BETTING SOUTH AFRICA Lack of regulation hampers growth of gambling sector 2 years ago Szarlot Post Views: 354 Online gambling and betting platforms have gained irreversible traction through the Covid-19 lockdown periods, but the lack of government regulation is hampering the sector as the industry grows into multi billions of revenue, according to Sunbet, a subsidiary of Sun International Resorts. A virtual conference was held this week looking at the legalities of online betting versus online gambling and the lack of a regulatory environment, which has seen some South African players losing in high stakes. Sunbet’s general manager, Nitesh Matai, said in 2020 alone the Western Cape gambling scene generated more than R8.7bn in revenue, which had grown exponentially, particularly on a national level since then. Commentators at the conference said the biggest hiccup yet yet had been the lack of government oversight, which had seen a rapid mushrooming of betting cafés which more often than not take advantage of players. However, the lack of government regulations was allowing a lot of global operators, not based in South Africa to operate, who were actually not even based in South Africa. “They are not paying tax here, they are taking the money away. There are as many casinos out there as there are people willing to play. There is a poor regulatory environment. The government fails to close down the illegal gambling houses,” – said Matai. He said the issue was compounded by the banking sector, which could, if willing, keep tabs on the illegal gambling houses because customers used money within the sector to finance their play. He said the established land gambling houses faced pressing restrictions while illegal gambling houses got away with operating like internet cafés and escaped the scrutiny of the law. Currently, owning, operating, and gambling in online casinos is illegal within South African borders. Since 2010, the act of online casino gambling has been strictly prohibited in South Africa. Source: iol.co.za About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: South Africa, sports betting, SunBet Continue Reading Previous SA wannabe online gamblers’ long wait as regulation dragsNext Playcasino Releases Reveal-All Guide on South African Lottery More Stories EXPERTS SOUTH AFRICA Emerging trends and future prospects: African and UK gaming laws 23 hours ago Szarlot BETTING TANZANIA SportPesa plays a crucial role in turning boxing a money-making business 2 days ago Samuel BETTING KENYA Betwinner Expands Sport Betting Options to Over 45 Sports 2 days ago Samuel ONLINE SOUTH AFRICA MTN outlines big financial services expansion plan 2 days ago Szarlot BETTING KENYA Nairobi Businessman Wins KSh 2m SportPesa Jackpot 5 days ago Samuel BETTING SOUTH AFRICA Pariplay® set for rapid South African expansion following Bet Network deal 5 days ago Samuel BETTING UGANDA Bookmakers in Uganda: Which Sites Offer the Fastest Payouts? 6 days ago Samuel BETTING NIGERIA Nigeria’s Portable Becomes LuckyBet Brand Ambassador 6 days ago Szarlot BETTING NIGERIA Eguavoen, Amokachi laud sponsor of grassroots football tourney 6 days ago Iwo Bulski BETTING KENYA Ten new betting firms enter market within two months 7 days ago Samuel BETTING NIGERIA With the 1xBet support, 1XCUP starts in Lagos – a football tournament for amateur teams with a 5,000,000 NGN prize pool 7 days ago Iwo Bulski BETTING NIGERIA Abios Powers Nigerian Esports Betting Brand Oyawin with Data and Widgets 7 days ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.