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Can gambling debts be written off?

Writing off debts accrued by gambling can be a great motivator to keep such problems firmly in the past. You may be able to do this by entering into a debt solution such as an IVA or Trust Deed. However, you'll need to prove that you are resolving your gambling problem before entering into any of these agreements.

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How can gambling debt affect my life?

Struggling with problem gambling will be a different experience for everyone, but there are a few important ways in which it can affect your life.

Personal finances

Understandably, those who struggle with compulsive gambling are likely to experience financial difficulties. This could be anything from having to cut back on buying to make room in your budget for gambling to being left without any money at all for your priority bills at the end of the month. And in many cases, problem gambling can lead to problem debt. People tend to fund their habit with overdrafts, credit cards or payday loans and they might even be tempted to gamble more in an effort to pay off these debts. This can lead to a vicious cycle that may leave you with worse money struggles than before.

Mental health

Experiencing debt problems is enough to affect anyone’s mental wellbeing, and research has shown that problem gambling can lead to anxiety, low self-esteem, depression and even insomnia. Gambling, like any addiction, can also cause people to lose interest in things they previously enjoyed, which can push them to spend even more time gambling. It’s a vicious cycle. Those who are already vulnerable to mental health issues may turn to gambling as a distraction. However, this often makes the problem worse.

Relationships

The money problems that gambling can cause more often than not lead to arguments between partners, which may stop them from talking about the problem. The obsessive need to gamble can also lead to people spending more time gambling, and less time with friends, family, or their partner. It can also have an effect on a person’s work relationships and, in turn, their career. As problem gambling can cause anxiety and a loss of concentration, this can lead to people being distracted at work or finding it hard to focus, meaning their job could end up being at risk.

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Are bets legally binding UK?

When you place a bet with a licensed gambling business, you enter into a legally enforceable contract with that business. Gambling businesses must make the terms and conditions of the bet available to you.

Status of a bet as a contract

When you place a bet with a licensed gambling business, you enter into a legally enforceable contract with that business. Gambling businesses must make the terms and conditions of the bet available to you. Before deciding whether or not to place a bet, make sure you're familiar with the terms and conditions and that you understand what they mean, especially in the event of any changed circumstances around the bet. We also require gambling businesses to provide a means for you to complain about the bet. This helps us to keep betting fair.

Gambling businesses can refuse your bet

Just as you can decide whether or not you wish to place a bet, a gambling business is also free to decide who they accept bets from, and on what terms, so that they can manage their business as they see fit. Because a bet has to be a commercial arrangement between two willing parties, there is no statutory right to bet that means that a gambling business must accept your bet. A gambling business may sometimes withdraw offers or refuse bets in order to reduce risks to their business.

Making a complaint

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