The Surprising Difference between Betting Funds and Bank Accounts for UK Gamblers
BetMGM UK, an online betting and gaming brand, has just revealed new data that shows the habits of UK gamblers and how they view the money in their bank account. Even if the money in their bank account and their betting website account may be the same, many view it differently.
Bank accounts and betting accounts
The BetMGM research focused on UK residents who, in the last 12 months, have gambled or placed a bet. The results showed that 51% of the respondents viewed the money in their online gambling account differently from their personal bank account money.
This is clearly a concern that over half of the respondents view these finances differently, which begs the question of the need for more education around gambling awareness and finances.
Further findings from the study reported that just over a quarter (26%) use winnings to place another bet straight away. In addition, 14% of the respondents do not see the money they win as real money, and 19% said that they always or usually chase their gambling losses.
On a more positive note, 46% of UK gamblers said that they put the money that they've won from gambling into their savings, and 92% of players aged 18 to 24 said that they use monetary restrictions when they gamble.
What BetMGM say
BetMGM UK encourages responsible and safe gambling and uses tools to assist players. For example, they provide 24/7 human customer support for players who may require assistance with their gambling, and they offer access to group and therapy services. They also have limits on wagering, deposits and sessions.
UK Director at BetMGM, Sam Behar, said, “We’re a huge supporter of Safer Gambling Week, but it is something that is core to our business throughout the year. We’re delighted to see the growing use of responsible gambling with younger players throughout the UK, but there is always more that can be done. We are striving to improve and introduce new methods to help potential problem gamblers.”
He added, “To those who have admitted chasing their losses and those who view the funds in their betting accounts as different to that of their bank accounts, we implore them to see that money as having real-world value.”
For help or information on safer gambling, you can call the UK’s National Gambling Helpline on 0808 8020 133 or find out about GamStop.