Old Mutual says more South Africans are hoping Lady Luck can help them make ends meet, noting an uptake in online gambling.
Lester Kiewit speaks to Gamblers Anonymous’ volunteer and recovering addict, Larry about the uptake in online gambling.
The state of people’s bank accounts, pockets, purses and mattresses have worsened in the last year as the cost of living continues to rise.
Old Mutual’s 2023 Investment and Savings Monitor reports less saving as more people take on more debt to make ends meet.
The survey interestingly notes that while people are experiencing a tougher economic climate, there was a 6% increase, from 43%, in online gambling in the last year.
Larry notes contributing factors:
• People turn to gambling as a quick fix to try to supplement their income
• Growth/prevalence of marketing and advertising of gambling
• Wider variety of gambling products that are on offer, making it easier
• The marketing of these products is glamourised in the public space, there is no watershed
Online gambling is very much instant gratification, you want to go to the place where you are going to be able to get your quick fixes as quickly as possible. I would not be surprised if casinos and horse racing establishments have an online offering.
Larry, Gamblers Anonymous
Gamblers Anonymous aims to get people the help they are looking for to not only get a handle on their finances but tackle the emotional problems that come with gambling.
Larry says that gambling is just another method that some people use to ‘self-medicate’ a trauma or stress and anxiety – such as struggling to make ends meet.
We see gambling not as a financial problem but as an emotional problem where people are seeking an emotional place to isolate, similar to when people might have problems and they might find solace in having a drink or taking a drug.
Larry, Gamblers Anonymous
He notes more often, people only seek help when they have essentially hit rock bottom.
Gambling should be seen as a form of entertainment… Just like with alcohol or drugs, some people can manage that, but addicts cannot.
Larry, Gamblers Anonymous
To find out more, visit the Gamblers Anonymous website here.
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