Why Payments Are Decisive for South Africa’s Gambling and Fintech Boom
05 November 2026
South Africa’s online betting market is undergoing rapid transformation as fintech and mobile money reshape how customers transact and access wagering products. With over 61% of bets now placed online through mobile apps, USSD and websites, the speed and ease of deposits and withdrawals has become a competitive differentiator.
In the year to June 2023, South Africa’s gambling industry generated a record R36.7 billion in gross gambling revenue across casinos, betting, bingo and limited payout machines, according to audited statistics from the National Gambling Board (NGB). That 19% year-on-year growth is driven largely by the surge in online gambling, which accounted for 62% of total revenue.
Online betting now has a market value of $1.2 billion in South Africa, up from $1.1 billion last year, as the country becomes a key growth market for igaming platforms. Operators are increasingly targeting tech investment and customer-centric product development to compete with rivals like Betway and Hollywoodbets, who have grown their market share through rapid expansion and well-designed online offerings.
The bets are bigger, faster and mobile-first, fueled by smartphone penetration and the rise of instant deposits via mobile wallets, money transfers and digital payment platforms. In 2022, South Africans wagered R209 billion on legal betting, with more than half going to sports. By 2025, gamblers are projected to place R310 billion in bets online.
Payment Innovation Drives Growth
For leading operators, the centerpiece of customer experience is now the payments process. "Frictionless transactions and personalized communications are critical to authentic brand engagement," notes SunBet CEO Brenda Kotze. SunBet's digital revenues increased 28% in its 2023 results, among the strongest gains in the sector.
Such mobile-first, payments-focused investments are becoming more vital as landmark payments reforms take effect, opening capital and customer access to more competitors. Starting September 2024, in a reform that gained political approval last October, key domestic payment flows will open to regulated non-banks in phases, with full access planned by mid-2025.
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The reforms include a standardized QR payment code for mainstream payment apps and fintechs, and a verified operators portal listing approved payment channels. "These developments are a game changer," Kotze predicts.
Kotze says SunBet is preparing for post-reform competition, pointing to the operator's R120 million investment in digital products and payment infrastructure in 2023, adding to its R400 million technology fund established since 2021. Other major investors include Tabcorp and South Africa's Thabo Mbeki, who launched several online sports initiatives last year.
The full impact of the payments reforms remains uncertain, but most expect intensified competition for South Africa's tech-savvy gamblers, already accustomed to real-time mobile payments. Platforms struggling with seamless deposits and optimized payment flows could face user attrition and processing issues.
The changes may also benefit payment platforms and credit products that make gambling more accessible. Industry surveys suggest more customers will enter the market through digital payments and features. In this competitive landscape, Kotze says "practical and persuasive" payment solutions will be essential for customer retention, encouraging punters to place larger wagers through platforms with superior payment experiences.