The post South Africa Flags Offshore Gambling Sites for Taking $2.9bn From Economy appeared first on Vegas Slots Online News.
Illegal gambling activities are reportedly draining R50bn ($2.9bn) from the South African (SA) economy every year, according to the South African Bookmakers’ Association (SABA).
nearly two-thirds of SA online gambling spend
The betting trade body stated Tuesday that the figure accounts for nearly two-thirds of SA online gambling spend, and that most of the nearly $3bn in funds flows out of the country to “vanish” offshore.
SABA claimed that illegal online gambling had hit crisis levels, threatening consumers, legitimate operators, the tax collection system, and the African country’s economy. According to a SABA-commissioned Yield Sec report for 2023/24, approximately 62% of all SA’s online gambling activity takes place on unregulated platforms.
The Yield Sec report also stated that the unlicensed sites numbered 2,084 and targeted SA citizens with approximately “16 million people, or 27% of the population, estimated to have engaged with illegal platforms in the past year.”
According to the Daily Investor, Old Mutual’s Savings and Investments Monitor for 2025 reported 52% of working South Africans gamble, with men aged 30 to 49 most likely to do so.
The post South Africa Flags Offshore Gambling Sites for Taking $2.9bn From Economy appeared first on Vegas Slots Online News.
