You don’t need to choose between your customers’ wellbeing and your bottom line
It’s a great time for online gambling operators in the UK. According to the UK Gambling Commission, the country now has the world’s largest regulated online gaming market, generating £4.7bn a year in revenue. Plus, 18.3% of UK residents have played online in the last four weeks.
However, the booming market is not risk-free. More and more compliance managers find taking a proactive approach to encourage responsible gambling is not just a moral obligation. It’s also a smart business move.
Problem Gambling Creates Blowback for Operators
Of course, the rising popularity of online betting in the UK has been closely mirrored by a surge in reported cases of gambling addiction.
Nearly half a million people in the UK are problem gamblers, while another 2 million are at risk of developing an addiction to online betting. Gambling addiction is an incredibly dangerous condition that can lead to financial ruin, family turmoil, and an inability to function on a day-to-day basis. Ultimately, the stress caused by gambling addiction will lead one in five victims to attempt suicide.
At the same time, we’ve observed the rate of self-exclusion in online betting nearly triple in the last decade, as more people become familiar with the threat of gambling addiction.
There’s good reason for responsible operators and compliance managers to encourage those who are at risk to self-exclude, because problem gambling isn’t just a threat to the individual. One operator discovered this the hard way after being hit with a £7.8 million fine for failing to protect vulnerable customers.
Encourage Safer Gambling
As an operator, it’s in your interest to ensure that your customers play safely. Not only because you want to operate with integrity, but also because it’s a good business decision.
There are several practices which, if you’re not already employing, you should implement immediately to secure your organisation:
- Deposit Limits: You can enable players to decide ahead of time how much they’re willing to bet. Customers are not tempted to overspend, because they will be locked-out from adding more money to their accounts.
- Loss Limits: Just like a deposit limit, you can also allow your customers to forcibly lock their accounts if they lose too much within a predetermined amount of time.
- Time-Out Reminders: You can provide customers with notifications to their devices to suggest they take a break after a long period of play.
- IP Blocking: Being able to enforce the above anti-abuse mechanisms means being able to identify customers by their IP address and block them from playing. Otherwise, a person may just create a new account to bypass restrictions.
The Most Important Tool of All
All of the above tools can help, but none of them are foolproof. That’s where gamban® comes in.
gamban® blocks access to ALL gambling sites by users who opt-in to the service. Operators partnered with gamban can rest easy knowing that individuals who choose to self-exclude have someone there to eliminate temptation and help keep them on the straight-and-narrow.
Our technology is the most effective, lightweight, proven solution on the market to protect both consumers and operators from problem gambling. Learn more about how gamban®’s innovative solutions can ensure responsible gambling and protect your business today