South Africa gambling revenue up more than 25% in 2023-2024 fiscal year, reaching US$3.37B

Wednesday, October 9, 2024 8:09 PM
Photo:  Shutterstock
  • Robert Fletcher, iGaming Business

Gross gambling revenue in South Africa hit a record ZAR59.3bn ($3.37bn) in the 2023-24 financial year, while player spending also reached an all-time high.

Revenue was 25.7% higher than ZAR47.12bn in 2022-23, the existing yearly record for South Africa. The latest report from the country’s National Gambling Board covers the 12 months to 31 March 2024.

Sports betting was again by far the largest source of revenue, generating ZAR35.91bn, or 60.5%, of all revenue. This is 51.2% more than in the previous year.

Of this, ZAR28.97bn was revenue from online betting, with the vertical accounting for 49% of overall revenue in 2023-24. Online sports betting is currently only legal in the Northern Cape, Western Cape, Mpumalanga, Limpopo and North West provinces.