The rapid growth of the sportsbook segment in South Africa is a testament to the country’s economic development. The niche has become the main driver of the local entertainment industry. The state’s National Gambling Board estimated the market’s total revenue for the last FY at R59.3 billion (€2.9 billion).
Key Figures from the Regulator’s Report
In 2023/24, the sphere’s profits increased by a substantial 25.7% compared to the previous financial year.
Annual numbers were as follows:
- R23.3 billion in 2020/21;
- R34.4 billion in 2021/22;
- R47.1 billion in 2022/23.
The largest growth was observed in the sports betting niche. Other segments remained almost unchanged. The slot machine sector saw a 26.5% YoY rise, but this result was not decisive against the backdrop of overall flat casino revenue.
Diversity of Betting Products: Regional Feature
The RSA’s population is open to all forms of real-money wagering. This peculiarity has made the country gain a reputation as Africa’s largest horse racing market.
Other disciplines popular in the state:
- rugby;
- boxing;
- cricket;
- football;
- mixed martial arts.
Between 2018 and 2023, the combined turnover of bookmakers and iGaming operators increased by 72%. This figure is a record among all personal services sectors in the state.
Local reports from major niche companies confirm the overall FY results. SunBet Group, owned by the Sun International corporation, reported 70.7% YoY revenue growth to R874 million. To compare, its earnings for H1 2024 amounted to R512 million. Meanwhile, urban casino venues generated R3.2 billion in GGR, a 1% decline from the previous year.
Impact of Betting on the RSA’s Economy
Gambling has become one of the largest service industries in the country. As of December 2024, South Africa’s public debt stood at approximately $300.2 billion. Meanwhile, economic indicators showed GDP growth of 0.8% in the 2nd quarter. The government is interested in maintaining this trend, so the most favourable conditions for the sphere’s development will likely be created.
Amid high expectations, active discussions are underway on regulatory reform. The debate began in 2022, since the lack of thorough legislative oversight is a direct path to the growing shadow sector. A key step was the adoption of the Remote Gambling Act in December 2024. The document provided detailed instructions for modernising the outdated framework for all real-money entertainment verticals.
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