Over a quarter of consumers have borrowed due to gambling

New research by NerdwWallet has found that over a quarter of consumers have borrowed due to gambling

The research found that 46% who gamble daily have taken a loan or credit because of gambling, the highest of any category. Whilst 28% who gamble at least once a month have taken a loan or credit because of gambling.

15% of British gamblers who have taken a loan or credit due to gambling have remortgaged their homes. and that 43% of British gamblers said they wanted to reduce the amount they gamble.

Meanwhile, 42% think that marketing from gambling companies should be banned.

A survey conducted by independent price comparison website NerdWallet, has revealed the extent of gambling debt in Britain, with more than a quarter (28%) of gamblers taking a loan or credit due to their gambling.

Alarmingly 12% of those who gamble as little as once a month have taken on debt due to their gambling.

Demonstrating how severe this can be, of all gamblers who have taken a loan or credit due to gambling, 15% had to remortgage their home; 38% have taken a payday loan; and 22% a bad credit loan.

Connor Campbell, Personal Finance Expert at NerdWallet said “If you are in gambling debt and feel you need support, it is important to know that you are not alone,” said Connor Campbell, a personal finance expert at NerdWallet “There are tools, professional services and charities that you can use to help take back control. Although difficult, recovering from gambling debt is possible and may require a combination of changes to your habits and spending to be successful.”

“Gambling debt can be detrimental to the financial and mental health of people when it coincides with other forms of debt. It is crucial to ensure the affordability of all loans, and that repayments are manageable, before taking them out.”

“While 38% gamble more now than pre-pandemic, 43% of respondents said they wanted to reduce the amount they gamble – rising to 57% for those who gamble every day.”

“However, gambling firms themselves aren’t necessarily making it easy for people to do so. Close to half (47%) of the survey’s respondents claimed that the aggressiveness of gambling marketing, including celebrity endorsements and sponsorships, made it harder for them to manage and control their gambling. So prominent is this issue that 42% of British gamblers believe that all marketing from gambling companies should be banned outright.”

“But it goes beyond just advertising. More needs to be done to increase awareness of safer gambling – 63% of respondents agreed, including the need to better promote the relevant tools to manage gambling, such as self-exclusion and gambling site-blockers.”.