In its latest step to wrap its head around ever-changing rules surrounding gambling, a tool is being put forward to protest at-risk consumers from using borrowed money to fund gambling.
Hasse Lord Skarplöth, the chief executive of Swedish horse racing operator AB Trav och Galopp (ATG), has called for legislators to introduce a “credit break” self-exclusion tool.
Skarplöth praised Sweden’s Spelpaus self-exclusion scheme, which was launched in January 2019, stating that since its launch over 50,000 customers taken advantage of the policy.
According to statistics from the Swedish Debt Collection Agency (Kronofogden), Skarplöth said 400,000 people in the country can’t pay off their loans, and that the number of people applying for debt restructuring is at a record high.
The approval rate for debt restructuring has remained stable at around 55 percent, he said, but those who have an ongoing gambling addiction are usually disqualified from receiving assistance.
He pointed to the ease with which customers looking for easy credit online can quickly borrow “quite large amounts”, including those who are already heavily in debt, or have an ongoing case with the Kronofogden.
Kronofogden statistics demonstrate that those applying for debt restructuring due to gambling debts look very different to others, who may apply after suffering a life-threatening crisis, divorce, unemployment or illness.
However, applicants with gambling problems go very quickly from an orderly existence with housing and work to an unbearable financial situation, via a series of quick loans.
The Swedish government recently announced that it would keep temporary online casino restrictions in place until June 2021. The restrictions were introduced in July, and include a controversial weekly SEK5,000 deposit limit.
