Gambling in South Africa remains a controversial subject, However, Mlungisi Mvoko, Member of the Executive Council (MEC) of economic development for the Eastern Cape firmly believes that gambling in all its forms should be legalized in the country.
He has been vocal about his views and has said that gambling in all forms should be legalized to help South Africa benefit from the increased tax revenues. Mvoko also says that liberalization of South Africa’s gambling industry would bring a host of opportunities for the locals, including creating new jobs.
He was addressing the 15th Gaming Regulators Africa Forum taking place at The Boardwalk Hotel in Port Elizabeth.
“It is still our fervent belief that through the infusion of new technologies in the 4th Industrial Revolution and optimal regulation, gaming could lead to an increase in the revenue base of the province,” he said.
Mvoko also compared the gambling industry to cryptocurrencies and said that it could help the economy as cryptocurrencies and especially Bitcoins have been sustainable and profitable for many.
“It comes as no surprise that technology has had a remarkable impact on the gaming industry. So, if you are wondering how technology is impacting the gaming industry then you need to look no further than how a cryptocurrency like Bitcoin has revolutionalized the realm of online users.”
“Obviously, in a province where these industries are major job creators and key contributors to the gross domestic product, the effects are more raving. It is therefore critical that alternative industries like legalized gaming are enhanced to diversify our economic base,” he explained.
Gambling is legal in South Africa with reasonable restrictions. Online gambling is heavily restricted to locals.