Gambling regulator to introduce financial checks for large bets

Online gamblers who lose substantial amounts of money will be subject to financial checks, the Gambling Commission has announced.

Following a trial of measures first proposed in a 2023 review of the Gambling Act, the regulator confirmed it will set up implementation groups over the summer to establish a staged approach.

At the final stage, over-25s who spend over £1,000 in 24 hours or £3,000 in 90 days will be required to undergo a Financial Risk Assessment. For under-25s the figures will be set at £750 and £2,000 respectively.

Debt

Helen Rhodes, the Commission’s Director of Major Policy Projects and Evaluation, emphasised the importance of action amid evidence that “some high-spending gambling customers are experiencing current financial difficulties but are not being identified or supported by gambling businesses.

“High-spending customers are between two and four times more likely to have a debt management plan and between two and five times more likely to have a default in the previous 12 months than consumers in the wider population.

“Without being identified, they may continue to receive marketing and promotional offers encouraging further gambling”.

Lives

The Institute’s Head of Communications Angus Saul welcomed the approach, but warned there is much more to be done.

“Gambling wrecks lives. Society needs to hear the voices of those who have stepped down this path, some of whom only have family members to speak for them now.

“We need to campaign for wholesale change at every level to lift the industry’s grip on our society. This is a good step, but we mustn’t rest here”.

World Cup

Speaking before the start of this year’s FIFA World Cup, Paul Nash spoke about how he lost £100,000 to sports betting.

Nash started betting on football while at university, and over the next decade lost tens of thousands of pounds to the point of sometimes being unable to pay the £3 bus fare to his workplace. After getting in touch with the National Gambling Helpline, he has been able to stop.

An estimated £26 billion was bet on the 2022 World Cup, with some predicting this could increase to £37 billion for this year’s competition. Nationwide found that 68 per cent of gamblers expect to spend more on bets this year, primarily because of the World Cup.