Gambling With Your Student Loan

University is an exciting time. For many, it's the first time away from family, and the first opportunity to control their life and finances. 

Unfortunately, students in the UK are at high risk of gambling harm. Nearly one in two students (45%) say they gamble ‘to make money’, rising to 50% amongst male students. Online betting apps and websites are so easy to access, whilst casinos are conveniently located in most student cities. 

Gambling with student loans in January

A UK study found 17% of university bettors use student loans as funds, with making a profit being a key motivator. After the excitement of Christmas and New Year's, many feel flat come January, and the idea of a quick win with the first student loan payment of the year might sound appealing. But gambling isn’t a way to make money, it’s actually designed to make you lose money in the long run. 

Students and Gambling

Not everyone who gambles is at risk, but there are signs to look out for.

• Gambling addiction is often characterised by the inability to control or stop gambling, carrying on even after losing more than you can afford, usually to chase losses.
• Beyond the initial feelings of sadness from losing, they may feel depressed and perhaps experience feelings of shame and guilt.
• Using gambling to mask negative emotions, distract, and escape life’s stressors and problems. 
• Lying to cover up where they are, what they are doing and what happened to their money. 
• Addiction causes people to ruminate about their previous gambling experiences, and to think of little else than the next time they can place a bet. 

What can I do if I’m struggling with Gambling at University?

Whilst many habits are left at university, students who gamble are four times more likely to experience gambling harms compared to the general population. This is why it’s so important to seek help when you need it. Many students delay getting support because they think their problem isn’t “bad enough”.

The majority of universities have support services, including counsellors who you can speak to openly and who can point you to the right resources.

Gamban is free for all UK residents through TalkBanStop. With one login, you can install across all devices and block access to all online gambling sites and apps. This is often the first step to recovery,  and we recommend a multi-layered approach which will help if willpower slips.

How can I manage my student loan payments? 

If you're struggling to manage your student loan payments, you're not alone. 

• When money arrives in your bank, where possible, pay any bills up front so they are covered. 
• Create a weekly budget instead of a monthly one - this is more flexible and lets you recover more quickly if you overspend. 
• Consider transferring money outside your weekly budget to a trusted friend or family member to keep it safe. 
• Alternatively, use a separate bank account for bills only and set spending limits or freeze gambling transactions with your bank.
• Build a small emergency fund. Even if it's just £10 a week, it gives you a buffer if you need it. 

Are you struggling with debt because of your gambling? You are not alone. There are many organisations out there that can help you get your finances back on track. Find out more about these organisations here.