A new report released by the Gambling Commission has shown that almost half a million children and young people worldwide indulge in gambling every week. The report went on to state that children can be seen gambling from ages as young as 11.
The report released by the commission warned that younger children are often lured into the world through a form called skin betting. Skin betting is a medium that allows players of virtual games gamble game-related items as currency.
The items usually consist of modified guns or knives within the video game, which are known as “skins”. These “skins” can often be sold and turned back into real world money, thus making it a form of unmonitored gambling.
The report has estimated that almost half of the UK’s online population plays video games. This means that close to 30 million people in the UK alone are involved in online gaming.
Desiring progress in the game, many of the players move on to skin gambling to find stronger weapons.
There are also third party websites that allow players to gamble their acquired “skins” on casino or slot machine-based games. These earnings can later be sold and transformed into real money.
Additionally, a number of games allow players to exchange real money for the chance of upgrading to a modified weapon.
The Commission found that young children were taking smaller amounts from home and attempting to convert them into profits by gambling online. These profits were later put towards buying more “skins” within the game.
In its report released today, the Gambling Commission stated that the crack down on the industry had to be made a top priority.