Nationwide has announced a new study highlighting the widespread impact of daily gambling in the UK, with findings showing that 11% of gamblers bet daily and 28% hide their gambling habits.
Meanwhile, the financial institution has strengthened its resolve to address gambling-related harms by implementing measures such as gambling blocks and collaborating with organizations like GamCare and the Gambling Harms Action Lab.
This study, conducted among 2,000 gamblers, highlights concerning trends. 63% of respondents gamble at least once a week, and 23% have set no time or financial limits.
The financial impact is significant, with an average annual loss of £351 ($441), and 4% of respondents reporting a single bet loss of over £1,000. Notably, 9% have lost funds essential for their basic needs.
There are clear gender differences in gambling patterns, with 73% of male respondents gambling weekly compared to 55% of females. Men reported significantly higher average losses, with the highest single bet loss at £265 compared to £98 for women; annual losses for men were £467, compared to £255 for women.
The survey found that young gamblers are particularly vulnerable, with those aged 18-25 spending an average of £118 per month, higher than the overall average of £81. Alarmingly, 45% of 18-24-year-olds reported that their gambling had become uncontrollable, and 53% had hidden their gambling behavior.
In response to these findings, Nationwide has enhanced its support systems, including a gambling block feature with a 72-hour cooling-off period developed by GamCare, aimed at reducing harm by encouraging thoughtful decision-making.
Additionally, Nationwide's collaboration with GamCare provides support services to customers to address the impact of gambling on themselves and their loved ones.
The bank has also joined the Gambling Harms Action Lab, becoming the first financial services company to participate in the program.
Regarding this development, Nationwide's Head of Customer Vulnerability, Kathryn Townsend, stated: "We are delighted to be the first financial services company to join the Gambling Harms Action Lab and look forward to working with them and the wider industry to bring about positive changes in people's lives."
