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South Africa’s Sports Betting Vertical Demonstrates Impressive Upturn
Central Figures from the Report
In 2023/24, the sector’s revenue experienced a significant increase of 25.7% relative to the preceding FY.
Annual figures are presented below:
- R23.3 billion in 2020/21;
- R34.4 billion in 2021/22;
- R47.1 billion in 2022/23.
The sportsbook vertical saw the most substantial rise. Other niches remained stable. The slot machine segment experienced a 26.5% YoY upsurge, but this outcome was not decisive given the overall resilience of casino profits.
Variety of Wagering Products: Regional Specifics
The RSA’s residents participate in all types of real-money betting. Due to this peculiarity, the country has earned a reputation as Africa’s biggest horse racing market.
Other popular sports in the region include:
- rugby;
- cricket;
- football;
- boxing;
- mixed martial arts.
From 2018 to 2023, the combined revenue of sportsbooks and online casinos grew by 72%, setting a record within all personal services sectors in the country.
Major local brands reaffirm the overall FY results. SunBet Group, Sun International’s division, saw a 70.7% YoY profit increase to R874 million, while its H1 2024 revenue, for comparison, totalled R512 million. Meanwhile, urban casino facilities reached R3.2 billion in GGR, marking a 1% decrease from the previous year.
How Betting Influences the RSA’s Economy
Gambling has evolved into one of the country’s largest service sectors. By December 2024, South Africa’s public debt was around $300.2 billion. At the same time, economic data indicated a 0.8% GDP growth in the 2nd quarter. The local government aims to sustain this momentum, so it is likely to foster the most supportive conditions for the industry’s progress.
Amid high expectations, ongoing discussions concentrate on regulatory reform. The debate commenced in 2022 due to concerns that insufficient legislative oversight is fuelling the expansion of the grey market. A significant milestone was the adoption of the Remote Gambling Act in December 2024, which outlined comprehensive guidelines on how to modernise the outdated framework for all real-money amusement segments.
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