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it's trying to apply the general principles of harm reduction to the specifics of the world of gambling
but it isn't even doing a poor job of that.
Single mothers buying lottery scratchcards and people on benefits losing all their disposable income online will probably fly under the radar. I said above I don't object to credit checks to ID people in financial difficulty. And then source of funds checks apply to people betting larger amounts. So we are left with people who are spending their own money on what they choose and don't appear to be in financial difficulty.
The other problem is that businesses that have over the years been proven to ignore rules and act in an entirely self interested manner are being empowered to harvest extremely detailed financial information. The info that tells the business exactly how much the customer can "afford" to lose. And when he hasn't lost that amount, the promos and emails will be sent out. The staff employed and the data protection controls of these businesses are unlikely to meet the standards of fincos that normally hold this kind of info. And when the customer stops being a customer, or the business closes down, what happens to the detailed profiles of customers?
The result of this iniative will be mostly to deprive many people of a perfectly affordable recreational activity, put many others at increase of fraud due to their info being released, minimally reduce the pool of problem gamblers online and totally ignore damaging spending by low income gamblers in B&M outlets.