It’s Safer Gambling Week – a week-long campaign led by the betting industry that looks to create space for conversations around safe betting.
Here, we take a closer look at the issue of gambling, exploring people’s relationship with gambling, the link between gambling and problem debt, and things you can do to promote the cause of safer gambling.
First, a bit of background on Safer Gambling Week.
We have a wide range of debt management solutions that could help you write off up to 81% of your debts
Check if you qualifyWhat is Safer Gambling Week?
Safer Gambling Week is an industry-led campaign, taking place between the 19th and 25th of November 2020.
The campaign is led by the biggest players in the UK betting industry – the Betting and Gaming Council, the Bingo Association, and the British Amusement Catering Trade Association. It has also gained the support of over 200 organisations that interact with the gambling industry, including pub chains and Premier League football teams.
The idea is to show support for safer gambling, first by creating space to have more conversations around gambling issues. The campaign also encourages practical betting solutions, like limits being imposed on spending or time played, and safer gambling messages being displayed prominently in betting environments, both online and in-store.
Why do we need a Safer Gambling Week?
Gambling, or more specifically problem gambling, is a big issue in the UK. Nearly half (47%) of all Britons will have placed a bet in the last four weeks. While for most of those people, the bet they placed is just a bit of fun, for others, gambling is central to their lives.
The gambling industry benefits financially from problem gambling – it has been estimated that 60% of its profits come from the 5% of people who “are already problem gamblers, or at risk of becoming so”.
You might wonder, then, why an industry that relies on revenue from betting would be encouraging people to bet less, or more responsibly. The reason? They have to.
In July, the House of Lords published a report entitled ‘Gambling Harm – Time for action’. The 192-page report explored the issue of problem gambling in the UK, and looked to “address the misery gambling addiction can visit on individuals and their families and friends”.
The authors of the report came up with more than 50 recommendations, all of which put pressure on the British and Irish betting industry to do more to promote responsible gambling. Safer Gambling Week is just one way of furthering that cause.
How are gambling and debt connected?
Gambling and money issues are often intertwined. In order to place a bet, you need to have money to bet with. In theory, when you run out of money – or the amount of money you are willing to lose – you stop betting.
That’s not the case for problem gamblers. Gambling is a medically recognised addiction, and the compulsion to continue betting doesn’t end just because someone has lost their month’s wages already.
So how do problem gamblers feed their addiction? They borrow. That might be from credit cards, savings accounts, personal loans – anywhere they can access the money they need to get back on top.
If that big win doesn’t arrive, however, many people follow the path from problem gambling to problem debt. They find themselves owing money to various people, at levels they can’t afford to repay.
What can I do personally to make sure I’m gambling safely?
There’s nothing inherently wrong with gambling, as long as you’re doing it responsibly. In the spirit of Safer Gambling Week, here are a few things you can do to promote safer gambling, both within yourself and to other people.
View gambling as entertainment
This is an important mindset shift that could redress your relationship with gambling. The issue many of us have is that we view gambling as a way to make money – it’s not.
Working is a way to make money. Gambling is, overwhelmingly, a way to lose money. You might win the odd bet along the way, but that’s the exception that proves the rule.
The gambling industry sets the game up to earn, not pay out. And that’s OK, as long you understand that going in. You may think gambling is fun but, like other forms of entertainment, it will ultimately cost you money to take part.
Know your limits
Easy to say, but not always as easy to do. Problem gambling causes people to bet money they don’t have. The way you stop yourself from edging towards that cliff edge is by only betting money you can afford to lose.
That means coming up with a betting budget, whether it’s every week, every month, or every year. As soon as you exhaust your betting budget, you’re done.
And you should never chase your losses. If you have lost your betting money, but throw some more into the pot in order to get back on top, then you haven’t really set a betting budget at all.
Reach out to your friends and family
We all know that person who’s always talking up the bet they just won. What they often don’t tell you, however, is how many bets they lost before they picked a winner.
There are very few people who get back more than they put in when it comes to gambling. If you have a friend, family member, or loved one who always seems to have a bet on, it may be a good idea to talk to them.
You’d be surprised at the number of people who don’t realise they have a problem until it’s put to them by someone else. Even if it’s just letting that person know you’re there if they need to talk, it might just make all the difference.
Where can I get help with gambling and other debts?
Hundreds of thousands of people in the UK struggle with gambling, which is why we need initiatives like Safer Gambling Week in the first place.
If you’re one of them, we can help. Creditfix specialises in free debt advice and practical debt solutions for people with money problems. Our advisers are trained to get to know you and your circumstances, and help you plan out a path to a debt free future.
If you have gambling debts you’re struggling to get out from under, or you would just like some more information on handling your money, get in touch with Creditfix now on 0808 253 2762.
