Kamogelo Olaitan
A young woman who is too ashamed to be named said she came across online sports betting on Twitter and as she saw people winning, she grew interested .
With mounting debts and an extended family to take care of, she thought this could be her way out, so she downloaded a betting app. It is a decision she will regret for the rest of her life.
Months later, she is R55 000 in debt, addicted to gambling and doesn’t know how to get out.
She is one of many young South Africans who have resorted to gambling as a side hustle to supplement their income.
South African consumers have been facing mounting food and oil prices since Russia invaded Ukraine. The price of fuel and food has skyrocketed, leaving consumers with less cash in their pockets
Research by Old Mutual and Investment Monitor has revealed that 44% of working South Africans have resorted to online gambling to supplement their income.
The research that was released on Wednesday shows that 76% of young people aged between 18 and 29 admitted to seeing gambling as a way to make enough money to cover their expenses.
More than a third of those who participated in the research said they gamble to meet their monthly financial commitments.
The report was based on 1,505 interviews with people earning between R1,000 and R7,999 a month.
Vuyokazi Mabude, Old Mutual’s head of knowledge and insights, said risky behaviour is highest among young investors.
“A desire for higher returns is driving people to consider riskier investments and even resort to using gambling to make ends meet,” he said.
“However many high-income earners, including older earners, exhibit risky investment behaviour, probably because they have the means to do so.”
The release of the research follows Statistics SA’s release of the country’s latest Consumer Price Index figure on Wednesday morning which shows that inflation reached 7.4% in June, a 13-year high.
Tebogo Maponya, who has been gambling on sports for two years, said gambling should be seen as a way of entertainment.
“I advise people to look at themselves before getting into gambling. If you have an addictive personality, don’t do it,” he said.
“Gamble with money you can afford to lose. Don’t borrow to gamble. This is a risky investment – nothing is guaranteed.”
