Flutter sets monthly net deposit limit for under-25s to £500

[The Buzz]

This week, Flutter Entertainment has announced the reduction of its net deposit limit for all customers under 25 years old, setting the figure at £500 per month.

The group’s new policy will be implemented across its U.K. and Irish Paddy Power, Betfair and Sky Betting & Gaming brands, as part of a general move to "further enhance protections for younger customers and encourage sensible spending across its platforms."

In the official press release, Conor Grant, CEO of Flutter UK&I said:

“We are continuously looking at ways we can enhance protections for our customers, particularly those who are young or may be vulnerable. People under the age of 25 are likely to be experiencing a number of significant life changes, such as gaining independence for the first time and learning how to manage their finances. We want anyone who decides to gamble when they come of age to get in the habit of setting sensible spending limits and this measure is the latest we are introducing to help make this happen.

“We will be sharing our thinking and data with the Government and hope this new measure helps in terms of providing further ideas, evidence and potential solutions as it continues its review of the gambling legislation. The review provides a once in a generation opportunity to bring gambling
rules into the digital age, and while we believe that the changes it will bring are critical, we won’t wait to implement ground-breaking policies that will make a difference for our customers.”

From The Daily Mail:

Yesterday’s announcement comes as the Government prepares to introduce tougher gambling laws within weeks amid an ongoing review. But it was met with derision by critics who said the timing of the new policy had ‘the whiff of self-preservation’.

And they added that the cap was still above the £450-a-month which the Gambling Commission estimates most gamblers can afford.

Henrietta Bowden-Jones, the NHS’s top gambling addiction expert, said: ‘Capping losses for under-25s at £500 a month should not be applauded.

'Even £100-a-month losses would be disastrous. Self-regulation by industry does not work and this is a clear example.’

Flutter said its decision to limit younger gamblers was supported by more than three-quarters of its ‘regular’ customers.

Company sources added that internal research found under-25s had not developed a full understanding, making more stringent protections necessary.

Conor Grant, chief executive of Flutter in the UK and Ireland, said: ‘People under the age of 25 are likely to be experiencing a number of significant life changes such as gaining independence for the first time and learning how to manage their finances.

Read more here: https://www.dailymail.co.uk/news/art...500-month.html

[newcustomeroffer]

The ‘small number’ who can afford to lose more than £500 will go through a ‘detailed process’ to check their finances before the limit is increased, it added.

Affordability checks then for >£500 only, would be interesting to know what % of the overall business is <25 years and >£500 per month, suspect it's pretty small so the overall impact of this activity would be minimal whilst showing willing to the powers that be.

[Triple7]

For crititcs it's never enough, even if the limit is 1 GBP a year. Plenty of offshore sites available where people have no deposit limits. I guess soon we'll see affordability checks where operators have to determine how much money people can gamble based on salary, rent/mortgage/ insurances expenses, etc.

[chaumi]

Affordability checks then for >£500 only, would be interesting to know what % of the overall business is <25 years and >£500 per month, suspect it's pretty small so the overall impact of this activity would be minimal whilst showing willing to the powers that be.

Exactly. On the bare face of it this would appear to be a tick the box/pretend we have a social conscience exercise while not really doing anything.