| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Gambling on a Downslide in South Africa, Study Reveals
- Sunday, 30 Apr 2006
According to a market-review study on the socio-economic impact of gambling in South Africa, it has been revealed that gambling as a whole is on the decline in the country. The bottom line of a market-review study organized by the University of South Africa and commissioned by the National Gambling Board is that South Africans are gambling less and less. The study which was aimed to examine the socio-economic impact of gambling on the South African population has revealed that the South African gambling market has matured within a relatively short time period.
The report showed how the gambling industry now contributed just under 1% of South Africa’s economy or gross domestic product, while only 1,7% of household budgets was spent on gambling. It explained that participation in gambling has declined dramatically compared to the frequency levels reported during the primary phase of South Africa’s new gambling industry between 1997 and 2002. The report continued that the novelty of gambling in South Africa has worn off and people have become better educated and more realistic about the wealth potential of gambling. People now realize that it is a leisure and recreation activity and not an answer to all their financial needs
The survey also found that found that South Africans spent R11,6-billion on gambling in 2005, or 0,9% of GDP, up from just under R9-billion in 2003. Casinos accounted for 70%, the lottery and scratch cards nearly 22% and horse racing 6% of spending. The report concluded that while the frequency of gambling has decreased, the quality has certainly increased and with the new laws in place, the casinos and gambling market can expect a promising future.
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