Twice as Many London Residents as the UK Average Turn to Gambling for Financial Issues

A new UK report found that 49% of London residents who gamble use credit products to fund their gambling. This is 2.2 times the national average and the highest amount across all UK regions.

The Financial Vulnerability Index (FVI) research also found that over the past year, Google Play and the Apple AppStore have seen an increase in searches for gambling applications. The Google Play store saw a 10% increase in gambling app searches and Apple AppStore experienced an 18% increase.

Plus, 20% of London respondents see gambling as a 'quick fix' to their general financial problems, which is a far cry from responsible gambling.

Financial pressures in London

London does, however, have a complex financial split. It has the highest benefit use in the UK, the highest use of alternative financial products (including payday loans), and high rental property prices (on average £2,101 per calendar month). London also has a trend where the top 10% of the city's wealthiest residents hold 44% of the city's total net wealth.

The findings also show that London gamblers spend 19% on average of their disposable income on gambling. This is compared to the national average of 1.9 times.

Other findings

The report also found:

 - 27% of respondents have used their own credit to gamble (with 19% withdrawing cash from their credit card).

 - 10% have used their overdraft facilities to gamble, 12% have taken out further joint credit to cover essentials and 12% have missed paying bills.

 - 29% of London respondents have covered household expenses by taking out new credit.

 - As 24% of Londoners are in poverty, 20% of them saw gambling as a quick fix to their financial problems, with 26% saying they saw gambling as an investment.

For information about responsible gambling, you can read our guides or call GamCare on 0808 8020 133.