About 53% of South African workers aged 18 to 65 who earn at least 8,000 rand ($477) place bets. Of these, 42% do so regularly, relying on winnings to cover expenses and repay debts, according to the Savings and Investments Monitor 2026 study conducted by Old Mutual Ltd.
“In 2026, 22% of people face financial difficulties due to gambling,” said Vuyokazi Mabude, head of the brand division at Old Mutual, during a briefing. She noted that compared to 2025, the number of individuals experiencing financial pressure has doubled, reaching 26% among those earning less than 30,000 rand per month.
The greatest financial pressure is felt by low- and middle-income households: 52% of people with a monthly income of 8,000 to 15,000 rand use betting as an additional source of income.
The rise of gambling can further exacerbate the financial situation of households, depleting already limited savings for unexpected expenses and increasing the debt burden in Africa’s largest economy.
Investment apps and risks
Workers are also increasingly turning to investment apps that resemble gambling and promote trading in stocks, cryptocurrencies, and derivative financial instruments, including options, in hopes of quickly earning money to offset their financial shortfalls, according to Old Mutual.
About 48% of respondents reported using artificial intelligence platforms for investment advice, while only 40% consult financial advisors. “It’s good when it works, but if not — people find themselves in a difficult situation,” said Izak Odendaal, chief investment strategist at Old Mutual Wealth.
According to the National Gambling Board, the total turnover of gambling in South Africa by 2025 exceeded 1.5 trillion rand. The statistics agency reports that gambling accounts for about 1.6% of all household consumer spending — they spend more only on beer.
Source: Bloomberg
