Personal Finance Expert Warns Sports Betting Can Lead to Debt

Many people enjoy big sports events like the FIFA World Cup. These games also lead more people to try sports betting. A personal finance expert says this can become a big problem.

Laura du Preez, who works with Smart About Money. Said many people place bets because they feel excited. They also hope to win money very fast. She said many ads and phone apps make betting easy.

Du Preez said small bets may look safe at first. But many people keep betting after they lose. They hope they will win their money back. Most of the time they lose even more.

She said betting becomes a real problem when people use money meant for food, school, bills or paying debt. She also warned people not to borrow money to gamble. If that money is lost, the debt keeps growing.

Du Preez said betting gives people hope of a big prize. Many people dream about paying bills or buying nice things with the money. But she said the chance of winning is much lower than the chance of losing.

She also said some people can become addicted to gambling. This makes it very hard for them to stop betting.

A 2024 survey by Old Mutual found that about 36% of people who gamble do it to help pay debt or daily costs. The number is even higher for some people with lower incomes.

Du Preez said people often hear about the winners. They do not see the many people who lose money. She reminded everyone that betting companies usually make the most money.

She asked people to think carefully before placing a bet. Saving money and paying debt may take more time but they are safer ways to build a better future.