Student loans being gambled away

October 20, 2009

gamcarelogoWhen it comes to problem gambling, students are the new high on research statistics with many gambling away their student loans in the name of the game. This new research has been drawn up by a charity organisation Gamcare, which has been dealing with various gambling addicts. In fact it seems that more than a third of the people they deal with are actually students and at a young age between 18 and 25.

Director of Student Services at the University of Lincoln, Judith Carey commented; “Students receive their loans and then play games like poker as they think that it is a game of skill, but can quickly get themselves into financial trouble as gambling can often get out of hand.” Carey has stated that she is faced with many students who are suffering from financial problems as a result of gambling.

This trend is definitely on the increase. Gamcare’s Adrian Scarf says; “Young people enjoy the buzz of gambling and over a period of time they might have fun, but the house always wins.” Scarf sees poker as becoming a consistent problem amongst young people, due to the media and constant appealing online promotions.

In fact many are seeing the internet world as being the perfect habitat for these addictions as it fuels the gambling problems, moreover attracting and enticing gamblers to stay home and gamble on their own night after night.

Many students are seeing online poker as an easy way to make money while being at school or Uni. What starts out as a hobby soon becomes an addiction with many of them losing control over their self judgement and not knowing when to stop. With just 10 % of all gambling addicts actually reaping a profit, this becomes a dangerous game of chance with the probability of losing tournaments being the likelihood event. Many of these students cannot keep affording playing online, which results in them dipping into their own students’ loans and wanting more money.

As a result of this, Student Services are now dealing with many people who have reached financial problems after various gambling sessions. Not many students go to GamCare directly asking for help but the need is soon apparent when Student Services get so many requests for the extension of student loans.

According to Gamcare; Gambling in moderation is key and knowing when to stop is essential ut not always easy to practice. In need of help, Gamcare do offer advice on their website as well as Student Support who offer help and guidance when in need of managing student finances.


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