This is especially evident among young black men. Advertising from betting companies further fuels this trend, increasing participation within this demographic.
“This can be risky, particularly for young people and low-income earners, who may see gambling as a way to improve their financial situation,” said Manyike. However, he noted that losses can add up quickly, sometimes leading to financial stress.
“In a country already facing high unemployment and economic challenges, it’s important to be aware of the potential financial pitfalls of gambling.”
Unlike investing, gambling is based purely on luck, yet many believe they can develop a winning approach. The truth is that what is referred to as “the house edge” ensures that bookmakers maintain a profit over time.
The belief that the system can be beaten can lead to risky financial decisions.
“Beyond financial losses, gambling can also take a psychological toll,” Manyike said. “It can lead to stress, anxiety and even a cycle of chasing previous bets in the hope of recovering losses.”
A 2016 study by the University of Cape Town’s department of psychiatry and mental health noted association between suicidality and pathological gambling. It found that pathological gamblers were five to ten times more likely to have a history of suicide attempts than non-gamblers.
Furthermore, gambling doesn’t just affect individuals – it can have ripple effects on families, sometimes resulting in financial strain for loved ones.
“While gambling is legal,” Manyike said, “many people don’t fully understand the long-term risks involved due to a lack of financial education.”
Those who feel their gambling habits might be affecting their financial wellbeing are advised to seek support from organisations such as the South African Responsible Gambling Foundation, which offers free and confidential counselling services. Its toll-free line is 0800 006 008 or WhatsApp on 076 675 0710.
“Gambling is not a reliable source of income, and without careful management, it can lead to serious financial setbacks,” Manyike warned. “By increasing financial awareness and promoting responsible gambling, we can help people make informed decisions and avoid unnecessary financial risks.”
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