Pick n Pay boss Sean Summers slams 'out-of-control' online gambling industry

Pick n Pay CEO Sean Summers is sounding the alarm on South Africa’s online gambling sector.

He warned that the industry is "out of control", with tens of billions of rand a year being siphoned out of the local economy.

It's money, he said, that could otherwise support jobs and local businesses.

Speaking at an investor presentation, he suggested that South Africa should seriously consider banning the marketing and advertising of online gambling.

It's a complete scurge, said Summers.

"This is money that is being hoovered out of the economy in extraordinary amounts," he said, adding that in certain countries, including Italy, Spain and Belgium, gambling advertising is banned.

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Summers said that the "victims" of gambling were often the ones who can least afford it.

"It's down more at the lower end of the market."

The retail boss said that the sector should be taxed far higher than it was currently and that tighter regulations should be introduced.

"Similar to cigarette advertising, I mean, this is not exactly a noble endeavour."

ALSO READ: South Africa's online gambling revenues hits R75 billion a year, but at what cost?

While Summers admitted that there is an element of self-interest motivating his concerns, he added that the market was constrained and the biggest losers were the poor.

"We can see just how people are battling in South Africa."

South Africa's online gambling industry has generated R75 billion in revenue in the last year.

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To listen to Summers in conversation with CapeTalk's John Maytham, click the audio below.