Flutter sets monthly net deposit limit for under-25s to £500
Flutter Entertainment has announced the reduction of its net deposit limit for all customers under 25 years old – setting the figure at £500 per month.
The group’s new policy will be implemented across its UK and Irish Paddy Power, Betfair and Sky Betting & Gaming brands, as part of a general move to ‘further enhance protections for younger customers and encourage sensible spending across its platforms.’
In order to deposit more, customers in the under-25 age bracket will have to prove that their income could sustain a higher level of spending, requiring a ‘detailed process’ to establish an alternative limit.
The move forms part of Flutter’s risk-based Affordability Triple Step framework, which leverages real-time data to monitor player activity and behaviours to inform the group’s safe gambling practices.
Flutter has based on its new policy on the idea that early adulthood can be influenced by a number of ‘significant life changes’, such as moving from home and gaining financial independence, whilst adding that younger bettors ‘have a higher risk profile’, a categorisation which the group states is informed by its own research.
“We are continuously looking at ways we can enhance protections for our customers, particularly those who are young or may be vulnerable,” said Conor Grant, Flutter UK and Ireland CEO.
”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 and this measure is the latest we are introducing to help make this happen.”
Polls conducted by the group have indicated that 77% of regular gamblers approved the new measures aimed at the younger demographic, with positive feedback among the 18-24 year-old demographic reaching 78%.
In addition to implementing a new deposit limit, Flutter has also leveraged Adtech to avoid targeting consumers under the age of 25 with ‘paid for’ social media marketing by using specific age marketers on data models.
The group has also required gambling advertisements on search engines to provide clarity on the targeting of over 18s, whilst earlier this year it prohibited credit card payments for both retail and online transactions.
“We will be sharing our thinking and data with the Government and hope this new measure helps in terms of providing further ideas, evidence and potential solutions as it continues its review of the gambling legislation,” Grant continued.
“The review provides a once in a generation opportunity to bring gambling rules into the digital age, and while we believe that the changes it will bring are critical, we won’t wait to implement ground-breaking policies that will make a difference for our customers.”
Flutter’s decision comes ahead of the publication of a government white paper concerning the review of the 2005 Gambling Act and general overhaul of the UK’s betting and gaming regulatory oversight, which has seen an evaluation of affordability checks take place.