41% of low-income earners turn to gambling to pay bills
South Africa is facing a gambling crisis that seriously affects low-income earners. Wasanga Mehana interviews Matsaung Thabo Hollo of Old Mutual.
Picture: pixabay.com
Wasanga Mehana (in for Africa Melane on 702 and CapeTalk) speaks with Matsaung Thabo Hollo of Old Mutual.
Listen below:
R1 trillion is spent on gambling annually in South Africa, with R700 billion going to sports betting.
Around 41% of low-income earners (earning R8,000 - R15,000 per month) are gambling to try to cover their living costs.
This results in them being trapped in cycles of debt, poverty, and addiction.
Young South African men are particularly affected by the rise in online sports betting.
Hollo says online gambling has exacerbated the problem by giving people unrestricted access.
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“There is no limit to when and how they can gamble.”
- Matsaung Thabo Hollo, Old Mutual
He says that it is important to educate people on the difference between gambling and investing to try and curb this trend.
Scroll up to the audio player for more.