Rise in silver surfers - online gambling among pensioners soars

Rise in silver surfers – online gambling among pensioners soars

Posted by Admin October 5, 2024 Gambling

Online gambling among pensioners has more than doubled in the past four years with as many as forty percent now putting their pension pots at risk of big losses on virtual bets.

Figures recently released by the Gambling Commission found a staggering 39 percent of those aged 65-74 years old surveyed said they had gambled online in the past four weeks – a rise of 124 percent since 2019.

An analysis by the gambling addiction treatment experts UK Addiction Treatment Group shows the numbers of online gamblers aged 65+ were just 11.3 percent in 2016. This rose to 12.7 percent in 2019, rising again to 17.4 percent in 2020.

However during the Covid pandemic the numbers spiraled and have not dropped back to pre-pandemic levels.

Experts blame part of the rise on the covid lockdown measures in which betting shops closed and traditional events such as horse racing, cricket and football faced restrictions. During this time online gambling boomed with operators spending heavily to market their platforms.

At the same time many elderly people, grappling with isolation, were drawn in.

Another reason for the increased popularity of online gambling is due to the increasing affordability with several games allowing players to start with only £1.

However experts warn online gambling can pose some risks including the possibility of gambling addiction, bankruptcy, fraud and scams.

Previous figures show over 420,000 people in the UK lose £2,000 or more in online gambling each year. According to a recent YouGov poll as many as 2.7 people in Great Britain, or 1.4 million people – are classified as ‘problem gamblers.’

Professor Henrietta Bowden Jones, a world leading expert in gambling at University College London, has previously warned some of those making online bets are addicted or at risk of becoming so. She said: “We are deeply concerned that more older adults are gambling, and therefore at risk of developing an addiction or experiencing a relapse if they have an existing gambling disorder. This can lead to people losing their homes, relationships and financial independence.

“Gambling disorder is a mental illness which can have a devastating impact on individuals and their families if left untreated. Hundreds of suicides are estimated to be linked to gambling harm each year, while many other people experience severe depression and anxiety.

“People often don’t seek support because they’re embarrassed or afraid of being judged but this only puts them at greater risk of mental ill-health and financial insecurity. Everyone must be encouraged to speak openly about their experiences of gambling if we are to address this public health issue effectively.

“Anyone who suspects they may have a problem should reach out to their GP as soon as possible. People can also take steps to prevent themselves from gambling online and in person by putting self-exclusion agreements in place, and by installing blocking software which stops them from accessing gambling websites.”

Online gambling among older people can include participating in online lottery draws such as the National Lottery, instant win games, betting on sports and racing, bingo, casino, roulette, blackjack and poker.

Lee Fernandes, Lead Therapist at the UK Addiction Treatment Group said: “These new figures are really concerning, because it goes without saying that those who are over the age of 65 could be at a much greater risk of being conned into using their hard earned savings to gamble online. The marketing and advertising of online gambling companies is so slick nowadays, with huge promises to ‘win big’ and ‘free bets’ that some participants might not even realise they’re actually putting their money at risk of being lost completely.”

He added: “The rise in online gamblers at this age could also reflect a rise in loneliness in the elderly. Gambling online might help to make them feel part of a community, or they could even be risking their money in order to make even more to be able to help their grandchildren.

“Whatever the reason for this rise, we would encourage anyone with someone elderly in their lives that they are experiencing the internet in as safe a way as possible and that they fully understand the risks that come with gambling online.”