The gambling industry in South Africa experienced a significant boom in the 2023-24 financial year, with gross gambling revenue reaching a record ZAR59.3bn (£2.58bn/€3.07bn/$3.37bn). This marked a 25.7% increase from the previous yearly record of ZAR47.12bn in 2022-23, according to the latest report from the National Gambling Board.
Sports betting proved to be the dominant revenue generator, accounting for ZAR35.91bn or 60.5% of total revenue. This represented a substantial 51.2% increase from the previous year. Online sports betting in particular saw significant growth, with ZAR28.97bn in revenue making up 49% of the overall revenue. However, it is worth noting that online sports betting is currently only legal in select provinces.
Retail betting revenue also saw an increase, amounting to ZAR6.94bn and making up 19% of all betting revenue. The growth in the sports betting sector was not mirrored in other areas of the industry. Retail casino revenue remained relatively flat at ZAR17.36bn, while revenue from limited payout machines (LPMs) decreased by 1.9% to ZAR4.15bn. Bingo, on the other hand, saw a 2.4% increase in revenue to ZAR1.89bn.
Consumer spending on gambling also soared to new heights, with a total of ZAR1.14tn wagered in the 2023-24 financial year. This marked a substantial 40.2% increase from the previous year’s record of ZAR815.11bn. Sports betting accounted for the majority of wagers at ZAR761.26bn, representing 66.6% of total wagers. Casino gambling followed closely behind, with players spending ZAR297.42bn, representing 26% of all wagers.
The breakdown of gambling activity by province revealed that Western Cape led the way in terms of revenue, generating ZAR18.79bn. This revenue was fueled by ZAR353.19bn in player bets, making Western Cape one of the top provinces for legal online sports betting. Gauteng, the most populous region in South Africa, ranked second with ZAR13.10bn in revenue from ZAR173.7bn in bets. Mpumalanga saw the highest amount of wagers at ZAR359.34bn, but ranked third in revenue at ZAR12.98bn.
Overall, the gambling industry in South Africa experienced unprecedented growth in the 2023-24 financial year, driven largely by the surge in sports betting revenue. As consumer spending continues to rise, it will be interesting to see how the market evolves in the coming years.
