How to Stay Uninfluenced While Betting Responsibly
A survey by the United Kingdom Gambling Commission in 2019 showed that 47% of adults had participated in one form of gambling or another in the previous four weeks. This proves that gambling is a hot topic in the country, as it is in many parts of the world. Unfortunately, some punters cross the healthy threshold and go as far as taking out a mortgage and betting with it.
You can avoid this by practising responsible gambling habits, which trustworthy operators encourage, including casinos not blocked by Gamstop. Still, you’d want to know how the activity can affect your credit score and mortgage application. That’s what we shall cover in this write-up. We’ve provided insight into mortgage gambling, how to protect your credit score, and how to maintain healthy betting habits.
Unveiling The Hot Topic of Mortgaged-Gambling
While gambling is fun, the effects of a gambling disorder are not. Punters suffering from problem gambling are urged to place bets consistently, even when on a losing streak. Like hard drugs and alcohol, gambling stimulates the brain’s reward system, which is driven by dopamine, a neurotransmitter that causes you to feel pleasure.
After experiencing the rush of dopamine that comes with a victory, some gamblers will do practically anything to repeat that feeling, causing them to chase losses without a second thought. To keep playing, one needs money, and if some punters are out of cash, they go the extra mile by taking out loans like mortgages and using them to place stakes. Unfortunately, it’s a downward spiral once a punter reaches this point, as it’s challenging to seek help, and the addiction begins to affect other vital parts of their lives.
Many players currently suffer from a gambling addiction, and this is due to a few reasons, the most prevalent of which is the availability of online betting sites. Since these platforms are more accessible than physical locations, players can easily bet more. It worsened during the coronavirus pandemic, leading to brick-and-mortar casinos shutting down. According to a UK study, there was an overall decrease in land-based wagering activities following the first lockdown, but online activities increased from 1.5% to 2.3%.
Another influencing factor is social media. Many operators use these platforms for advertising mouth-watering offerings, which entice bettors and could lead them to mortgage gambling. Chris Gilham, a punter who suffered from gambling problems, said, “I took out a £22k loan online and lost it within two hours.” Before that, Gilham had no substantial interest in gambling, but the advertisements he saw while watching football egged him into football betting.
Can Gambling Affect Your Mortgage?
To get a mortgage or any type of loan, you must consider your credit score, a three-digit number that depicts your creditworthiness. Your debt-to-income ratio and payment history are just two factors that affect it. A good credit score bolsters your chances of getting a mortgage, so you must work hard to prove your creditworthiness.
Gambling transactions don’t appear in your credit report and don’t affect your credit score. However, lenders consider more than your credit history when reviewing a mortgage application. You might need to include your bank statement, which gives a clearer picture of your financial activities. A few transactions to and from online betting sites might not raise suspicions, but heavy and frequent payments to these operators will cause problems.
Banks and money lenders consider gambling a high-risk activity that could cause financial instability if not well controlled. This indirectly affects your chances of getting the loan because the financial service provider can’t trust you to repay the money with interest within the stipulated time. Even if you get approved for the mortgage, the lender might charge higher interest rates because they believe they are taking a higher risk by giving you the loan.
How to Protect Your Credit Score
When you study the facts and fiction of online casinos, you’ll note that winning is not guaranteed. Therefore, you don’t expect to double or triple the money you deposited on the platform. However, a thrill comes with one big win, and if you’re not careful, you’ll begin chasing these wins, which will cause you to wager more on betting sites, indirectly affecting your chances of getting a mortgage.
The first step to protecting your credit score as a punter is to develop healthy gambling habits, which we shall discuss further in this text. Another solution is to play at non-gamstop sites. These operators aren’t under the radar of the United Kingdom Gambling Commission. As a result, they have more diverse offerings, including more payment options like credit cards and cryptocurrencies.
Banks cannot monitor either payment option, but if you want to enjoy anonymous gambling fully, use cryptocurrencies like Bitcoin and Ethereum. These transactions take place on the blockchain, away from the prying eyes of third-party payment providers. They don’t appear on your bank statements; thus, they have no direct or indirect effect on your credit history. So, you don’t have to be like one of the 1.7 million people facing higher mortgages because these Tories used their money as a casino chip.
Non-gamstop sites also have a more comprehensive range of games, betting options, rewarding bonuses and promotions. Regardless, keeping your gambling habits in check is a priority. You shouldn’t abuse the privilege of not being scrutinised by higher authorities.
Here is How to Maintain a Healthy Gambling Habit
There’s a need to create awareness about mortgage-related gambling addiction and enact policies to address this issue. More emphasis should be placed on punters developing healthy gambling habits. Players should see betting only as entertainment, not a scheme to make more money. They should learn the pros and cons of online casinos and sports betting sites to understand better the risks associated with these platforms.
Setting limits is also important. Restrict your deposit amount, loss amount, and time spent on these platforms. If you find it difficult to stop gambling once you reach your limit, seek help from reputable organisations. It’s no easy feat to stop betting, especially when you’re on a winning roll, but it’s the best approach to preventing problem gambling, which could lead to severe problems.