Four ways to prevent gambling debt as popular fixtures return

With the Premier League back in full swing after the World Cup and Cheltenham Festival and the Grand National fast approaching, millions of Brits are likely to be having a flutter and placing bets on sporting events – with wagers ranging from a couple of pounds to thousands.

Creditfix and gambling addiction charity, Gordon Moody, have provided tips to help avoid any long-term financial difficulties as a result of gambling.

Layla Johnson, regional manager at Creditfix, said: “As we approach Spring, there are even more sporting events in the calendar which can easily increase your temptation to place a bet.

“For many, placing a few pounds on a bet is a fun activity to add to the enjoyment of these sporting occasions, but it’s important to recognise the risks of addiction and the potential impact on your personal finances.”

Robert Mabbett, Director of External Engagement at Gordon Moody continues: “According to GambleAware, an estimated 1.4 million people were experiencing harm from their gambling. We’ve been on the frontline for more than 50 years, but there is still important work to be done to make sure everyone has access to support. Some people may have no home, no job, and large debts to pay off and for less resilient people it could be a ticking time bomb.”

Here Robert Mabbett, Director of External Engagement at Gordon Moody offers his key tips on how to be aware of the risks of gambling.

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Only bet within your means

“Remember the house always wins, so it is important not to gamble what you can’t afford to lose. Crucially, gambling is never the way out of financial hardship and should never be used as a means for an income. If it is, it can easily get out of control and can have a lasting, negative impact on your finances.”

Set yourself a limit

“People will always look for a golden ticket for a way out of their issues. Small bets here and there seem harmless at the time, however, they can quickly add up to bigger amounts. If you find yourself placing wagers more than usual, be more mindful by taking note and setting a target of limiting yourself.”

Be mindful of the long-term credit impact

“While gambling activity does not show up on your credit report, placing high wagers can lead to you having less disposable income – or even having the funds available to pay for credit card debt or mortgage repayments. Pressures of recent events like the pandemic, Brexit and the cost of living crisis, puts a stranglehold on available funds from friends and family and can cause a reduction in loan availability.

“The immediate impact may not be fully apparent to someone with an addiction, but it could be the catalyst for them to seek help.”

You don’t have to do it alone

Layla added: “It’s easy for debts to spiral out of control, particularly with the wider cost of living crisis, so if you’re worried about gambling debt, the first thing to do is set a limit or pause your gambling accounts and reach out for support. If you want information on the best solutions to tackle your debt or just need someone to speak about what you’re going through, professional support is available to talk you through the process.”

Find more information about gambling debt here. Alternatively, to find out more about Gordon Moody, or to make a donation, click here.