With student loans hitting the bank accounts this week there may be a temptation among some people to lump a large amount of it into their online betting accounts.
People who aren’t afforded much support from student finance can see betting as a way of paying the bills whereas others may think they can make millions and sometimes get a little carried away.
That was the case for Jacob Pickerin, 22, who gambled away almost all of his £2000 payment he received from student finance on a football game.
“I was 99% confident that Chelsea would win the game and I needed money to pull me out of my overdraft to make sure I could pay my rent,” he said.
“The feeling I got when Everton went 3-2 up was gutting. I had just lost £1600 over the sake of another £1000.”
Betting has become increasingly popular among younger people with a report conducted by GamCare in 2014 stating there are around 127,000 young people (16-24) with a gambling problem.
Catherine Sweet, Marketing and Communications Manager at GamCare argues that students need to learn about the dangers of gambling before they get to university.
“When students get a large amount of money into their accounts there will always be a temptation so we want to teach them how to be responsible with their money before being put in that situation.” she said.
Jacob knows that feeling all too well as he says his gambling problem has escalated massively over the last 2 years.
“I started with just small stakes but now I’m betting about £100 every time,” he said.
“I still win occasionally on the horses and football but when you lose a big money bet you can end up throwing away hundreds just trying to break even.”
If you want to find out more, GamCare’s website offers support to people with gambling problems and advice on how to manage your money better.