British MPs are concerned that the coronavirus lockdown may induce gamblers to make riskier bets and are urging gambling caps of £50 a day to combat this situation.

Why a gambling cap?

The MPs are supporting a £50 per day gambling cap on all online gambling platforms till the COVID-19 crisis subsides. As mainstream sports take a backseat and major sporting events get canceled, the punters could be pushed to take riskier wagers. Both the Grand National and the Premier League have been suspended and gambling companies are inducing users to participate in computer-generated virtual sports and online games.

According to a Guardian, an internal mail sent by a William Hill senior manager advised employees to talk to customers and find out if they would like to bet on alternative sporting events like Japanese baseball and table tennis. William Hill’s US Twitter account is also urging users to bet on international soccer events like the Belarus Premier League. Other firms, like 32Red, are now promoting online casino games on Twitter. Note that online casino gaming has much higher rates of adduction as compared to sports betting.

Fines come crashing

Recently, Betway was hit with a record of £11.6 million fine for gambling-related failures. MansionBet has several Google listings that are urging people to participate in virtual events where they will be allowed to bet on some computer-generated events. One Spanish man who set up an international tournament for players of the FIDA computer game. He was furious at bookmakers for offering odds on his game and said that they must stop immediately.

Most gambling companies have experienced a heavy downfall in their share prices after major sporting events were canceled. In a letter to the Betting & Gaming Council, an industry trade body, the lawmakers urged companies to stop putting customer wellbeing as their second priority. SNP MP Ronnie Cowan, Conservatives’ Iain Duncan Smith, and Labor’s Carolyn Harris wrote,

“We are deeply concerned that as we go deeper into this crisis, more and more people will turn to online gambling as a distraction.”

They added,

“If the industry were to self-impose a daily limit of £50 … it would be a clear demonstration that the industry is willing to act responsibly and do what they can to protect society and peoples’ finances, at this dreadful time.”

They have also asked the gambling companies to block customers from creating multiple accounts. They must also act quickly as soon as a customer starts showing signs of problem gambling.