A survey by 2CV conducted for the UK Gambling Commission found that 79% of land-based gamblers find cash helpful in controlling their spending. Furthermore, 85% of those surveyed say that cashless gaming allows users to spend more than intended.
2CV, a global research agency, surveyed 314 individuals who engaged in land-based gambling activities during the last 12 months.
According to UK Finance, debit cards overtook cash as the most used payment method for the first time in 2018. Due to the COVID-19 pandemic, that trend continued to increase rapidly.
77% of those surveyed find that they end up spending more time gambling if they use cashless payments.
Furthermore, 66% of gamblers said that cashless payments make them feel like they are spending less, and 73% feel that cash helps them keep better track of spending. Meanwhile, 70% find it easier to set up playing limits when playing with cash.
Most survey participants agree that maintaining a budget while gambling is essential. But that isn’t the case with younger players. Among those aged 18 to 34, only 33% felt that setting a budget was important, compared to 72% among respondents above 55.
37% of those surveyed feel like they would spend a little more on gambling and 13% a lot more with a contactless card for payments.
Only 1% of surveyed players are at risk of spending a lot more with cash, and only 9% are at risk of spending a little more.
“Cashless payments may make it easier for consumers to lose track of their gambling spend,” the report reads. “Introducing an app which can facilitate cashless payments is a potential way to mitigate this issue.”
An app would have to allow operators to track gambling activity, time, and player’s expenses. Further functionality would require the operator to step in and prevent risky gambling behaviour.
However, 45% of surveyed individuals would not be happy with such an app, and a further 33% don’t like gambling companies having access to their private information. Only 22% had a favourable response to introducing the app.
Thankfully, renowned betting websites have tools to limit spending and other ways of handling risky gambling behaviour, even though they require the use of cashless payment methods.
