By Adelaide Changole.
@GettyImages.
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 between the ages of 18 and 65 and earning at least R8 000 ($477) a month are turning to wagering, with 42% doing so frequently in the hope that they can make money to cover some 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,” Old Mutual head of brand Vuyokazi Mabude said during a briefing, adding that the number feeling pressure has 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 R8 000 and R15 000 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.
‘Investment apps’
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 advisors.
“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.
© 2026 Bloomberg.