Gambling revenue growth in South Africa in fiscal year 2023-2024

The South African gambling industry reached new heights in the 2023-2024 fiscal year, recording a remarkable revenue of ZAR 59.3 billion (approximately USD 3.37 billion). This notable increase, 25.7% higher than the previous year, was mainly driven by the explosive growth in online betting, particularly in sports betting.

Key Revenue Sources: Sports betting became the primary growth driver, contributing over 60.5% of total revenue, equivalent to ZAR 35.91 billion. A significant portion of this revenue came from online betting, which accounted for nearly 49% of the market's total volume. This underscores the growing popularity of online gambling, especially in provinces where such betting is legal, including Western Cape, Limpopo, and North West.

Traditional Gambling Forms: Despite the dominance of online gambling, traditional casinos continued to generate substantial revenue — ZAR 17.36 billion, although growth was minimal (only 0.1% compared to the previous year). Limited Payout Machines (LPMs) and bingo showed either a slight decline (1.9% for LPMs) or moderate growth (2.4% for bingo).

Market Outlook: The gambling sector in South Africa is expected to continue growing, particularly through the expansion of online platforms and increased participation in sports betting. This trend will likely persist as operators adapt to changing consumer preferences and introduce innovations in the online gambling sector.