High cost online gamblers to face financial risk checks

Gamblers who spend more than £1,000 online in a 24-hour window must undergo a financial risk assessment, the industry watchdog has announced.

The Gambling Commission says this also applies to anyone who withdraws more than £3,000 in a 90-day period. Under 25s will have lower limits.

The assessments are based on data held by credit reference agencies, but the commission says they are not “proportional checks”.

The data helps operators identify gamblers who are in financial trouble or financial trouble.

The commission did not set a timeframe, saying the changes would be introduced in a “very careful, planned manner”.

The checks are triggered by over 25 players who play over £5,000 in a 24-hour period. The regulator said this would affect less than 0.5% of customers. It will start following the participation of companies and other stakeholders during the summer.

The final limit will eventually drop to £1,000 within 24 hours.

White paper on gambling in 2023 Enhanced checks are recommended for customers with very high losses.

On Tuesday, the commission said high-spending gamblers were two to four times more likely to receive a debt management plan and two to five times more likely to default in the past 12 months than the general population.

The Commission has been investigating whether gambling companies can use credit reference information to identify their customers’ financial risk.

Sarah Gardner, acting chief executive of the Gambling Commission, said most customers would “never, ever” ask for a review.

Those who do will have a document-free evaluation provided by credit reference agencies without any impact on their credit score.

The commission said the assessments were not the same as fair value checks, which Gardner said were “very unpopular” with gamblers.

She expressed concern among stakeholders that more regulation would allow problem gamblers to enter the black market.