Nationwide, in its new report has revealed the impact of everyday gambling in the UK. According to the research, almost 11 percent which is more than one in ten gamblers bet every day, while 28 percent keep their gambling activities hidden from others.
Findings of research
The research unveils that gambling is a regular part of life for many in the UK. About 63 percent of respondents admitted that they indulge in gambling activities at least once a week. However, an even more concerning statistic emerged, 28 percent of gamblers prefer to keep their gambling activities a secret.
Even more alarming, 23 percent of gamblers do not set any financial or time-based limit, which puts them at a high risk of gambling problems.
This research, which surveyed 2,000 gamblers, highlights the widespread impact gambling has on individuals’ lives.
Financial impact
The research shows that the average annual loss for gamblers amounts to £351 ($441). Moreover, 4 percent of respondents reported single-bet losses exceeding £1,000. Almost 9 percent admitted to losing money they rely on for basic, everyday needs.
Age and gambling habits
Younger gamblers, particularly those aged 18 to 25, appear to be at greater risk. The research revealed that individuals in this age group spend an average of £118 per month on gambling, which is above the overall average of £81. Alarmingly, 45 percent of people aged 18-24 reported that their gambling had become uncontrollable.
Nationwide’s commitment
Nikki Bond, Head of the Gambling Harms Action Lab at the Money and Mental Health Policy Institute said, “Financial services firms are in a unique position to help those experiencing gambling harms and we’re delighted that Nationwide has joined the Gambling Harms Action Lab programme. The sector has taken positive steps in offering solutions to gambling harms for customers in recent years. Nationwide’s gambling block feature and its partnership with GamCare are good examples of that progress.
“Our Gambling Harms Action Lab is bringing together a group of current account providers to work together to solve common challenges, through the development of better support and tools with input from our Research Community of experts by experience at its heart. We welcome Nationwide’s commitment to developing new solutions for gambling harms.”
Mark Weiss, Deputy Chief Executive, at GamCare said, “The festive period can be a difficult time for those struggling with gambling, but it can also provide a good opportunity to open up about the issues you’re facing. GamCare’s National Gambling Helpline provides free confidential support 24/7, 365 days of the year – including Christmas Day and the whole of the festive season. There are many ways you can get support, whether it’s calling an Adviser or using our live chat and WhatsApp features in case you are concerned about privacy while family and friends are around.”
Gender disparities in gambling
The research also identified gender differences in gambling behaviours. 73 percent of male respondents admitted to gambling on a weekly basis, compared to just 55 percent of female respondents. Notably, men reported significantly higher losses than women, with average annual losses of £467 for men compared to £255 for women. In addition, men were more likely to make larger single-bet losses, with an average maximum loss of £265, compared to £98 for women.
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