The online gambling giant Flutter Entertainment has announced the launch of a new policy to enhance protections for under 25 year-olds.
The Paddy Power operator has introduced the new policy to limit the amount that younger customers can lose.
Flutter’s new policy
Flutter has announced that it will introduce a new policy in an effort to enhance protections for under 25 year-olds.
Today, Flutter has introduced a new spending backstop of £500 per month for all customers
under the age of 25 as part of its risk-based “Triple Step” approach to affordability.
This means that customers under the age of 25 will be subject to £500 monthly net deposit limits.
The new policy will be automatically implemented for all customers under the age of 25 across Paddy Power, Betfair, and Sky Betting & Gaming in the UK and in Ireland, preventing any customer in this age group from spending beyond that limit.
Last week, Irish sportsbook operators committed to banning the use of credit cards and agreed to a whistle-to-whistle advertising ban during live sports.
In the announcement, the operator explained that the “small number” of customers who can demonstrate they have an income to sustain an increased level of spend will need to go through a “detailed process” before an alternative limit can be set.
Conor Grant, CEO of Flutter UK and Ireland 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.”
According to the operator, the new policy is based on research conducted by the operator.
Flutter’s research
In its announcement, the operator explained that the new policy is based on a recognition that early adulthood is characterised by a range of significant life changes, such as moving away from the family home and gaining financial independence.
Furthermore, Flutter said that it is recognised across several industries, including finance and car insurance, that younger customers have a higher risk profile.
Polling of gamblers commissioned by Flutter revealed there is support across all age groups for additional measures to protect and support younger people. According to the operator, 77% of those regular gamblers polled agreeing with this.
Meanwhile, Support for additional measures amongst 18-24 year-olds polled at 78%.