Major online casino operators in the UK are beginning to implement rules which will place a cap on young gamblers from losing more than £500 per month.
Flutter Entertainment, the group behind Paddy Power and Betfair said that customers under the age of 25 will be limited to losses of £500 per month in an effort to curb potential problem gambling in young people. The group has indicated that any adult under the age of 25 is able to prove that they can afford to lose more than this amount by going through a “detailed process” to check their finances before the limit is increased.
As at the time of writing, the government is yet to make an announcement as to what changes will be made. Cynics have called the move by Flutter Entertainment as ‘self-preserving’ stating that if it wasn’t for the upcoming changes to gambling laws, operators would not have introduced betting limits.
The introduction of these new betting limits policy comes at a time of upheaval where online gambling in the UK is concerned. Last year, the government announced that the 2005 Gambling Act, the law which regulates gambling in the country, would undergo an overhaul which would ‘bring it up to date with the modern world.’
Others are of the view that whilst imposing betting limits on those perceived more vulnerable is a positive move, most gamblers should be free to choose how to spend their cash without having to send sensitive financial documents to their bookmakers or online casino.
Are Other Online Casinos Set to Follow Flutter’s Example?
It is expected that many of the other top UK online casinos will follow the example of Paddy Power and Betfair by initiating betting limits on under 25s. However, all online gambling operators offering their services to UK gamblers already have an obligation to protect vulnerable players.
The United Kingdom Gambling Commission require all UK licensed bookmakers to offer all their players easy to access information related to safe and responsible gambling practices. These same bookmakers are also required by the UKGC to work with GAMSTOP, the self-exclusion tool.
Nigel Huddleston, the Parliamentary Under-Secretary of State for Sport, Heritage and Tourism stated that the government want to find a middle ground for increasing gambling regulations. He stated that it was imperative to strike a careful balance between individual freedom and protecting the vulnerable.
European Countries Regulating Their Own Gambling Markets
The UK gambling market is one of the most regulated in the entire world and generates millions per year for the government’s treasury in taxes. After the Dutch Remote Gambling act came into effect earlier this year, online casinos in Holland can begin accepting players in October. The market will once again be fully regulated in the country. Before the act was introduced, Dutch gamblers were forced to play at nonregulated bookmakers which meant they were potentially at risk.
The main counterargument which online bookmakers call to when they foresee the potential of further regulations is that too much regulation will send gamblers to operators which are not regulated at all, thus putting the gambler at an increased risk.
