Casino News

Credit and savings 'finance Britain's gamblers'

2007-08-07 14:19:47

A fifth of money spent on gambling in Britain is funded by credit or savings, new research has revealed.

According to MoneyExpert.com, 13 per cent of gamers finance their gambling by borrowing money and a further eight per cent use personal savings.

The most popular form of borrowing for gamblers is credit cards, followed by overdrafts, personal loans and borrowing from family and friends.

Sean Gardner, chief executive, said: "Anyone who is betting using a credit card for example should be extremely wary – if you start to miss repayments it'll affect your credit rating.

"It's very easy to lose track of the money you owe on your credit card, particularly with online gambling."

The MoneyExpert findings also reveal that a third of adults gamble at least once a month, with the average monthly stake just over £21.

Last week, the Gambling Commission said that 8.6 per cent of adults had taken part in at least one type of remote gambling – via computer, mobile or television - in May.