US EditionSouth Africa: The Facilitators, Criminals and Money Launderers in SA's Gambling Crisis
Banks, retailers, and voucher providers channel billions into online gambling, targeting vulnerable groups while official figures show a 45% revenue increase to R52 billion last year.
3 Articles
3 Articles
South Africa: The Facilitators, Criminals and Money Launderers in SA's Gambling Crisis
Greedy local financial service giants and offshore betting pirates are helping drive our vast and fast-growing online gambling crisis, while the industry is also shaping up to be a major money laundering risk.
The facilitators, criminals and money launderers in SA’s gambling crisis
Greedy local financial service giants and offshore betting pirates are helping drive our vast and fast-growing online gambling crisis, while the industry is also shaping up to be a major money laundering risk.
SA’s gambling crisis: facilitators, criminals and money launderers - AmaBhungane Centre for Investigative Journalism
The online gambling industry, which is fast reaching catastrophic proportions in South Africa, does not exist in a vacuum. It requires accommodative regulations and tax regimes – which SA’s antiquated and fragmented legislation supplies in spades. It feeds off a desperate population that wants to believe in the life-changing potential of an elusive jackpot. Above all, it needs a financial system that facilitates funnelling billions in bets throu…
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