In experts South Africa Alarms are ringing, saying that many low income people, 41% as much Among them, turn to gambling in an attempt to pay bills and rent. They suggest a combination of strict rules and educate the public to prevent the related trend.
A large part of South African people gambling to pay bills
In a recent interview, Old Mutual Matsung Thabo HoloAn experienced social impact businessman with more than 20 years of experience within the financial services industry talked about the increasing number of low -income people gambling to pay the expenses of life. In the interview, Holo and their hosts, Vasanga Mehana, discuss how each year, South African people almost spend R1 Trillion ($ 55 billion) At stake, with accounting for sports betting R700 billion (about $ 38 billion) Of that clan. About 41% low income earnings, who are earning R8,000 and R15,000 ($ 442 to $ 829) per monthIn an effort to meet your basic living expenses, resort to gambling.
It often leads to a vicious cycle of debt, poverty and addiction. Young people in South Africa are particularly unsafe for an increase in betting. According to Holo, the development of online gambling has made people worse by providing continuous, unrestricted access to people.
Holo’s words are supported John Manaike, Head of Financial Education in Old MutualAccording to him, gambling has a significant emotional effect, given that excessive gamble is becoming a widespread issue. He explains that it essentially leads to financial stress, especially among those under pressure, as many continue to gamble in an attempt to recover losses from previous stakes.
Many people also refer to reports of suicide persons due to adequate gambling loss. Many people have highlighted that gambling may result in loss of family relationships and may lead to some people to take intoxicating and other harmful behaviors, performing intensive emotional and financial damage.
Why are so many people choosing to remove their small income?
According to Manyike, a major issue is how many people reduce the possibilities of winning, which contributes to the problem. He explains that the structure of betting structures is designed to maintain their profits for speculators. Betters often believe that they have a better chance to win as much as they actually do.
In fact, there is an underlying loss within the system, which is fundamentally on the side of the house. However, suddenly the imagination of waking up a millionaire continues to pull people to gamble again and again.
What can be done?
Many explained that the solution of this issue is to educate the public, while gambling is also strict rules for advertising and licensing. In addition, he thinks that gambling operators should allocate a specific percentage of their profits towards awareness campaigns. These initiatives will not necessarily need to operate themselves by operators, but can be managed in collaboration with independent organizations, NGOs or government agencies. The goal will be effectively to increase public awareness about gambling risks and promote responsible gambling practices.
