30% of ghanaians are surviving on sports betting

• Nearly 30% of working Ghanaians are increasingly turning to gambling and betting to cope with daily expenses and debt pressures, according to the Old Mutual Financial Wellness Monitor.

• The report shows that although more Ghanaians say their incomes have improved, many households still fear income loss and lack enough savings to survive financial shocks.

• More workers, especially young people, are now taking extra jobs and side hustles as the cost of living and financial pressure continue to rise.

A growing number of working Ghanaians are turning to gambling and betting as a way to cope with daily financial pressures, according to the latest Old Mutual Financial Wellness Monitor.

The report suggests that nearly 30% of workers are now using betting as a coping mechanism to manage expenses and debt, even though parts of the economy are showing signs of gradual recovery.

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While some households report improved earnings, many workers still feel financially insecure and unable to comfortably meet basic needs. The report highlights the gap between macroeconomic improvements and the lived experiences of ordinary citizens.

According to the survey, 37% of respondents say they are earning more than they did a year ago, a notable increase from 22% in 2023. This suggests some improvement in income levels across sections of the workforce.

However, the report also shows that these gains have not significantly reduced financial anxiety among many households.

Among Ghanaians aged between 20 and 29, about 32% report having additional sources of income. It is attributed to rising living costs, limited formal job opportunities, and the need to meet increasing financial responsibilities.

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The report also raises concern about the growing reliance on gambling and betting as a financial coping strategy. About 30% of respondents say they are increasingly turning to betting to help cover daily expenses or settle debts.

While gambling is often seen as entertainment, its increasing use as a financial survival tool reflects deeper economic vulnerability.

The country’s recent macroeconomic indicators show some signs of recovery, including easing inflation and improved income sentiment in parts of the economy.

The rise in side jobs and informal income activities also reflects a broader shift in the structure of employment in Ghana. More workers are relying on freelance work, trading, and informal sector activities to bridge income gaps left by formal employment.

The growing visibility of betting platforms, particularly through sports sponsorships and digital advertising, has made gambling more accessible to young people.

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This has contributed to concerns among analysts about its increasing normalisation as a financial coping mechanism rather than just a leisure activity.

To sum it up, the report suggests that while Ghana’s economy may be showing signs of stabilisation, many workers continue to face financial strain.

For a significant portion of the working population, survival increasingly depends on multiple jobs, or high-risk attempts to make quick money through gambling.