This youth month, the FSCA is warning the youth on the dangers of gambling which can turn into an addiction and has catastrophic ripple effects on families due to financial losses.
The South African betting industry, encompassing sports betting and online casinos, has seen its revenue increase from R8.8 billion during the 2019/20 financial year to R23.7 billion in 2022/23. The skyrocketing profits from these platforms are happening against the backdrop of increasing unemployment rates, of which 50% are amongst the youth, and an increasing cost of living for South Africans.
While gambling can be a legitimate recreational activity, its rapid growth and potential negative impact on youth in South Africa in particular, emphasize the need for awareness, regulation, and preventive measures.
Take a look at a series of infographics that highlight the dangers of gambling.
Gambling and other risky behaviour is not a sustainable option to building wealth and a legacy for future generations. The FSCA encourages the youth to research more sustainable ways to make money and gain skills online to help them to become more marketable. There are healthier responses to tough economic times.
This content was brought to you by the FSCA, as part of a financial literacy programme for Youth, in honour of Youth Month. For more free financial literacy information visit www.fscamymoney.co.za.
If you or a family member are struggling with addiction to gambling contact the National Gambling Board by visiting: https://www.ngb.org.za. or visit https://gamblersanonymous.org.za/
