More South Africans gamble amid financial pressure: Report
Growing financial pressure and rising debt are driving more employed South Africans towards sports betting and online gambling as they look for ways to earn extra income and cope with rising debt, according to the Old Mutual Savings & Investment Monitor (OMSIM) 2026, a report by pan-African financial services company Old Mutual.
The report found that 53 per cent of respondents gamble to supplement their income, while 42 per cent gamble frequently in the hope of winning enough money to cover financial shortfalls. The findings suggest that for many working South Africans, betting is increasingly being used as a way to ease financial pressure rather than solely as a form of entertainment.
The annual study was conducted in April 2026 and surveyed 1,519 employed South Africans aged 18 to 65 who earn at least R8,000 (US$477) a month. The results were weighted to reflect South Africa’s working population using demographic profiles from the UNISA Bureau of Market Research. The study examines the financial attitudes, behaviours and decision making of people across different income groups.
Lower income workers most likely to rely on gambling
The Gambling Deepdive section of the OMSIM 2026 report found that reliance on gambling is highest among lower and middle income earners. More than half of respondents earning between R8,000 (US$477) and R15,000 ($894) a month said they gamble to supplement their income, making them the income group most likely to use betting as an additional source of money.
The report found that this reliance declines as income levels increase, highlighting the relationship between financial vulnerability and participation in betting activities.
For some respondents, however, gambling has also contributed to financial difficulties. Around 22 per cent said gambling had resulted in financial problems during the past year, suggesting that attempts to improve household finances through betting do not always achieve the intended outcome.
The findings also reflect broader spending patterns across South Africa. Statistics South Africa’s latest household expenditure data shows that gambling accounted for 54.5 per cent of household spending on recreation categories that include sports, gyms, games, books and event tickets. Together, the figures point to gambling becoming a more prominent part of discretionary household spending at a time when many consumers continue to face financial pressure.
Financial stress continues despite improving confidence
The report’s gambling findings are set against improving economic confidence, even as many households continue to struggle financially. According to the report, nearly one in two working South Africans, or 47 per cent of respondents, said they were confident in the country’s economy. This is the highest level of economic confidence recorded since 2020 and continues an upward trend over the past three years. Respondents linked their improved outlook to expectations of better economic opportunities, stronger investor confidence, faith in government and a stronger rand.
Confidence was not the same across all income groups. Respondents earning between R60,000 (US$3,578) and R119,999 ($7,155) a month were the most confident, with 59 per cent expressing confidence in the economy. Among those earning between R8,000 ($477) and R14,999 ($894) a month, 51 per cent said they were confident. Meanwhile, South Africans aged over 50 were the only age group to report a decline in confidence during 2026, with confidence falling to 35 per cent despite improvements among most other groups.
Debt and financial stress continue to weigh on households
Although confidence in South Africa’s economy is improving, the report shows that many working South Africans continue to face financial pressure, particularly those in lower income groups.
OMSIM found that progress in financial wellbeing, which had been improving since 2022, has started to slow. Challenges in managing debt, controlling expenses, maintaining savings and planning for long term financial security continue to leave many households financially vulnerable.
Financial stress has also begun to rise again. The proportion of respondents who described themselves as considerably financially stressed increased from 38 per cent in 2025 to 40 per cent in 2026. The increase was driven mainly by households earning below R30,000 (US$1,789) a month, where financial stress rose from 41 per cent to 47 per cent. Respondents earning R30,000 (US$1,789) or more continued to report lower levels of financial stress.
The report also found that financial stress intensified among South Africans aged 18 to 29 and those aged over 50. At the same time, managing debt remained the biggest source of financial stress, highlighting the pressure that borrowing and repayment obligations continue to place on household finances.
Concerns about debt are also growing among South Africans who are employed. The percentage of respondents who indicated they worry about debt sometimes or constantly has been rising since 2024. The percentage of workers who were worried about debt increased from 47 per cent in 2024 to 56 per cent in 2026, which was most visible among those making less than R30,000 ($1,789) per month. In the meantime, 39 per cent of respondents with monthly incomes of R30,000 or more reported having debt issues, which hasn’t changed much since 2025.
As many lower and middle income households continue to deal with financial pressure, the report found that some are turning to sports betting and online gambling to supplement their income, even as many respondents remain optimistic about their financial future.
Borrowing increases alongside gambling
The report also points to growing reliance on borrowing as financial pressure continues to mount. The share of respondents with personal loans, including informal loans, increased from 54 per cent in 2025 to 64 per cent in 2026. Borrowing from mashonisas, family and friends, and stokvels also increased over the same period.
Borrowing from mashonisas, commonly known as loan sharks, rose from 12 per cent to 19 per cent over the same period. Borrowing from family and friends increased by 10 percentage points to 28 per cent, while borrowing through stokvels reached 16 per cent.
Together, these figures indicate increasing dependence on informal lenders and personal support networks, particularly among financially vulnerable households.
Technology changes how South Africans seek financial returns
The report also highlights changing financial behaviour beyond gambling. Nearly half of respondents, or 48 per cent, said they now use artificial intelligence platforms for investment advice, compared with 40 per cent who consult traditional financial advisers.
Old Mutual also noted that many consumers are using trading applications to invest in shares, cryptocurrencies and derivatives in pursuit of quick returns. While these platforms have widened access to financial markets, the report cautions that they may also expose consumers to greater financial risk when investment decisions are driven by expectations of rapid gains rather than long term financial planning.
Growing gambling market
The report’s findings come against the backdrop of continued growth in South Africa’s gambling industry. National Gambling Board data shows that total gambling turnover exceeded R1.5 trillion (US$89.4 billion) in 2025.
The OMSIM 2026 findings suggest that while confidence in South Africa’s economy is recovering, many households have yet to experience that improvement in their own finances. Rising debt, financial stress and greater reliance on borrowing continue to shape financial decisions, particularly among lower and middle-income earners. Within that environment, sports betting and online gambling are increasingly being used by some workers as a way to supplement their income, even as a significant proportion of respondents said gambling had contributed to financial difficulties over the past year.
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