For our Youth Month series of blogs, we asked 15 young South Africans about their thoughts and feelings about, and relationships with, money. A handful of them mentioned gambling either as a way to make more money, or as something not to do. Let’s take a closer look at gambling and its impact on financial wellness.
In recent years, online gambling and betting has become very popular in South Africa. Our interviewees mentioned Hollywoodbets, Aviator and Betway. The Lotto is also still a big thing, as well as gambling and betting in taverns and other places where people hang out together.
Gambling is not necessarily a bad thing, but it can turn into a monster for some people. International research shows that about 5% of the population can become addicted to gambling. The rest of us can gamble a little for the fun of it, but we know when to stop and we don’t gamble all our money away or take out loans to keep gambling.
What makes gambling fun?
Gambling stimulates the brain’s reward system much like drugs or alcohol can, which is why so many people enjoy it. Also, if you place bets with your friends while having fun and a few drinks, gambling can feel like a great way to pass the time.
When is gambling a problem?
When you keep placing bets even when you keep losing, you should start to worry. Using your savings and/or borrowing from friends and family or taking out loans so you can gamble, is a clear sign that you are heading for trouble. Other signs are lying about gambling and hiding what you are getting up to from your partner or family. In extreme cases, people with gambling problems even steal money to keep gambling.
Is it possible to balance gambling and financial security?
Yes, it is! If you like to gamble, stay out of trouble by taking these steps:
- Set limits on how much you can spend on gambling per month, given your overall budget
and expenses. - Don’t chase your losses. If you have lost the gambling allowance in your budget, go home or
leave the online site. Never tell yourself that you can win the money back. - Bank your wins. If you make a profit with your bet, take the money and leave. If you keep
gambling, you could lose it all. - Never think about gambling as a way to make extra cash. Gambling should never be more
than entertainment, and you should budget for it like you budget for your other
entertainment. - Help with gambling problems
If you or someone you know is struggling with gambling, ask for help:
- National Responsible Gambling Programme (NRGP):
Toll-free gambling helpline at 0800 006 008. - South African Responsible Gambling Foundation (SARGF):
WhatsApp/SMS HELP to 076 675 0710 or email helpline@responsiblegambling.org.za. - Gamblers Anonymous SA:
Hotlines available in Gauteng, KwaZulu-Natal and Western Cape.
