of potential winnings, the survey indicates that only 27% of gamblers consistently allocate a portion of their winnings for savings or investments.
The majority tend to spend their gains immediately, potentially trapping themselves in a cycle of financial instability.
Mathabo Sekhonyana, chief marketing officer at Bettabets, highlighted that with South Africa having one of the lowest savings rates globally, financial literacy is not one of the strong suits.
“While gambling can be a fun and responsible activity, using it to manage monthly expenses is reckless and can lead to long-term financial consequences.”
Analysing the demographics of the workshop attendees, a staggering 60% identified themselves as unemployed, making gambling a desperate attempt to secure an income.
“It’s imperative that they understand the importance of drawing a line and making wise decisions with any money they win,” Sekhonyana emphasised.
It is also revealed that South Africa’s gambling industry has seen a 40% increase in activity, with punters spending R1.1 trillion in the past year.
“The numbers speak volumes,” said Gary Walker, managing director of Olemera and collaborator on this initiative.
“With such significant amounts of money involved, it’s crucial for South African punters to learn how to gamble responsibly and steer clear of the financial pitfalls that gambling can bring.”
Cape Times