In this guide, My Debt Plan explore gambling debt – what it is, how it affects your life, common signs to look out for and where to get the gambling debt help & advice you need if your finances have been damaged by gambling debts.
Gambling debt is the result of borrowing money to fund any type of gambling, from betting on football matches and horse races to online casinos and lotteries. Whether you’re a casual gambler or have developed more of a habit, knowing that you might win back your losses can make spending beyond your means especially tempting, even if the odds are stacked against you. The growth of online and mobile gambling has also made it easier to place bets from the comfort of your own home and without other people’s knowledge.
If you are experiencing gambling debt and struggling to repay, you’re not alone. According to a 2020 YouGov survey, 13% of the UK population has experienced some harm due to gambling. Public Health England has also found that approximately 240,000 people have a gambling problem, costing the economy up to £1.27bn each year.
Gambling isn’t necessarily a problem. If you’re spending within your means, have a set spending limit, and are gambling for fun, you may not be at risk of entering gambling debt.
However, there are several signs to look out for in yourself and others that could indicate that you’re developing a gambling problem:
Gambling is addictive. It’s all too easy to imagine you’ll be able to win back any losses or get back on a lucky streak, even as you fall further into debt. The good news is that there are steps you can take to make quitting gambling easier. Getting in control of your habit could also make it easier for you to tackle your gambling debt.
Don’t be afraid to speak to your bank or building society. They may be able to place a block on your debit cards so that you can’t use them to pay for gambling, place a temporary freeze on your cards, or reduce the amount of money you’re able to withdraw from a cash point.
Many internet providers also offer help to those struggling with online gambling. They may allow you to opt out of any ‘adult’ sites or you could invest in blocking software that prevents you from accessing certain websites or apps.
Self-exclusion is the process of being voluntarily banned from gambling. You can ask to be excluded from both online and physical gambling establishments for a period lasting between six months and five years.
You can tell the staff at your local betting shop directly that you want to self-exclude and visit GAMSTOP to be excluded from every online gambling company that’s licensed to provide gambling activities in the UK.
Once you’ve self-excluded, companies should no longer advertise to you or let you gamble with them. If they do, you’re have the right to complain to the Gambling Commission.
Losing a lot of money, being in gambling debt, and struggling to keep up with your other financial commitments can cause stress and anxiety that has a negative impact on your mental health. It may also put a strain on your relationships if you find yourself hiding your gambling debt from loved ones, and might even put your job at risk, depending on the terms of your employment contract.
If your mental health is suffering due to gambling debt, you can speak to your GP. GamCare can also offer support and counselling over the phone, on WhatsApp, and via live chat.
If you’re struggling with gambling debt and finding that it’s impacting your everyday life, it could be time to seek help. Ignoring the situation often only makes things worse. Even if you’re not borrowing money to fund your gambling habit, this spending could still impact your budget and make it more difficult to pay your existing debts.
Tackle your priority bills first. These include your rent or mortgage payment, council tax, and utilities – essentials that could cause problems if they’re left unpaid. Arranging your direct debits to leave your account on payday could help you avoid the temptation to gamble, and you may even want to temporarily hand over management of your finances to someone you trust by issuing them with a third-party mandate.
Professional and impartial debt advice can also help you implement a payment plan or enter a debt management solution. They may be able to speak to your creditors to renegotiate your repayments or add a note to your credit file so that you’re prevented from taking out any more loans. Expert debt advisors won’t look at your situation with any judgement. Let them know that you’re struggling with gambling debt, and they can offer tailored advice and solutions as well as an empathetic ear.
If you’ve noticed that a loved one has started acting more secretively, asked to borrow money, or seems preoccupied with gambling, they may have a problem. This can be a difficult situation to navigate so don’t be afraid to seek advice. Both GamCare and Gam-Anon offer support groups and counselling aimed at friends and family of those suffering with gambling addiction.
Gambling debt can have a huge impact on your life, or someone you love. At My Debt Plan, we’re here to listen and understand, that’s why speaking to an experienced debt solution provider, like ourselves has its benefits. We can talk through your options and support you to find the right debt solution.
For free advice about your finances and the debt solutions available that can help you pay off your gambling debt, call us on 0161 826 0585 or request a call back here.
Tell us about your current debts and one of one of our experienced advisors will talk you through all the options available.
Dependant on your circumstances and financial situation, we’ll look at the solutions so you can choose an option that suits you.
Once you have chosen a solution, we will take the necessary steps to arrange this for you.
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
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To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
