South Africans turn to gambling to pay off debt

More than half of South African workers are turning to sports betting and online gambling to plug budget shortfalls and to pay off existing debt, a survey showed.

About 53% of South African workers aged 18 to 65 earning at least R8,000 a month are turning to wagering, with 42% doing so frequently in the hope of making money to cover expenses and debt, Old Mutual said in its Savings and Investments Monitor 2026. 

“You see 22% of people finding themselves in financial difficulty due to gambling in 2026,” Vuyokazi Mabude, head of brand at Old Mutual, said during a briefing, adding that the number feeling pressure doubled since 2025 to 26% among those earning less than R30,000 monthly.

The financial squeeze is most severe among lower- and middle-income households, with 52% of people earning between 8,000 and 15,000 rand monthly relying on betting as a cash-flow supplement.

The pivot toward betting risks worsening already-fragile household balance sheets, eroding fragile emergency-savings buffers and deepening debt cycles across Africa’s biggest economy.

Workers are also turning to investment apps that mimic gambling and encourage trading in stocks, cryptocurrencies and derivatives instruments such as options as they seek quick wins to plug holes in their budgets, Old Mutual said. 

About 48% of people surveyed said they are using artificial-intelligence platforms for investment advice, while only 40% are consulting financial advisers. 

“That is all good when it works, but if it doesn’t, people end up in trouble,” Old Mutual Wealth Chief Investment Strategist Izak Odendaal said. 

Total gambling turnover in South Africa exceeded R1.5 trillion by 2025, according to the National Gambling Board.

The activity absorbs about 1.6% of total household spending on consumption, ranking just behind spending on beer, according to the statistics agency.