Making gamblers safer is a vital part of the gambling industry’s long-term plans for success, argues the man whose company bears his name. In fact, this is the only way to guarantee that consumers are in good financial and mental health so that they can repeatedly choose this pastime as a viable entertainment option.
The Goodness of Companies Heart Is Just One Side of the Story
“It’s about adding value,” argues Power. He has a point. Betting has turned sports into a more fun activity to watch, engaging with audiences that would have otherwise not appreciated an athletic competition. As power puts it, it’s about “having skin in the game” matters – he thinks.
Power, though, is also no fool about what being responsible means for his business, arguing in a sobering admission that “the goodness of one’s heart” is not the only thing that matters here:
It’s not just out of the goodness of our hearts, but the reality is that for the long-term sustainability of the business and the industry, it’s something that we have to get to the bottom of.
The man also remains optimistic about the future as companies from the sector are now empowered through new technology that makes it much easier to track responsible gambling patterns and help spot people early into sliding into erratic behavior, he notes.
He is also confident about where gambling is heading, arguing that the entire industry is now in the process of simply getting bigger. This means that every stakeholder needs to make sure that their technology, know-how, and expertise are on point so that they can contravene any harmful practices in the early stages.
The Technology to Tackle the Problem Is Here
Early detection is what gives companies such as Paddy Power their edge in ensuring that they remain sustainable in the long term, says the chief executive:
That’s the key to it. Once you get it and you can identify the people, you can then point them in the direction of help and help them as much as you can, and that’s a good step in the right direction.
His comments come ahead of the Cheltenham Festival which is getting underway on Tuesday, and the March Madness event in the United States, which is starting on Wednesday. The executive expects an “unimaginable number of bets” to be placed over this period of time, and argues that Paddy Power is ready to provide customers with a fun and safe environment to enjoy sports events.