According to a new study by the Young Gamers and Gamblers Education Trust and Gamstop, almost half of UK students who gamble spend more money than they are able to afford.
This report, which was first released in 2022 and is now in its third edition, examines the gambling behavior of students at universities. Censuswide conducted research for YGAM, Gamstop and YGAM.
Sixty-one percent of the 2000 students surveyed said that they gambled within the last 12 months. This is down from seventy-one percent the year before.
Concerningly, 46% of respondents said that gambling had negatively impacted their university experience. It included missed deadlines, social events and financial stress to pay for basic expenses like food.
Students lose an average of PS35.25 per week. This is equivalent to PS1,833 per year. 15% also lose PS50 or even more each week. The survey found that 32% used their savings, 23% borrowed money, 10% from their parents, and 8% were using their overdraft to gamble.
The most popular gambling form among students was online sports betting. For females, it was the National Lottery.
Student gambling behavior: Influence
In terms of how gambling influences students, 34% cite their friends as the primary reason. Sports events and social media influenced 26% of students’ gambling behavior. Gamstop and YGAM both explained that this shows the importance of educating young people about safer gambling practices.
Concerns were also raised about how the situation would affect students’ lives. Four out of ten bettors said that they were criticised for their gambling by other people. Over half of those who gambled also admitted feeling guilt about their actions.
The interest in cryptocurrency amongst students seems to have declined. About 32% of students said that they have invested in cryptocurrency in the last 12 months. This is down from 40% the year before.
YGAM’s CEO Jane Rigbye stated that since last year’s report students are facing increased financial stress due to the cost of living. Despite the fact that gambling rates have decreased among students in recent years, the prevalence of problem gambling is still higher in this group than in general. Gambling has many negative effects, and they go beyond the financial. Any level of harm caused by gambling is unacceptable.
Fiona Palmer, CEO of Gamstop added that “we have seen an increase in young people who register for self exclusion. Around one-fourth of Gamstop’s registrants are 16-24-year-olds.” It is important to educate them on risk, before they become a problem.
MP raises concerns over findings
Stuart Andrew, the gambling minister, also commented on the report. young adult gamblers can be at greater risk of harm. He added that the government took recent action to introduce wager limits on online slot machines.
We are also introducing measures to better protect youths from the harms of gambling, such as financial risk checking, stricter advertising and marketing controls, and a mandatory levy for gambling operators.
Kellie McAlonan raised concern about the statistics as well. McAlonan stated that it was concerning to observe the extent of gambling’s impact on students.
McAlonan stated that it is now more crucial than ever to ensure student money advisors receive the appropriate training to support them and prevent harm. YGAM’s education programs are essential to this.”
