The Old Mutual App has observed that Online gambling has grown strongly in South Africa over the past few years, with a handful of companies making billions from the emerging trend.
However, it comes with a significant negative impact on individual’s finances, with it proving highly addictive and, in some cases, forcing South Africans into difficult financial situations.
Online gambling is expected to generate over R60 billion in 2025, with the previous financial year seeing over R1.1 trillion worth of wagers being made.
This was a 40% increase from the prior year, with online gambling generating double the amount of revenue as traditional casinos.
Considering this growth, Old Mutual included questions about South Africans attitudes towards gambling in its most recent Savings and Investments Monitor for 2025.
Old Mutual’s monitor tracks South Africans attitudes towards savings and investments, making it one of the most comprehensive surveys of individuals’ financial well-being.
For the 2025 edition, the insurer included a section dedicated to how South Africans approach online gambling and how it impacts their finances.
The data showed that a staggering 52% of working South Africans gamble, with it being the most popular among 30- to 49-year-old men.
More concerningly, Old Mutual’s data shows that 40% of working South Africans acknowledge they gamble frequently, hoping to make money that can cover some of their expenses and debt.
This is up from previous measures and is more prevalent among lower-income earners in South Africa, with nearly half of those earning between R8,000 and R15,000 gambling frequently to cover expenses.
The survey also showed that the vast majority of gambling occurs online, via an app on a betting website, with convenience trumping experience.
Among the gamblers surveyed, sports betting ranks as the most popular type of gambling at 61%, followed by the lotto at 53% and slots at 52%.
Just over 60% of gamblers gamble at least once a week, with close to 40% gambling even more frequently. Around 10% say they gamble every day. 
Old Mutual’s analysis extended beyond the popularity of online gambling, with the insurer also analyzing its impact on individual finances.
The biggest driver for gambling is the search for an alternative way to make extra money, indicating that South Africans are under severe pressure.
Many South Africans are also recommended to gamble by their friends, families, or colleagues as a way to entertain themselves.
Worryingly, nearly 30% of frequent gamblers said they started when a betting company offered them a starter wallet or a voucher.
While the prevalence of gambling may indicate that many are in financial difficulty and, thus, turn to it for additional income, it also significantly worsens the financial situation of many South Africans.
The traditional impact of gambling is that its addictive nature causes individuals to throw good money after bad in the hope of a jackpot win.
Old Mutual’s data did indicate this, with 20% of gamblers having to borrow, use credit, or sell something to fund their gambling.
This directly negatively impacts their financial health, with many going into debt for gambling or selling their assets to bet.
A higher percentage, 25%, acknowledged that they find themselves in financial difficulty as a direct result of their gambling.
Worryingly, many South Africans do not appear to think of the financial implications of online gambling, with half saying they engage in the activity for fun and enjoyment. A smaller percentage considers it a way to consistently earn money.
20% of respondents said that gambling is generally accepted in their communities and that they see nothing wrong with it. A further 10% say they feel pressured to gamble because their friends and families do it.
Only 17% admit that they often get carried away with gambling and spend more on it than they plan to.
Source: dailyinvestor.com
