Epic Risk Management CEO Paul Buck knows more than most about the issues problem gambling can cause. Epic Risk Management was founded by Buck to tackle problem gambling and Buck has been on the front lines of that war over the last decade. Buck sat down with our Becky Liggero Fontana, opening up about his experiences led him on his crusade to help other problem gamblers fight back.
Buck founded Epic Risk management in 2013 after more than a decade battling his own demons. “I was working my way up some of Europe’s largest banks whilst I was also suffering a pathological gambling disorder,” he said. “During that decade I transacted 5 million pounds across 93 different betting accounts. I lost £1.3 million and suffered all the negative effects that came out of it, including a prison sentence. During that decade I had 16 credit cards with a credit limit of £180,000 and I kept putting it on and taking it off again when I had winnings. The credit gambling played quite a big part of my gambling career, whilst at the same time I was earning a lot of money working in a bank as well.”
The U.K. Gambling Commission are moving in the right direction, Buck says, with the recommendation to ban the use of credit cards for problem gamblers. “People would gamble on credit with money that they can’t afford to lose and I think if we are all aiming for this to be what it should be which is a sustainable and responsible gambling industry.”
With the loopholes that are still available Buck is passionate about the financial services sector collaborating more with the gambling industry. “For me the financial services industry has just as much oversight on a player’s money as much as a gambling operator do,” he said. “Until recently more so, because you could see what they’re spending on gambling, not just with one individual operator. At the moment we have the gambling commission who are quite rightly increasing regulation and putting tighter controls in place. You have the financial services industry, who they’re the regulator and they don’t pass a duty of care onto their banks at all”
Buck points out the industry in the U.K. has some added responsibility with their legislation, with other territories likely to follow their lead. “The interesting part with this and why the U.K. has a real responsibility is that a lot of countries around the world will follow what the U.K. does. A sustainable and responsible gambling industry is a good thing for everyone.”
In the full interview Buck explains in detail how problem gamblers ae exploiting loopholes in credit facilities and how long-term solutions can be put in places by the financial services industry. Be sure to subscribe to CalvinAyre.com YouTube channel to see every interview we make as it goes up.