GamCare Calls for Measures against Unaffordable Lending

GamCare Calls for Measures against Unaffordable Lending

  • GamCare, the premier national provider of information, support, and free counseling for those afflicted by problem gambling, advocated for additional measures to reduce the use of credit, loans, and overdrafts for their casino and sports betting activities. 
  • In order to reduce unaffordable financing, the responsible gambling charity advocated for credit sector reform.
  • Changes may include boosting knowledge of gambling’s negative effects or introducing additional barriers before gamblers may access their finances.

 

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Gamcare

Additional Measures Against Credit and Loan Gambling Are Required

On Tuesday, the responsible gambling organization released a new research stating that there are currently few barriers preventing gamblers from obtaining loans or overdrafts for gambling purposes.

This is despite the prohibition on using credit cards for gambling that was introduced in 2020. Using information from a recent study conducted by YouGov, GamCare noted that 46% of respondents admitted to being extremely concerned about their financial condition. 

Simultaneously, GamCare admitted that inflation is likely to average 9% this year, per figures from the Bank of England. The organisation says that the combination of rising prices and easy access to loans or overdrafts for gaming puts many individuals at danger.

Changes Are Required in the Lending Sector

According to GamCare, there are activities that lenders can do to reduce unaffordable lending. Representatives from the lending sector, including gambling support services, debt assistance, regulators, and policymakers, participated in a recent special insight workshop hosted by the charity.

The workshop ultimately advocated for action in three primary categories. It advocated for changes in the loan industry, including employee training and increased awareness. 

The training found that these personnel need to have a greater understanding of how gambling harm affects their clients. The second essential modification would be to “use a gambling damage lens,” particularly when credit products are involved. 

Although GamCare admitted that financial institutions are not gambling experts, they are nonetheless able to identify growing gambling expenditures and devise intervention strategies. 

According to the charity, this might be accomplished by cooperating with other charities or individuals who have experienced the negative effects of gaming.

Last but not least, GamCare stated that problem gamblers and gamblers at risk can benefit from increased friction. 

Reducing automated credit increases or overdrafts may aid problem gamblers, according to GamCare. Introducing delays between the approval of a credit card application and the availability of funds can also assist consumers who have suffered gambling-related suffering.

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About Lou De Aguila

Lou Aguila is a contributor to Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.