The gambling operator that owns Paddy Power, Betfair and a number of other popular betting brands has become the first bookmaker to impose limitations on the amount that young gamblers are allowed to lose. Flutter Entertainment made the move as part of its efforts to tackle the negative impact that gambling-related harm could have on its customers’ finances, jobs and personal lives.
The company, which is currently the largest online gambling operator in the UK, revealed that approximately 35,000 players under the age of 25 sometimes lost an amount that exceeded the cap in the UK and Ireland. Now, Flutter Entertainment is implementing a monthly limit on its younger Irish customers hoping the move will help the gambling sector prove it remains devoted to providing problem gamblers with maximum protection against gambling harm.
At the beginning of the week, the Irish gambling giant introduced the £500/€500 limit for its customers under the age of 25 in Ireland and the UK. The cap is intended to prevent them from generating massive losses they cannot actually afford.
According to information shared by the gambling operator, about 5% of its 750,000 customers who fit into the under-25 age category in the UK and Ireland could sometimes be affected by the newly-unveiled monthly loss limits.
Players Under 25 Years of Age Would Be Able to Lose Up to £500/€500 a Month
The past year and a half has seen increased criticism for the online gambling sector, as the gambling engagement and participation rates have rapidly increased during the lockdown periods associated with the coronavirus pandemic. Flutter Entertainment itself has reported a 59% growth in the number of its online customers in comparison to the period before the Covid-19 crisis.
The new measure has been announced at a time when the gambling sector is doing its best to prove that it is doing enough to limit problem gambling and gambling-related harm ahead of the ongoing British Government’s review of the Gambling Act. The Irish Government is also set to unveil some new legislative measures this autumn and establish a new independent gambling watchdog to control and monitor the industry.
The major gambling regulatory body in the UK – the UK Gambling Commission (UKGC) – has already introduced a ban on using credit cards for gambling transactions, while local gambling companies have made a commitment to stick to a whistle-to-whistle ban on gambling and sports betting advertising during live sports events aired on TV.
Earlier in 2021, Flutter Entertainment agreed to voluntarily implement both measures in Ireland. Only a week ago, the Irish Bookmakers Association (IBA) announced that all its members would do so before the end of the year.
The Irish gambling group cited internal research, according to which players under the age of 25 had not developed a thorough understanding of the dangers associated with massive monthly losses, so they could experience more serious gambling-related harm at a time when they are learning how to manage their finances. Still, the newly-announced measure aimed at tackling gambling customers’ losses has not been welcomed by all critics of the industry. Some anti-gambling campaigners have challenged the £500/€500 cap on monthly losses for younger players, saying that most players, not only under-25s, were not able to afford such losses a month.
- Author
Olivia Cole
