€500 Deposit Limit Announced by Flutter Entertainment
Flutter Entertainment (LON: FLTR), the gambling operator behind leading brands such as Paddy Power and Betfair, has announced plans to place a limit on how much money young gamblers are allowed to lose.
The operator is set to introduce a €500 monthly net deposit limit for all customers under the age of 25. The plan is to introduce the limit by the end of this year or early next year at the very latest.
Assuming that Flutter Entertainment goes ahead with the plans, it will make it the first bookmaker to place a limit on how much young gamblers can lose. The hope is that it will reduce levels of problem gambling, but the operator added that a small number of customers who can afford to lose more than €500 per month will be able to undergo a detailed review to assess their financial position and possibly have the limit increased.
People under the age of 25 are likely to be experiencing a number of significant life changes such as gaining independence for the first time and learning how to manage their finances. We want anyone who decides to gamble when they come of age to get in the habit of setting sensible spending limits.
Earlier this year, Flutter Entertainment introduced a number of other safer gambling measures, including a ban on the use of credit cards on online and retail accounts. It also committed to spending 1% of net gaming revenue supporting the research, education, and treatment of problem gambling.