Reserve Bank flags gambling growth, but downplays consumer impact

Stephen Grootes talks to Xhanti Payi, Economist and Director at Inani Strategies about the South African Reserve Bank’s latest findings on gambling, which show that despite a sharp rise in online betting, its overall impact on household spending remains relatively limited.

Listen to the interview in the audio player below the article.

The South African Reserve Bank (SARB) has flagged the rapid rise in online gambling, but says its overall impact on household spending remains relatively limited.

While betting activity has surged in recent years, the central bank’s analysis suggests that gambling still makes up a small share of total consumer expenditure.

South Africa’s gambling industry has grown quickly, driven largely by online betting platforms.

Data from the National Gambling Board shows that total bets placed reached around R1.5 trillion in the 2024/25 financial year, with strong year-on-year growth.

Online platforms now account for more than 60% of gross gambling revenue, highlighting a clear shift away from traditional casinos

This growth has raised concerns among economists and policymakers about its effect on household finances and the broader economy.

Despite the surge in activity, gambling still represents a relatively small portion of overall household spending.

Speaking to Stephen Grootes on The Money Show, Xhanti Payi, Economist and Director at Inani Strategies however says the statistics do indicate a problem.

"What is clear from Stats SA's data, is that certainly we do have a problem with gambling, whatever we may find as the cause."

- Xhanti Payi, economist and director - Inani Strategies

"Technology has done something extraordinary as it has in all of our lives, where it has brought everything closer to us. Where as before we had to get out of our houses and go and find where we can gamble, now you can do it on your phone."

- Xhanti Payi, economist and director - Inani Strategies

"It is not only the people who have incomes who are gambling. It is people actually who don't have an income, who are not working..."

- Xhanti Payi, economist and director - Inani Strategies