South African Reserve Bank corrects gambling spending interpretation amid online betting surge
SARB said distinguishing turnover from revenue is necessary for accurate policy assessment of the gambling sector.
South Africa.- The South African Reserve Bank (SARB) has clarified reports claiming that South Africans spent R1.5trn (€75bn) on gambling in 2024, stating that the figure represents betting turnover rather than actual household spending.
In its March 2026 Quarterly Bulletin, SARB explained that turnover measures total bets placed, including recycled winnings, and therefore does not reflect net losses or true household consumption.
Turnover rose from R358bn (€17.9bn) in 2015 to about R1.5trn (€75bn) in 2024, driven by stronger participation in betting activity, particularly through online platforms. The central bank noted that gross gambling revenue (GGR), which deducts payouts from total wagers, provides a clearer measure of what households effectively spend.
GGR increased from R26.3bn (€1.315bn) in 2015 to R74.5bn (€3.725bn) in 2024. Despite the rise, SARB said gambling remains a relatively small portion of total household expenditure.
Under inflation and consumption statistics, gambling is recorded as games of chance, accounting for 1.3 per cent of household spending in 2024, compared with 1.1 per cent in 2015. The share of GGR relative to total household spending also increased from 0.9 per cent to 1.6 per cent over the same period.
Broader household data for 2025 showed real consumption expenditure rose 1.2 per cent in Q4, supported by higher disposable income and improved confidence. Debt levels increased slightly, with household debt rising to 61.8 per cent of disposable income, while debt servicing fell slightly to 8.4 per cent.
Wealth levels improved as equity markets strengthened, with the FTSE/JSE All-Share Index gaining 37.7 per cent in 2025. However, real fixed investment fell 2.2 per cent year-on-year, and employment growth slowed to 0.1 per cent in Q4 2025, with only 44,000 jobs added.
The central bank said distinguishing turnover from revenue is necessary for accurate policy assessment of the gambling sector as online betting growth continues to shape financial reporting, taxation expectations and household consumption tracking across national accounts and regulatory frameworks.
