GamCare Advocates Implementation of Scheme for High-Risk Traders

GamCare Advocates Implementation of Scheme for High-Risk Traders

GamCare has already expressed worry about high-risk stock trading. Recognizing the growing dangers linked with these activities, the leading provider of problem gambling support, free information, and guidance in the United Kingdom advocates for the establishment of a self-exclusion program for high-risk traders. 

GamCare pushes for Self-Exclusion Scheme

While the vast majority of consumers trade and invest in stocks and cryptocurrencies without incident, GamCare’s National Gambling Helpline has noticed an alarming increase in the number of calls suffering high-risk trading consequences. According to GamCare, an increasing number of callers describe financial and mental health issues comparable to those associated with problem gambling. Many of these individuals claim to spend dozens of hours each day trading on their smartphones, depositing money, and chasing losses while concealing their activities from their families.

GamCare arranged a series of workshops to gain a better understanding of the problem and to identify the most effective solutions. They solicited input from a variety of industries, including support services for gamblers and financial institutions. GamCare discovered during the discussions that government authorities, the Financial Conduct Authority, real-money casino and sports betting operators, the debt advice sector, and support services for gamblers may consider implementing a self-exclusion plan. To address this issue, GamCare’s suggested self-exclusion mechanism would be implemented across all platforms that currently provide high-risk day trading and other risk investments, such as cryptocurrency trading.

This industry has seen rapid expansion in recent years, but it also carries a greater risk of injury for dealers. GamCare’s workshop participants discussed the best protective techniques and technologies that may be implemented to these high-risk cryptocurrency trading platforms to keep vulnerable individuals safe. A strong self-exclusion strategy could help prevent harm from these activities before they become a reality. GamCare also collaborated with LAB, Ignition House, and City University to create a new study examining the dangers of online gaming. GameStop and GamCare reported an increase in the number of women gamblers at high risk of gambling damage in February, as well as an increase in the number of gambling addicts who use the self-exclusion option but do not actively seek treatment from the charity’s national hotline.

Important Notes

According to Jack Symons, CEO of Gamban, numerous high-risk trading options such as cryptocurrencies, binary options, and contracts for difference are comparable to traditional gaming platforms. Symons stated that these alternatives do not impose any entry obstacles or restrictions and that their characteristics are comparable to those of games. Additionally, they deliberately urge consumers to engage in excessive trading. Gamban concluded that these trading items should be added to Gamban’s blacklist after conducting its own study and consulting with the expert advisors at GamCare’s National Gambling Helpline. GamCare’s proposed self-exclusion scheme may qualify for additional Gambling Commission aid. GamCare’s advocacy for a self-exclusion tool has been bolstered by the effectiveness of the GAMSTOP tool over the last few years. The charity’s Helpline Advisors assert that they would benefit greatly from a tangible self-exclusion tool they could offer desperate callers grappling with trade services that mimic gambling.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.