Category: Business
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Not all fun and games: Online sports betting boosts gambling revenues to record highs
South Africa’s gambling industry generated R47.2-billion in revenue in the last financial year, the highest amount ever recorded. This record growth is being driven largely by online betting, which accounted for more than half the revenue, according to the National Gambling Board’s most recent annual report. South Africans placed R418-billion worth of bets last year,…
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How South Africans are changing their banking habits
South Africans are moving away from traditional banking halls and physical cards to banking on smart devices and cellphones. Standard Bank clients spent R9.3-billion using digital wallets in the past year. It sounds incredible, until you compare it with FNB clients, who spent R31-billion using their smart devices in the six months between July and…
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Mobile money: Sub-Saharan Africa leads banking revolution with nearly half the world’s accounts
Sub-Saharan Africa has dominated the global mobile money landscape since 2013, and now boasts twice as many registered accounts as South and East Asia and the Pacific. According to the GSMA’s 2024 state of the industry report, the region has 835-million registered mobile money accounts, nearly half of the world’s 1.75-billion accounts. Last year, 62-billion transactions worth $912-billion were processed in Sub-Saharan…
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As Venetia mine transitions underground, SA’s diamond production drops to 6m carats
Diamond mining production in South Africa has hit a 10-year low. The country was producing an average of 8.5-million carats a year, but by 2023 this had dropped to 6.1-million carats. The reason for this is that De Beers’ Venetia diamond mine reached the end of its open-pit operations in December 2022. The mine, which…