Paddy Power / Betfair / Flutter to introduce loss limits for young 'gamblers'

[jamesedwards]

Looks very similar to a self imposed economic sabotage..

Can't say I see the logic to this at all. It would be very straightforward to identify the real problem gamblers and leave everyone else alone.

The only way it makes sense is if Flutter are doing it just to be seen to be doing something re problem gambling in the run up to the review.

If they keep this policy after the review they're just doing damage to the exchange model long term.

This really is starting to feel like a death of 1000 cuts for the Exchange.

When is the review scheduled? Thought it was this year but seen nothing yet.

[Trader Pat]

This really is starting to feel like a death of 1000 cuts for the Exchange.

Unfortunately I'd go along with that.

When is the review scheduled? Thought it was this year but seen nothing yet.

I think it's already happened but there won't be a decision made until later this year.

[ANGELS15]

It just occurred to me, further to my earlier statement that there probably weren't that many 18 - 25 exchange users - I forgot about struggling students using match betting trying to make a few honest quid to help get themselves through uni. This will be a kick in the teeth to them.

Some people call me cynical but it always seems that whenever you try to improve yourself some fucker in authority somewhere pulls the rug from under you.

[Trader Pat]

It just occurred to me, further to my earlier statement that there probably weren't that many 18 - 25 exchange users - I forgot about struggling students using match betting trying to make a few honest quid to help get themselves through uni. This will be a kick in the teeth to them.

Some people call me cynical but it always seems that whenever you try to improve yourself some fucker in authority somewhere pulls the rug from under you.

In this case I think Betfair are pulling the rug out from under themselves.

I might be in the minority but I think cynicism is a good quality for a trader to have

[napshnap]

I mistook young gamblers for underage gamblers.
?
It really is incredible. You can legally have sex when you're 16, vote, smoke, drive and drink alcohol when you're 18, or is it 17 for driving? A young lottery winner isn't allowed to gamble more than £500 but somebody with £500 to his name is!

Don't forget that young ones can also "gamble" their money through crappy "financial trading apps", Derek, and nobody gives a sh*t about it!
They rerouting "vulnerable/stupid" money flow to financial markets, it's so obvious.
Why bother with some Premier League footy match if you can "speculate" on Tesla shares or take a part in another "to the moon" gamble?

[aperson]

This is getting more and more worrying. Fortunately over 25 now, but wasn't when I started, would've completely changed my life direction if they'd introduced this a few years back. If they introduced this crap on all age groups I'd be fucked. My liability at any point in time is massively higher than I'm ever going to lose, as I'm sure is the case with many other's. It's like the staff at BF don't understand how their own product functions.

[aperson]

https://www.dailymail.co.uk/news/articl ... month.html

At least this says you will be allowed to lose more if you go through affordability checks. Hopefully they are willing to accept savings and a history of profiting on Betfair as evidence of this.

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

I hate this attitude. It's essentially just ageism. There are plenty of 20 year olds out there that are far smarter than people in their 50's. It seems like a weirdly socially acceptable form of discrimination to just put down people younger than you, even if they have a first from Oxford and you stack shelves in Tesco.

[wearthefoxhat]

https://www.dailymail.co.uk/news/articl ... month.html

At least this says you will be allowed to lose more if you go through affordability checks. Hopefully they are willing to accept savings and a history of profiting on Betfair as evidence of this.

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

I hate this attitude. It's essentially just ageism. There are plenty of 20 year olds out there that are far smarter than people in their 50's. It seems like a weirdly socially acceptable form of discrimination to just put down people younger than you, even if they have a first from Oxford and you stack shelves in Tesco.

I think the 25 year old figure comes from a more scientific reason.

U25brain.png

With risk and decision making, they may not be cognitively efficient.

[aperson]

https://www.dailymail.co.uk/news/articl ... month.html

At least this says you will be allowed to lose more if you go through affordability checks. Hopefully they are willing to accept savings and a history of profiting on Betfair as evidence of this.

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

I hate this attitude. It's essentially just ageism. There are plenty of 20 year olds out there that are far smarter than people in their 50's. It seems like a weirdly socially acceptable form of discrimination to just put down people younger than you, even if they have a first from Oxford and you stack shelves in Tesco.

I think the 25 year old figure comes from a more scientific reason.

U25brain.png

With risk and decision making, they may not be cognitively efficient.

I take your point, and there's no doubt that I've "grown up" a bit since I was that age as I'm sure we all do but it's still a generalisation. I was doing this in my early 20's and never struggled, (or at least didn't struggle any more than I do now), with the mental side of this.

[andy28]

This made me laugh in that article

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.’

How many people in the UK spend more than 100 pound on coffee a month! So what's next a cap on those addicted to coffee of 20 pound?

But what stops the under 25's going to the track and betting? Going to a betting shop to place bets? Getting older family/friends to open accounts? This does nothing for the problem gambler that really does need help except to drive them under ground and into illegal/dodgey operations. It's like letting an alcoholic have 5 pints a night and telling him to go home and sleep it off, that's the last thing he is going to do he will find somewhere to continue

[Euler]

I would think any cap would have more impact on matched betting.

[goat68]

I would think any cap would have more impact on matched betting.

agree, I reckon this is a stealth way of killing off match betting! I remember on those MB forums a lot of the players were uni students!

[alexmr2]

Whilst it seems like a good idea in general, how long before it's over 25s, before it goes from £500 down to £100, before it becomes more intrusive and everyone needs to prove their wealth to place a bet or we end up like China with no gambling allowed?

The people implementing these things seem to have a poor understanding/little care for the smarter players but more importantly the long term consequences of killing off industries, their entertainment value and tax revenue.

The tiny minority with a problem definitely need some sort of help but making everyone suffer and lose their free choice doesn't seem the best way to go about it. Even with this, someone with a problem can easily still blow all their money by moving elsewhere to other bookies or casinos (with the odds even less in their favour).

Some lifetime P&Ls I have heard (including my own) make me feel sick but I accept that it was a risk I was willing to take, more like a tuition fee towards something which is possible vs aimlessly gambling without an edge

[firlandsfarm]

For 'problem' read addict ... and addicts are very cunning at getting what they want/need!

[wearthefoxhat]

So..."Let's buy Tombola £402 million"... That'll help the cause....

Flutter.png

https://www.msn.com/en-gb/money/compani ... ailsignout