BUSINESS NEWS - For people struggling to make ends meet, the possibility of a big win can offer a temporary sense of hope. 

A Lotto ticket or bet may represent the chance to pay off debt, cover school fees or ease the pressure of rising living costs.

However, when gambling becomes a perceived solution to financial difficulties, it can create further financial strain for individuals and their families. 

Therèse Havenga of Momentum says gambling offers more than the possibility of winning money. It can also provide temporary relief from the feeling of being financially trapped, making it easier for people to see betting as a potential escape from circumstances that require a longer-term solution.

Stats SA reported substantial growth in income from online gambling services between 2018 and 2023, highlighting the expanding role of digital gambling in the country.

The appeal of a quick financial fix

When debt consumes a large portion of someone’s income, saving even small amounts can feel insignificant compared with the outstanding balance. The prospect of a jackpot can appear to offer a shortcut to financial stability. 

Although the odds of a substantial win are low, the emotional appeal can be powerful. Placing a bet may temporarily replace feelings of helplessness with anticipation that circumstances could change overnight.

Occasional wins can reinforce this behaviour. People may remember a successful bet, a near miss or someone else’s winnings more vividly than the money they have lost over time. This can lead to chasing losses, where a person places further bets in an attempt to recover money already spent. 

Instead of accepting the loss, they continue gambling in the hope that the next attempt will make things right.

The result can be a cycle in which further losses increase financial pressure and create an even stronger desire to win the money back.

The wider cost of gambling

The consequences of gambling-related financial difficulties often extend beyond the individual. Money intended for groceries, rent, transport, school fees and other essential expenses may be diverted towards betting. Unpaid accounts and growing debt can place additional pressure on households, including family members who do not gamble themselves. 

Financial stress can also contribute to feelings of shame, anxiety and isolation, making it harder for people to discuss their circumstances or seek assistance.

Simply telling someone to stop gambling may not address the underlying reasons for the behaviour. Where gambling has become a way of coping with stress, financial insecurity or emotional distress, support needs to address both the gambling and the circumstances contributing to it.

Steps towards financial recovery

Regaining control starts with establishing the extent of the financial damage and taking practical steps to prevent further losses.

People experiencing gambling-related financial difficulties can consider the following measures:

• Calculate the full cost: Review deposits, bets, withdrawals and losses to understand how much money has been spent, rather than focusing only on occasional winnings.
• Limit access to gambling: Delete betting applications, remove stored payment details and unsubscribe from promotional messages.
• Consider self-exclusion: Contact gambling operators about available self-exclusion options to restrict access to their services.
• Seek support: Speak to a trusted person or a professional support service about gambling behaviour and its financial consequences.
• Develop a debt repayment plan: Prioritise essential living expenses and outstanding obligations, and work towards a realistic repayment strategy instead of attempting to recover losses through further betting.

Addressing gambling-related debt requires an honest assessment of the situation and a structured plan. Another bet cannot provide a reliable solution to money already lost.

Building a more sustainable form of hope

Financial recovery rarely happens overnight. It often requires consistent decisions, realistic goals and the willingness to seek help when circumstances become difficult. Small steps, such as setting aside affordable amounts for savings, reviewing spending and developing a manageable debt repayment plan can help rebuild financial stability over time. 

The challenge is to distinguish between the hope of a sudden windfall and the confidence that comes from taking practical steps towards a more secure future.

For households under financial pressure, the money spent on repeated bets could instead have contributed towards essential expenses, debt repayments or savings.

Financial hope does not have to depend on chance. A realistic plan, supported by consistent decisions and appropriate assistance, offers a more sustainable path towards financial wellbeing.

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