New analysis from the UK’s first and largest personal finance app Money Dashboard has shown that gambling returns fall as spend and frequency of bets increase.
Analysis of more than five million customer transactions between February 2015 and until April 2018 reveals that, on average, every £1 spent on gambling results only in a 72p win. The data also shows that if you play for longer, you are not more likely to win. Players who gamble once a month or less get 80p back in winnings for their pound, compared to those who gamble more frequently and only get 69p back.
Gambling returns diminish even further as spend increases. People who gamble £10 or more per month win 15% less per £1 spent than those who gamble under £10 per month.
Money Dashboard’s insights into the UK’s gambling habits follow continued calls for the UK Government to tackle problem gambling. In May this year, the Government announced that the maximum stake on fixed-odds betting terminals (FOBTs) will be cut from £100 to £2.
Money Dashboard believes that a better understanding of budgeting is a crucial factor in helping consumers understand and, ultimately, change their gambling habits.
Steve Tigar, CEO of Money Dashboard said: “Enjoying a flutter from time to time is fine as long as you understand the risks, but gambling to make money is a fool’s errand. In the end, the odds are always against you.
“People need to understand that gambling addiction doesn’t begin and end at fixed-odds terminals. Some people may develop a tolerance to losing and take bigger and bigger risks to try and claw back, or eliminate, their losses. It doesn’t work.
“If you’re going to gamble, do it responsibly. Set yourself a budget and decide what you can afford to lose. Stick to it. If for any reason you can’t do that, stop – or seek assistance from someone to help you stop.”
Anna Hemmings, CEO at national problem gambling support charity GamCare, says: “GamCare takes a non-judgmental approach to gambling, we simply encourage responsible behaviour.
“For many people gambling is not a harmful activity, but for some it can become a serious problem. We believe it’s important for people to properly understand the risks associated with gambling, and for people to be able to access timely advice and support to prevent a problem developing.
“Understanding how to budget, and setting yourself limits on how much time and money you spend on activities like gambling, can help you to play safely and ensure that gambling doesn’t impact negatively on your life.”
(Source: Money Dashboard)