Financial Checks for Nearly a Quarter of Gamblers in the UK
Around 25% of UK gamblers now qualify for checks on their finances thanks to the UKGC’s new threshold.
Key Facts:
- The UK Gambling Commission lowered the monthly net deposit limit to £150 in February
- Nearly a quarter of UK gamblers now qualify for financial risk checks
- Those aged 30-34 are most likely to qualify for the checks
In August 2024, the UK Gambling Commission introduced its monthly net deposit threshold, which was set at £500. Gambling operators were required to carry out financial checks on anyone who deposited more than £500 within 30 days. The threshold was decreased to £150 on February 28th.
The Department of Trust (DoT) has analysed data from more than 600,000 consumers. It’s found that around a quarter of people who gambled with at least one operator in 2024 (around 90,000) would qualify for financial checks if the new £150 threshold had been in place last year.
Findings from the Department of Trust’s Data Analysis
The analysis arranged people into various age groups. It found that the percentage of people who qualified for financial checks with the £150 threshold in place was different for each group. The list below shows the five age groups most likely to qualify:
- 26%: 35-39
- 25%: 30-34
- 24%: 40-44
- 23%: 25-29
- 21%: 45-49
Those in the 35-39 age group are most likely to qualify for financial checks as per the UK Gambling Commission’s lowered threshold. Across all age groups (ranging from 18-24 to 70+), the lowest figure was 19% of people qualifying for the checks.
According to the analysis, £168 million was deposited into gambling accounts. Around 97% of the total amount of money deposited was from people who passed the £150 threshold and were flagged as needing to have their financial details checked.
It was found that the average gambler made a total of £54 in deposits per month. They added funds to gambling accounts once every two weeks and had accounts with three different operators. Those who passed the £150 threshold were found to have accounts with five operators.
For those who qualified for the financial checks, the average total monthly deposit was £211. This, of course, varied by age group. Those aged 18-24 deposited £142.62 a month, while for those aged 25 and above this figure was £222.29.
Factoring in People’s Income
The Department of Trust’s analysis also took people’s income into account. The average income of those whose details were looked at was £36,614.43. The income of those who passed the £150 threshold was higher at £37,157.84.
However, there was nothing to prove that those who earned more gambled more. This was because the 50-54 age group had the highest average income (£41,652.79), yet this group wasn’t the most likely to qualify for financial checks.
The founder of the Department of Trust, Charles Cohen, has said that the UK Gambling Commission’s checks are necessary to protect players and ensure the revenue that operators obtain is secure. He has also said the following about the DoT’s recent data analysis:
This data shows both the impact and relevance of the light-touch financial risk checks at £150 net loss. Operators simply cannot afford to get this wrong because it’s clear that this is not just where the revenue is, but also the most problematic situations with customers.– Charles Cohen, Department of Trust, DoT Founded Comments on Financial Check Data, iGamingBusiness
While the threshold has just recently been lowered to £150, there is no guarantee it will stay at this amount. The UK Gambling Commission will continue monitoring things and will adjust the threshold size if necessary; it could be lowered further or even increased.
