More than half of South African workers are turning to sports betting and online gambling to plug budget shortfalls and pay off existing debt, according to the Old Mutual Savings and Investments Monitor 2026.

The study revealed that about 53% of South African workers between the ages of 18 and 65 earning at least 8,000 rand ($477) a month engage in wagering, with 42% doing so frequently in hopes of generating money to cover living expenses and debt obligations. The financial squeeze is particularly pronounced among lower- and middle-income households, where 52% of individuals earning between 8,000 and 15,000 rand monthly rely on betting to supplement their cash flow.

Addressing the findings during a briefing, Head of Brand at Old Mutual, Vuyokazi Mabude, noted, “You see 22% of people finding themselves in financial difficulty due to gambling in 2026.” She added that the proportion of respondents feeling financial pressure has doubled since 2025 to reach 26% among those earning under 30,000 rand monthly.

The report highlights a growing risk to household balance sheets, noting that wagering erodes fragile emergency savings buffers and deepens debt cycles. Furthermore, the survey found that 48% of respondents rely on artificial intelligence platforms for investment advice, compared to 40% who consult traditional financial advisers. Old Mutual Wealth Chief Investment Strategist Izak Odendaal warned regarding AI-driven financial guidance, “That is all good when it works, but if it doesn’t, people end up in trouble.”

Data from the National Gambling Board shows that total gambling turnover in South Africa exceeded 1.5 trillion rand by 2025. Statistics agency figures indicate that gambling now accounts for roughly 1.6% of total household consumption expenditure, ranking just behind spending on beer.