Paddy Power Becomes The First Bookmaker To Introduce A £500 Loss Cap For Young PlayersSeptember 20, 2021 John Isaac
Irish bookmaker Paddy Power is the first gambling company in the UK to initiate a £ 500 Loss Cap for players under 25. It has set a £ 500 cap on how much the young players can waste in a month. It is the first gambling operator to initiate this step to the United Kingdom market.
The maximum loss limit of £500, presented on Sunday, implement on all the users under 25. Flutter Entertainment announced this in a press release this weekend. According to The Sunday Times, almost five percent of the 750 thousand gamblers in Ireland and the UK lose over £ 500 a month, which can be a hefty amount.
Charge A Reasonable Fee
Flutter Director Conor Grant said the new limit would help young sports bettors set spending limits. He also said it was an important lesson at such a significant period in life. The 25 year aged players are possible to undergo some notable life changes, for example, learning how to manage finances and gaining independence for the first time.
While the £500 limit will apply to most of the users, Paddy Power has verified that they will give freedoms to those who might show they have a little more money to spend. The operator state that the gamblers who have more money to spend will undergo the affordability process. Based on data, the company determines whether to raise the spending limit or not.
While he hopes the limitation will assist high-risk clients, Flutter CEO Grant also acknowledged the move could be a controversial topic for some players. In an interview with the Sunday Times, he said there is a good balance between providing security and defining what clients can and cannot do with their cash.
Paddy Power said the £500 Loss Cap would protect young gamblers, but others said the limit is still very high for many young players under 25.
An Important Moment For The Industry
Paddy Power’s ruling to impose a Loss Cap comes at a significant time for the United Kingdom betting business. Last December, the government began a revision of the British betting Act 2005. During this process, MPs will examine many issues involving the initiation of betting limits for live betting and the possible reduction in promoting sports betting.
Members gave their opinion on the threshold of availability of £ 100 per month.
According to media sources, lawmakers will review a total Loss Cap for users of online betting websites. The UKGC began a 10-week meeting last November to comment on damages. In this survey, members expressed their idea on the threshold of availability of £ 100 per month for all online players.
In reply to the United Kingdom gambling council investigation into the matter, the business association, BGC, conducted its survey in March this year. According to this investigation, 51% of members were against the policy’s Loss Cap, just 27% supported it. 1,683 British adults took part in the YouGov survey.